دورية أكاديمية
Bitcoin and Fiat Currency Interactions: Surprising Results from Asian Giants
العنوان: | Bitcoin and Fiat Currency Interactions: Surprising Results from Asian Giants |
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المؤلفون: | Samet Gunay, Kerem Kaskaloglu, Shahnawaz Muhammed |
المصدر: | Mathematics, Vol 9, Iss 12, p 1395 (2021) |
بيانات النشر: | MDPI AG, 2021. |
سنة النشر: | 2021 |
المجموعة: | LCC:Mathematics |
مصطلحات موضوعية: | Bitcoin, cryptocurrency market, fiat money, causality analysis, return spillovers, Mathematics, QA1-939 |
الوصف: | This study examines the interaction of Bitcoin with fiat currencies of three developed (euro, pound sterling and yen) and three emerging (yuan, rupee and ruble) market economies. Empirical investigations are executed through symmetric, asymmetric and non-linear causality tests, and Markov regime-switching regression (MRSR) analysis. Results show that Bitcoin has a causal nexus with Chinese yuan and Indian rupee for price and various return components. The MRSR analysis justifies these findings by demonstrating the presence of interaction in contractionary regimes. Accordingly, it can be stated that when markets display a downward trend, appreciation of the Chinese yuan and Indian rupee positively and strongly affects the value of Bitcoin, possibly due to the market timing. The MRSR analysis also exhibits a transition from a tranquil to a crisis regime in March 2020 because of the pandemic. However, a shorter duration spent in the crisis regime in 2020 indicates the limited and relatively less harmful effect of the pandemic on the cryptocurrency market when compared to the turmoil that occurred in 2018. |
نوع الوثيقة: | article |
وصف الملف: | electronic resource |
اللغة: | English |
تدمد: | 2227-7390 |
العلاقة: | https://www.mdpi.com/2227-7390/9/12/1395Test; https://doaj.org/toc/2227-7390Test |
DOI: | 10.3390/math9121395 |
الوصول الحر: | https://doaj.org/article/5f66410af5fb4a9eb29b184b1064db0eTest |
رقم الانضمام: | edsdoj.5f66410af5fb4a9eb29b184b1064db0e |
قاعدة البيانات: | Directory of Open Access Journals |
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