Demographic-governance factors shaping cryptocurrency holding behavior

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-08-09 DOI:10.1016/j.frl.2025.108143

Tam Hoang Nhat Dang , Faruk Balli , Hatice Ozer Balli , Ilhan Kilic

引用次数: 0

Abstract

Employing cross-sectional data of 142 countries worldwide, this paper examines the macroeconomic factors in shaping cryptocurrency adoption. We find that the aggregate impact of inflation volatility on crypto adoption is dependent on the level of corruption control in higher-income countries. The control of corruption appears to discourage cryptocurrency adoption, emphasizing the role of institutional trust in financial choices. We also find that higher emigrant ratios in non-high-income and lower-income countries are associated with increased cryptocurrency usage, which suggests that migrants tend to use cryptocurrencies for faster, cheaper remittances compared to traditional services. Last, we find that internet penetration plays a key role in crypto adoption, particularly in higher-income countries with advanced digital infrastructure.

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影响加密货币持有行为的人口治理因素

本文采用全球142个国家的横截面数据，研究了影响加密货币采用的宏观经济因素。我们发现，通胀波动对加密货币采用的总体影响取决于高收入国家的腐败控制水平。对腐败的控制似乎阻碍了加密货币的采用，强调了机构信任在金融选择中的作用。我们还发现，非高收入和低收入国家较高的移民比例与加密货币使用的增加有关，这表明与传统服务相比，移民倾向于使用加密货币进行更快、更便宜的汇款。最后，我们发现互联网普及率在加密货币的采用中起着关键作用，特别是在拥有先进数字基础设施的高收入国家。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance