Elsayed Ahmed H, Guedira Ibtissam, Alghussein Tasnim, Almheiri Hind, Alomari Malak, Elmassri Moataz
Department of Economics and Finance, College of Business and Economics, United Arab Emirates.
Faculty of Commerce, Department of Economics, Zagazig University, Egypt.
Heliyon. 2024 Sep 28;10(19):e38255. doi: 10.1016/j.heliyon.2024.e38255. eCollection 2024 Oct 15.
Financial markets have witnessed significant disruptions driven by ongoing waves of financial innovation, and digitalization brought about by technological advances which are referred to as "FinTech". Consequently, this paper examines connectedness and risk transmission between FinTech industry, Blockchain, and stability of the financial sector in the UAE. Furthermore, it explores the impact of economic and financial turbulences such as COVID-19 pandemic on the transmission of shocks across FinTech and financial instability using a Time-varying Parameter Vector Autoregressive model. Empirical results indicate that VIX and Global Fintech are the dominant player of the system, and significantly impacting vulnerability of the UAE financial system. However, the post-COVID analysis display shifts in the roles of indices within the connectedness network, such as the OVX transitioning from being a volatility receiver to a transmitter, emphasizing evolving market sentiments in the wake of major crises. Finally, volatility spillovers increased across markets under extreme market conditions indicating that UAE is fully integrated within the global financial markets.
金融市场因持续不断的金融创新浪潮以及技术进步带来的数字化（即“金融科技”）而经历了重大动荡。因此，本文研究了阿联酋金融科技行业、区块链与金融部门稳定性之间的关联性和风险传导。此外，本文使用时变参数向量自回归模型探讨了诸如新冠疫情等经济和金融动荡对金融科技冲击传导和金融不稳定的影响。实证结果表明，VIX和全球金融科技是该系统的主导因素，并对阿联酋金融系统的脆弱性产生重大影响。然而，新冠疫情后的分析显示，关联网络中各指数的角色发生了变化，比如OVX从波动接收者转变为波动传导者，这凸显了重大危机后市场情绪的演变。最后，在极端市场条件下，各市场间的波动溢出有所增加，这表明阿联酋已完全融入全球金融市场。
