On the connectedness between the uncertainty of central bank digital currency adoption and stablecoins

IF 3.9 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2025-05-03 DOI:10.1016/j.najef.2025.102445

Thai Hong Le , Hiep Ngoc Luu , Dinh Dinh Do , Trung-Anh Nguyen , Toan Canh Pham

引用次数: 0

Abstract

This paper investigates the extent of connectedness between uncertainty around CBDC adoption and stablecoins. First, by employing the QVAR framework, we assess how the dynamic connectedness between CBDC uncertainty and stablecoins switches across a broad spectrum of uncertainty conditions. Next, we turn to the indirect linkage between stablecoins and CBDC uncertainty by examining the role of the latter as a driver of the connectedness in stablecoin trading activities. Results of the TVP-VAR framework and the quantile-on-quantile regression approach show that during the time of high market sentiment, investors tend to move away from diversification and reserve certain coin(s) instead.

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央行数字货币采用的不确定性与稳定币的关联性研究

本文研究了CBDC采用的不确定性与稳定币之间的联系程度。首先，通过采用QVAR框架，我们评估了CBDC不确定性和稳定币之间的动态连通性如何在广泛的不确定性条件下切换。接下来，我们转向稳定币和CBDC不确定性之间的间接联系，研究后者在稳定币交易活动中作为连通性驱动因素的作用。tpv - var框架和分位数对分位数回归方法的结果表明，在市场情绪高涨时，投资者倾向于放弃分散投资，转而保留一定的硬币。

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

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.