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Blockchain implication for complex systems

The research group's main assumptions are:

The aim of the group's research will be to analyze the implications of the functioning of digital transactions in complex systems and their impact on the functioning of global governance.

The study of economic interdependence and globalization processes in the age of digitization; blockchain and cryptoeconomy systems using cryptographic techniques that determine appropriate behaviour in complex systems and serve economic coordination through distributed registers extended with advanced computing functions.

Applying complexity in research on economic crises as a case study:

The Asian Crisis as a Third Generation Crisis

The crisis was of an eclectic (multidimensional) nature - internal (financial leverage, currency risk, information asymmetry) and external (inflow and subsequent outflow of capital) causes. The Asian crisis was a currency, corporate debt and banking crisis (strictly defined types of economic risks). It was regional in nature (Thailand, Malaysia, Indonesia, the Philippines, South Korea). Social factors (egalitarianism, connections between various stakeholders, lack of information transparency in economic processes) were of significant importance. The development of mechanisms leading to the crisis (the so-called crisis building took several years). The crisis ended after a few years - overcoming the crisis through financial aid from the IMF and the rationalization of economic behaviour.

The Global Crisis of 2008-2009

The crisis had been building for many years (globalization and far-reaching deregulation of the financial sector, changes to the economic model in the USA, processes of monetary integration in Europe). It was a financial crisis (USA, Ireland, Iceland), but also a debt crisis (Greece, Ireland), with the balance of payments (Greece, Portugal), causing disturbances in world trade (global scope), with the risk of deflation (Euro area). A new type of risk - systemic risk (greater importance of aspects so far overlooked, e.g. behavioural behaviour, social identity and a new type of risk - systemic risk). The financial crisis model is complex (described by Hyman Minski) - caused by economic factors (the pursuit of profits) but also psychological ones (behavioural factors). Actions taken include various aid programs and building a post-crisis institutional (regulatory and supervisory) architecture. Overcoming the crisis: the effects of the crisis have been mitigated, but its causes have not been eliminated.

The COVID-19 Crisis

A crisis results from reasons other than previous crises, and the mechanisms of its course are also different. The complexity of the crisis results from the connection of economic processes with health processes. The pandemic and its negative effects on the economic situation (global dimension) have not yet ended, and the preservation of the financial sphere is unpredictable (the quantitative easing policy seems to be irreversible, which poses a threat to public finances and the world monetary system). It is a global crisis, but at the same time inevitable (no socio-economic conditions are able to protect against its consequences. Overcoming the crisis will require more comprehensive actions (lockdowns and complex financial aid: anti-crisis shields, quantitative easing, fiscal policy, health mechanisms).