Dr. Darko B. Vuković

俄罗斯圣彼得堡国立大学

市场效率与应用金融研究中心首席专家、科学主任

管理研究生院财务与会计系副教授

Chief Expert, Research Center for

Market Efficiency and Applied Finance

Assosiate Professor, 

Department of Finance and Accounting, 

the Graduate School of Management, 

Saint Petersburg State University

This study employs the Bayesian Global Vector Autoregression (BGVAR) model to examine the spillover effects of adverse shocks originating in the blockchain financial data market on global financial markets. It reveals that these effects are not limited to specific countries but have a global impact, adversely affecting stock markets and exchange rates. The magnitude of these shocks is generally moderate, and their duration is short, positioning this market primarily as a mediator of short-term negative shocks. To the best of my knowledge, this represents the first application of the BGVAR model in the context of the digital financial market.