A primer on bitcoin cross-border flows: Measurement and drivers

IF 3.3 2区经济学 Q2 BUSINESS, FINANCE

Journal of International Money and Finance Pub Date : 2025-09-04 DOI:10.1016/j.jimonfin.2025.103424

Eugenio Cerutti, Jiaqian Chen, Martina Hengge

引用次数: 0

Abstract

The rapid growth of crypto assets raises important questions about their cross-border usage. To gain a better understanding of cross-border Bitcoin flows, we use raw data covering both on-chain (on the Bitcoin blockchain) and off-chain (outside the Bitcoin blockchain) transactions globally. We provide a detailed description of available methodologies and datasets, and discuss the crucial assumptions behind the quantification of cross-border flows. We then present novel stylized facts about Bitcoin cross-border flows and study their global and domestic drivers. Bitcoin cross-border flows respond differently than capital flows to traditional drivers of capital flows, and differences appear between on-chain and off-chain Bitcoin cross-border flows. Off-chain cross-border flows seem correlated with incentives to avoid capital flow restrictions.

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比特币跨境流动入门：衡量和驱动因素

加密资产的快速增长引发了有关其跨境使用的重要问题。为了更好地了解比特币的跨境流动，我们使用了覆盖全球链上（在比特币区块链上）和链下（在比特币区块链之外）交易的原始数据。我们提供了可用方法和数据集的详细描述，并讨论了跨境流动量化背后的关键假设。然后，我们提出了有关比特币跨境流动的新颖风格化事实，并研究了其全球和国内驱动因素。比特币跨境流动对传统资本流动驱动因素的反应不同于资本流动，链上和链下比特币跨境流动也存在差异。链下跨境流动似乎与避免资本流动限制的动机相关。

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

Journal of International Money and Finance BUSINESS, FINANCE-

CiteScore

4.20

自引率

4.00%

发文量

141

期刊介绍： Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.