美国货币政策会影响全球加密投资需求吗？

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-10 DOI:10.1016/j.frl.2025.107408

Martin Hodula

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引用次数: 0

摘要

本文使用2015年至2022年G20国家加密货币应用程序使用和下载的新数据，研究了美国货币政策冲击如何影响加密货币需求。我们发现货币紧缩减少了需求，标准的政策冲击导致下载量和使用率持续下降。尽管比特币牛市有助于缓解这种影响，但并不能完全抵消这种影响。相比之下，大规模资产购买冲击增加了应用的使用，反映了现有用户的参与度提高，而前瞻指导冲击推动了投机兴趣，特别是在加密应用下载方面。这些发现强调了货币政策与零售加密货币参与之间复杂的相互作用。

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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Does U.S. monetary policy sway global crypto investment demand?

This paper examines how U.S. monetary policy shocks influence cryptocurrency demand, using novel data on cryptocurrency app usage and downloads from G20 nations between 2015 and 2022. We find that monetary tightening reduces demand, with standard policy shocks causing persistent declines in downloads and usage. While Bitcoin bull markets help mitigate this effect, they do not fully offset it. In contrast, large-scale asset purchase shocks increase app usage, reflecting heightened engagement from existing users, while forward guidance shocks drive speculative interest, particularly in crypto app downloads. These findings underscore the complex interaction between monetary policy and retail cryptocurrency participation.

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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