The effect of currency risk on crypto asset utilization in Türkiye

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-02-11 DOI:10.1016/j.ememar.2025.101264

Nico Oefele, Dirk G. Baur, Lee A. Smales

引用次数: 0

Abstract

This study is the first to systematically examine the impact of currency risk on crypto asset utilization in an emerging market, using Turkish lira-denominated crypto trading volume as a proxy. Our findings highlight the dominance of a single exchange and the sustained growth of stablecoin trading. Daily trading volume is largely driven by global crypto market capitalization. However, we find no systematic link between trading volume and significant lira depreciations, inflation shocks, or policy rate changes. Contrary to policymakers' concerns about domestic currency substitution with crypto assets, our results suggest only weak, short-lived evidence related to currency risk in Türkiye.

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货币风险对加密货币资产利用的影响

这项研究首次系统地研究了货币风险对新兴市场加密资产利用的影响，使用土耳其里拉计价的加密交易量作为代理。我们的研究结果强调了单一交易所的主导地位和稳定币交易的持续增长。每日交易量主要由全球加密市值驱动。然而，我们发现交易量与里拉大幅贬值、通胀冲击或政策利率变化之间没有系统性联系。与政策制定者对加密资产替代国内货币的担忧相反，我们的研究结果表明，只有微弱的、短期的证据与 rkiye中的货币风险有关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.