{"title":"比特币与货币需求:比特币不仅仅是一种投机资产吗?","authors":"Michael S. Pagano, John Sedunov","doi":"10.2139/ssrn.3293998","DOIUrl":null,"url":null,"abstract":"Is bitcoin money? We study the characteristics of bitcoin, following the theory of money demand first posited by Keynes (1935). Specifically, we answer three questions. First, is bitcoin used as a transactional currency? Yes. Second, is bitcoin used as a speculative currency? Yes. Third, is bitcoin used in a precautionary sense? Yes, although there are mixed results in support of this motive. We find this evidence using data on bitcoin returns and volume from 2010-2017, using a principal components analysis framework, supplemented with tests that incorporate specific elements of each component, as well as some recent international events.","PeriodicalId":275096,"journal":{"name":"Monetary Economics: Financial System & Institutions eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"8","resultStr":"{\"title\":\"Bitcoin and the Demand for Money: Is Bitcoin More Than a Speculative Asset?\",\"authors\":\"Michael S. Pagano, John Sedunov\",\"doi\":\"10.2139/ssrn.3293998\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Is bitcoin money? We study the characteristics of bitcoin, following the theory of money demand first posited by Keynes (1935). Specifically, we answer three questions. First, is bitcoin used as a transactional currency? Yes. Second, is bitcoin used as a speculative currency? Yes. Third, is bitcoin used in a precautionary sense? Yes, although there are mixed results in support of this motive. We find this evidence using data on bitcoin returns and volume from 2010-2017, using a principal components analysis framework, supplemented with tests that incorporate specific elements of each component, as well as some recent international events.\",\"PeriodicalId\":275096,\"journal\":{\"name\":\"Monetary Economics: Financial System & Institutions eJournal\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-06-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"8\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Monetary Economics: Financial System & Institutions eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3293998\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Monetary Economics: Financial System & Institutions eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3293998","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Bitcoin and the Demand for Money: Is Bitcoin More Than a Speculative Asset?
Is bitcoin money? We study the characteristics of bitcoin, following the theory of money demand first posited by Keynes (1935). Specifically, we answer three questions. First, is bitcoin used as a transactional currency? Yes. Second, is bitcoin used as a speculative currency? Yes. Third, is bitcoin used in a precautionary sense? Yes, although there are mixed results in support of this motive. We find this evidence using data on bitcoin returns and volume from 2010-2017, using a principal components analysis framework, supplemented with tests that incorporate specific elements of each component, as well as some recent international events.
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