Paola Di Casola , Maurizio Michael Habib , David Tercero-Lucas
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Global and local drivers of Bitcoin trading vis-à-vis fiat currencies
We analyse global and local drivers of Bitcoin transactions against 45 fiat currencies in the largest peer-to-peer crypto exchanges. Global factors, such as momentum in the crypto-asset market or financial market volatility, do matter for Bitcoin trading. There is evidence of a global crypto cycle driven by speculative motives. Trading across currencies and users around the world moves in tandem with fluctuations in the Bitcoin price. Crypto shocks and global risk shocks are behind this cyclical comovement. Crucially, Bitcoin seems to also offer utility benefits in emerging and developing economies, since trading increases after idiosyncratic, currency-specific shocks that depreciate the currency. Local projections analysis and case studies confirm this important link between exchange rate instability and Bitcoin transactions.
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.