Entorno económico-financiero para la Real Federación Española de Atletismo tras el COVID19

The purpose of this paper is to show a forecast of the economic-financial environment for the Royal Spanish Athletics Federation (RFEA) after COVID19 based on the Austrian Economics approach. To do so, we achieve several economic-financial scenarios using a forecast of RFEA revenues with the AAA version of the Exponential Triple Smoothing (ETS) algorithm and interpret the results based on the Austrian Economics approach with information on the Spanish economic situation and the budget of the National Sports Council (CSD) as the main source of funding. The results show that, although national federations, such as the RFEA, have sufficient net worth to absorb the negative results and responsible behavior is not rewarded in these public or semi-public bodies, the CSD should try to adapt its expenditures to the new level of expected income to avoid major financial problems in the future. The result of the work can serve as a starting point for a reflection on the future of the RFEA and any other Sports Federation.El propósito de este trabajo es mostrar una previsión del entorno económico-financiero para la Real Federación Española de Atletismo (RFEA) después del COVID19 basados en el enfoque de la Economía Austriaca. Para ello, llegamos a distintos escenarios utilizando una previsión de los ingresos de la RFEA con la versión AAA del algoritmo Exponential Triple Smoothing (ETS) e interpretamos los resultados basándonos en el enfoque de la Economía Austriaca con información sobre la situación económica española y el presupuesto del Consejo Superior de Deportes (CSD) como principal fuente de financiación. Los resultados muestran que, aunque las federaciones nacionales, como la RFEA, tengan un patrimonio neto suficiente para absorber los resultados negativos y el comportamiento responsable no se premia en esos organismos públicos o semipúblicos, el CSD debería intentar adaptar sus gastos al nuevo nivel de ingresos previstos para evitar problemas financieros mayores en el futuro. El resultado del trabajo puede servir como punto de partida para una reflexión sobre el futuro de la RFEA y de cualquier otra Federación Deportiva

Central Banks’ Monetary Policy in the Face of the COVID-19 Economic Crisis: Monetary Stimulus and the Emergence of CBDCs

This article analyzes the monetary policy of major central banks during the economic crisis generated by the COVID-19 pandemic. Rising public debt in many countries is being financed through asset purchases by monetary authorities. Although these stimulus policies predate the pandemic, they have been significantly boosted as many governments face large financing needs. We have been in a low interest rate environment for years and some governments have issued debt securities at negative rates. In addition, the rise of decentralized cryptocurrencies, based on blockchain technology, has created greater competition in the international monetary system and many governments have considered the creation of centralized virtual currencies, known as central bank digital currencies (CBDCs). We will analyze some relevant cases, with an emphasis on the digital euro project. The methodology is based on the analysis of the evolution of monetary variables. Pearson’s correlation will be used to establish some relationships between them. There is a strong similarity in the expansionary monetary policies of central banks. Although the growth of the money supply has not been passed on to the CPI, it has been passed on to the financial markets and the price of assets such as Bitcoin or gold

From the Great Recession to the COVID-19 Pandemic: The Risk of Expansionary Monetary Policies

Central banks have been pursuing an expansionary monetary policy since before the pandemic, although the health and economic crisis of COVID-19 has boosted asset purchase programmes. After the Great Recession, a new phase began, characterised by low interest rates and liquidity injections. These policies spilled over into financial markets and are leading to higher inflation. These policies stabilised the situation in the short term, but if they continue indefinitely there is a risk of debt overhang, investment mistakes and high inflation in the future. The aim of this article is to analyse monetary policy developments from the Great Recession to the COVID-19 crisis. Correlations between different macroeconomic variables will be shown through IBM SPSS Statistics. For this purpose, bi-variate correlations were used. For the predictions and confidence of the model data, Tableau Desktop Edition was used, which in turn was used for the generation of the graphs. There is a strong correlation between the growth of monetary aggregates and public debt and stock market capitalisation for the selected indicators. The main contribution of this research is the analysis of the long-term effects of a monetary policy

Cryptocurrencies and Fraudulent Transactions: Risks, Practices, and Legislation for Their Prevention in Europe and Spain

Cryptocurrencies have been developing very rapidly in recent years, and their use is becoming more and more widespread in different areas. The use of digital currencies for legal uses is advancing along with technological development, but, at the same time, criminal activities are also emerging to take advantage of this boom. The aim of this paper has been, first, to analyze the various ways in which individuals and criminal organizations have taken advantage of the phenomenon of cryptocurrencies to carry out fraudulent activities such as laundering money of illicit origin and, second, to provide an overview of the legal tools that have been developed in this regard in Europe and, more specifically, in Spain to combat these activities. Undoubtedly, cryptocurrencies bring great benefits to the economy, but it is also necessary to know the risks and abuses that have been developed to prevent them

Financial Exclusion in Rural and Urban Contexts in Poland: A Threat to Achieving SDG Eight?

Financial inclusion, which consists of having a financial system that is easily accessible to citizens, is identified by various international organizations such as the new UN Agenda 2030, as a priority objective. This objective is particularly relevant in rural areas, where access to these services is more difficult, as citizens have to travel several kilometers to access them. In this study, we analyze the current situation of the Polish financial sector in terms of its accessibility, in order to measure the degree of financial inclusion. For this purpose, we use three combined methodologies. Initially, a data extraction from the Central Bank of Poland was carried out. Subsequently, three methodologies are applied to calculate financial inclusion. First, we apply the criteria of the Financial Access Survey (FAS) of the International Monetary Fund. Secondly, the Access to Cash Index (ACI) methodology by calculating a score that describes the access to banking services according to certain items. Finally, we applied the nearest neighbor methodology to detect in each voivodship those points where it is most difficult (measured in km distance) to access banking services. Some areas, especially in rural areas of the different voivodeships, present certain problems when it comes to accessing banking services. Therefore, the fulfillment of SDG 8.10 will be more difficult to achieve in these areas. The public authorities must pay attention to this, in order to reach the commitments acquired with the 2030 agenda, in terms of financial inclusion

Cryptocurrency Mining from an Economic and Environmental Perspective. Analysis of the Most and Least Sustainable Countries

There are different studies that point out that the price of electricity is a fundamental factor that will influence the mining decision, due to the cost it represents. There is also an ongoing debate about the pollution generated by cryptocurrency mining, and whether or not the use of renewable energies will solve the problem of its sustainability. In our study, starting from the Environmental Performance Index (EPI), we have considered several determinants of cryptocurrency mining: energy price, how that energy is generated, temperature, legal constraints, human capital, and R&D&I. From this, via linear regression, we recalculated this EPI by including the above factors that affect cryptocurrency mining in a sustainable way. The study determines, once the EPI has been readjusted, that the most sustainable countries to perform cryptocurrency mining are Denmark and Germany. In fact, of the top ten countries eight of them are European (Denmark, Germany, Sweden, Switzerland, Finland, Austria, and the United Kingdom); and the remaining two are Asian (South Korea and Japan)

¿Qué impulsa la adopción de CBDC o bitcoin? Evidencia derivada de la experiencia del Caribe, Centroamérica y Sudamérica

Los países de la región del Caribe, Centroamérica y Sudamérica han irrumpido con fuerza e indiscutible liderazgo en la adopción del dinero digital, ya sea apostando por las monedas digitales emitidas y respaldadas por un banco central (CBDC) o por las monedas virtuales descentralizadas (DEFI), lideradas por Bitcoin y Ether. El objetivo del artículo es identificar las razones que llevan a un país o zona monetaria a decantarse por alguno de estos sistemas. Una vez estudiadas las ventajas y desventajas del uso de las divisas virtuales centraremos el análisis en doce variables sobre el uso de dinero móvil extraídas del GFI (Global Findex Indicator) de los años 2011, 2014, 2017 y 2021 de todos estos países. El presente artículo demuestra, entre otras cuestiones, que la apuesta por un dinero digital basado en CBDC o DEFI depende más de la elección política de los dirigentes del país en cuestión que de criterios socioeconómicos