比特币价格是由宏观金融因素和流动性驱动的吗？全球消费者调查实证研究

IF 0.9 Q3 ECONOMICS

Organizations and Markets in Emerging Economies Pub Date : 2021-12-22 DOI:10.15388/omee.2021.12.62

S. A. H. Havidz, Viendya Ervina Karman, I. Y. Mambea

{"title":"比特币价格是由宏观金融因素和流动性驱动的吗？全球消费者调查实证研究","authors":"S. A. H. Havidz, Viendya Ervina Karman, I. Y. Mambea","doi":"10.15388/omee.2021.12.62","DOIUrl":null,"url":null,"abstract":"\n \n \nThis research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant. \n \n \n","PeriodicalId":43076,"journal":{"name":"Organizations and Markets in Emerging Economies","volume":null,"pages":null},"PeriodicalIF":0.9000,"publicationDate":"2021-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":"{\"title\":\"Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study\",\"authors\":\"S. A. H. Havidz, Viendya Ervina Karman, I. Y. Mambea\",\"doi\":\"10.15388/omee.2021.12.62\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n \\n \\nThis research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant. \\n \\n \\n\",\"PeriodicalId\":43076,\"journal\":{\"name\":\"Organizations and Markets in Emerging Economies\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.9000,\"publicationDate\":\"2021-12-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"4\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Organizations and Markets in Emerging Economies\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.15388/omee.2021.12.62\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Organizations and Markets in Emerging Economies","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.15388/omee.2021.12.62","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 4

摘要

本研究旨在利用宏观金融和流动性因素作为可能影响比特币作为市值最大的加密货币价格的因素。本研究分析的宏观金融因素是外汇、股市指数、利率和黄金，而流动性比率是内部因素。本研究应用固定效应模型（FEM）和广义矩量法（GMM）对2017年1月1日至2019年12月29日来自18个国家的每周数据进行了收集，共有2826次观测。分析显示，美元放大了比特币交易；加息将降低投资者将比特币作为投机资产进行投资的意愿，黄金可能取代比特币作为替代资产。此外，比特币的流动性很高，吸引了许多投资者，而股市指数被证明微不足道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Is Bitcoin Price Driven by Macro-financial Factors and Liquidity? A Global Consumer Survey Empirical Study

This research aims to utilize macro-financial and liquidity elements as the factors that may affect the price of Bitcoin as the largest cryptocurrency in terms of market capitalization. The macro-financial factors analyzed in this study were foreign exchange, stock market index, interest rates, and gold, while liquidity ratio is the internal factor. This study applied a fixed-effect model (FEM) and Generalized Method of Moments (GMM) on gathered weekly data from 1 January 2017 to 29 December 2019 from 18 countries with the total of 2,826 observations. The analysis revealed that US Dollar amplifies Bitcoin trading; an increase in interest rate will decrease investors’ intention to invest in Bitcoin as a speculative asset, and gold could replace Bitcoin as a substitute asset. Moreover, Bitcoin was found to be highly liquid, which attracts many investors, while the stock market index proved to be insignificant.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Organizations and Markets in Emerging Economies ECONOMICS-

CiteScore

1.60

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The journal aims to contribute to the development and dissemination of multidisciplinary knowledge on organizations and markets in emerging economies, to increase dialogue among scholars focused on a specific emerging economy or region and to encourage and give an outlet to high quality scholarship, both local and international, to this subject. Organizations and Markets in Emerging Economies welcomes analysis of emerging economies from the perspectives of organizational sciences, marketing, economics, finance and related disciplines. The journal appreciates studies that highlight specificities and patterns that occur in emerging economies and develop new empirical and theoretical knowledge on the subject.