Παναγιωτίδης, ΘεόδωροςΚαμάνας, ΑναστάσιοςΔιπλωματική εργασία--Πανεπιστήμιο Μακεδονίας, Θεσσαλονίκη, 2024.Approved for entry into archive by Κυριακή Μπαλτά (balta@uom.gr) on 2025-02-19T12:46:42Z (GMT) No. of bitstreams: 1 Master Thesis Kamanas Anastasios (final).pdf: 1660240 bytes, checksum: 3b8fa917d64e94a974801166204d4fb6 (MD5)Submitted by ΑΝΑΣΤΑΣΙΟΣ ΚΑΜΑΝΑΣ (mec24002@uom.edu.gr) on 2025-02-19T06:23:03Z No. of bitstreams: 1 Master Thesis Kamanas Anastasios (final).pdf: 1660240 bytes, checksum: 3b8fa917d64e94a974801166204d4fb6 (MD5)Made available in DSpace on 2025-02-19T12:46:42Z (GMT). No. of bitstreams: 1 Master Thesis Kamanas Anastasios (final).pdf: 1660240 bytes, checksum: 3b8fa917d64e94a974801166204d4fb6 (MD5) Previous issue date: 2025-02-10In its theoretical part of this thesis we examine the nature, function and implications of digital currencies, with a particular focus on Bitcoin. The concepts of digital money, cryptocurrencies and stablecoins are examined, as well as the role of central banking digital currencies (CBDCs). Cryptocurrency price volatility and potential implications for financial stability are analyzed. We also explore the regulatory challenges and possible solutions for the safe integration of digital currencies into the existing financial system. Finally, the situation in China is examined as an example of a country trying to balance innovation with regulatory security through the digital yuan (e-CNY). In the empirical part of this, the effect of monetary policy is examined using the event-study method on the price of Bitcoin (BTC), comparing it with the SP500 index and gold. Although the literature argues that monetary policy announcements affect the price of Bitcoin (Ma et al, 2022), our results do not confirm their findings, but confirm that of Vidal-Tomas and Ibanez (2018). Using up-to-date data and various statistical methods, such as linear effects, wild bootstrap, and Quantile regression, we found that Bitcoin is not significantly affected by monetary policy over the long term (Vidal-Tomas and Ibanez 2018), but only in isolated and few FOMC announcements. However, after excluding outliers, we find that there is strong statistical significance in the influence of monetary policy on Bitcoin, and less so on the SP500 and Gold. Also, using Quantile regression, VAR and Impulse Response Functions with additional variables such as Uncertainty Index, VIX, 2 Year Securities and Risk Aversion, we concluded that Bitcoin, SP500 and Gold show particular reactions to these variableshttp://dspace.lib.uom.gr/handle/2159/32460Πανεπιστήμιο ΜακεδονίαςFintechΟι επιπτώσεις της νομισματικής πολιτικής στις ψηφιακές και παραδοσιακές αγορές περιουσιακών στοιχείων και α θεωρητική εισαγωγή στα CBDC’sThe effects of monetary policy on digital and traditional asset markets and a theoretical introduction to CBDC’sElectronic Thesis or DissertationText2024Οικονομικά και ΕπιχειρήσειςEconomics and BusinessFrascati 42Μεταπτυχιακή εργασίαMaster thesisΠανεπιστήμιο ΜακεδονίαςGreek Aggregator OpenArchives.gr | National Documentation Centre (EKT)other