Veronika Fenyves
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Interaction between decentralized financial services and the traditional banking system: A comparative analysis
Serhiy Frolov , Maksym Ivasenko , Mariia Dykha , Iryna Shalyhina , Vladyslav Hrabar , Veronika Fenyves doi: http://dx.doi.org/10.21511/bbs.19(2).2024.05Banks and Bank Systems Volume 19, 2024 Issue #2 pp. 53-74
Views: 350 Downloads: 106 TO CITE АНОТАЦІЯThis paper investigates the interaction between decentralized financial services and the traditional banking system by building VAR models, conducting Granger causality tests, building impulse response functions, and performing variance analysis. To implement the model, banking indicators of the USA, India, and Great Britain were selected: the volume of commercial and industrial loans, interest rate, consumer price index, total liabilities and capital of banks, aggregate deposits, federal funds rate (for the USA), and repo rate (for India). The study examined central bank data of the specified countries from July 2018 to January 2024 with the TVL indicator, which measures the sum of all assets locked in DeFi protocols. The results of the impulse response function (IRF) for countries demonstrate different interactions between TVL and bank indicators. The US response to TVL shocks demonstrates a stimulative monetary policy, with significant Fed rate reductions and increased commercial lending to boost economic activity. In contrast, India’s monetary stimulus, marked by declining repo rates and growth in banking sector liabilities and deposits, aims to enhance economic resilience. The UK, however, adopts a conservative monetary approach, with sharp bank rate increases and mixed lending and deposit responses, prioritizing financial stability. Analysis across these nations highlights different impacts of financial indicators on TVL. In the US, the evolving relationship between TVL and bank indicators reflects the financial system’s complexity. India’s sensitivity to monetary policy, credit conditions, and inflation significantly influences TVL. In the UK, central bank decisions, particularly the bank rate, play a crucial role in financial market dynamics.
Acknowledgment
The authors appreciate the assistance in the preparation of the article provided by the University of Debrecen Program for Scientific Publication and the János Bolyai Research Scholarship of the Hungarian Academy of Sciences. -
Data envelopment analysis for measuring performance in a competitive market
Problems and Perspectives in Management Volume 18, 2020 Issue #1 pp. 315-325
Views: 1088 Downloads: 884 TO CITE АНОТАЦІЯIn today’s increasingly competitive markets, it is essential to be able to determine the position of a company as opposed to its competitors. Today the traditional financial ratios are most widely used to measure corporate performance, but more and more authors begin to criticize their use. It is difficult to use financial ratios as a complex measurement tool. It is crucial to use an appropriate method or tool to measure corporate performance, which can measure the company’s performance in a complex way represented by one indicator. In this study, the Data Envelopment Analysis (DEA) method is used, which is one of the potential tools available. Several researchers have used the DEA method to measure corporate performance. Many authors consider DEA as a useful tool for measuring corporate performance, while others criticize it. The authors analyze the performance of retail food companies in Hungary’s Northern Great Plain region. The companies analyzed were chosen from the region investigated, and they have “food retail grocery store” as their main activity, and they had six cleared annual reports in the period 2012–2017. There was a total of 887 companies in the region examined, and 563 (63.5%) met the conditions. The analysis was made using the time-series data of companies for 2012–2017 based on their financial reports, and the authors dealt with various possibilities for extending DEA, which can support its more accurate use. Based on evaluating the retail food companies’ performance in the Northern Great Plain region, one can state that the efficiency of companies shows a very mixed picture over the years examined. The study suggests solutions to the indicated problem. The findings indicate that the application of extended DEA methods gives better results; that is, one can get better estimates of the efficiency of companies.
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