| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29337 |
| 来源ID | Working Paper 29337 |
| Decrypting New Age International Capital Flows | |
| Clemens Graf von Luckner; Carmen M. Reinhart; Kenneth S. Rogoff | |
| 发表日期 | 2021-10-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper employs high frequency transactions data on the world’s oldest and most extensive centralized peer-to-peer Bitcoin market, which enables trade in the currencies of more than 135 countries. We develop an algorithm that allows, with high probability, the detection of “crypto vehicle transactions” in which crypto currency is used to move capital across borders or facilitate domestic transactions. In contrast to previous work which has used “on-chain” data, our approach enables one to investigate parts of the vastly larger pool of “off-chain” transactions. We find that, as a conservative lower bound, over 7 percent of the 45 million trades on the exchange we explore represent crypto vehicle transactions in which Bitcoin is used to make payment in fiat currency. Roughly 20 percent of these represent international capital flight/flows/remittances. Although our work cannot be used to put a price on cryptocurrencies, it provides the first systematic quantitative evidence that the transactional use of cryptocurrencies constitutes a fundamental component of their value, at least under the current regulatory regime. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w29337 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587011 |
| 推荐引用方式 GB/T 7714 | Clemens Graf von Luckner,Carmen M. Reinhart,Kenneth S. Rogoff. Decrypting New Age International Capital Flows. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29337.pdf（1100KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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