UTICAJ UKRAJINSKE KRIZE NA VRIJEDNOSTI VALUTNIH PAROVA EUR/USD, CNY/USD, RUB/USD I BITKOINA
THE IMPACT OF THE UKRAINIAN CRISIS ON THE VALUES OF CURRENCY PAIRS EUR/USD, CNY/USD, RUB/USD AND BITCOIN

Summary/Abstract: The aim of this research paper is to examine the impact of the crisis in Ukraine on the volatility of the dollar, euro, yuan, rubble and bitcoin. Due to their frequent use as an international means of exchange, i.e. use in the international payment system, the mentioned currencies and bitcoin were taken as an example of the impact of the Ukrainian crisis on national currencies and cryptocurrencies. The paper presents the basic economic functions of money in a role of means of exchange, the unite of account and the store of value with the aim of comparing the ability to perform these functions in the case of the dollar, euro, yuan, rubble and bitcoin as leading national currencies and cryptocurrencies. In order to investigate the impact of the crisis in Ukraine, as an external shock on the mentioned currencies` and bitcoin`s volatility, we considered the daily changes in the ratio of their values in the observed period of six months. Through the analysis of time series and the succeeding comparative analysis of the obtained data, a certain divergence was determined in the very nature of the behaviour and reaction of national currencies to the crisis in Ukraine during the observed period. There is no doubt that the currency and cryptocurrency markets behaved much more volatile in this period, which implies a significantly greater impact on economic activities and their efficiency.

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