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Vidya Ramadhan Putra Pratama
Universitas Ekuitas Indonesia
Economics, Econometrics & Finance

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The Application of Blockchain Technology in Stock Trading Efficiency Vidya Ramadhan Putra Pratama
Nomico Vol. 2 No. 10 (2025): Nomico-November
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/wbzp4x35

Abstract

Indonesia’s stock market has grown rapidly in volume and retail participation, creating increasing pressure on market infrastructures to deliver faster, more transparent, and more secure end-to-end processes. This study examines the potential of blockchain technology to enhance the efficiency of stock trading processes, covering trade execution at the Indonesia Stock Exchange, clearing performed by the Indonesia Clearing and Guarantee Corporation, and settlement and asset recording conducted by the Indonesian Central Securities Depository. Using a systematic literature review, the study synthesizes evidence from reputable academic databases and institutional publications through a structured selection approach and critical appraisal. The findings indicate that blockchain introduces substantial opportunities to accelerate transaction processing, strengthen data integrity, streamline clearing workflows, enable near real-time settlement, and automate corporate actions through smart contracts. Nevertheless, the study also reveals significant challenges, including limitations in scalability, infrastructure investment requirements, regulatory gaps, governance complexity, and the need for high-level technical readiness among market institutions. The study concludes that blockchain can serve as a transformative infrastructure for Indonesia’s capital market, provided its implementation follows a phased approach supported by rigorous pilot testing and clear regulatory frameworks.
Capital Market Volatility and Global Energy Crisis: A VAR and VECM Analysis Vidya Ramadhan Putra Pratama
Nomico Vol. 2 No. 12 (2026): Nomico-January
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/e3pjk844

Abstract

The recent increase in global capital market volatility is closely associated with the escalation of the global energy crisis, characterized by surging energy prices, supply disruptions, and geopolitical tensions. This study aims to examine the impact of the global energy crisis on capital market volatility by distinguishing short-run dynamics and long-run relationships between the variables. A quantitative time series approach is employed using Vector Autoregression and Vector Error Correction Model. The data represent indicators of the global energy crisis and stock market volatility across periods before, during, and after the energy crisis. The stationarity tests indicate that all variables are integrated of order one, while the Johansen cointegration test confirms the existence of a long-run equilibrium relationship between energy markets and capital markets. The VECM estimation reveals that capital market volatility adjusts significantly to deviations from long-run equilibrium following energy-related shocks. The impulse response analysis shows that stock market volatility responds positively to energy shocks in the short run, although the effects gradually diminish over time. Furthermore, the variance decomposition results indicate that the contribution of energy shocks to capital market volatility increases in the medium term. Overall, the findings support the hypothesis that the global energy crisis is a key determinant of capital market volatility and acts as a persistent source of macroeconomic uncertainty in financial markets
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