Decrypting new age international capital flows ?

• 成果类型: Article
• 署名作者: von Luckner, Clemens Graf; Reinhart, Carmen M.; Rogoff, Kenneth
• 署名单位: Institut d'Etudes Politiques Paris (Sciences Po); Harvard University; Harvard University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.05.015
• 发表日期: 2023
• 页码: 104-122
• 关键词: Cryptocurrencies; Bitcoin; International capital flows; transactions; Speculative bubbles

摘要

This paper employs high frequency transactions data on the world's two oldest and most extensive centralized peer-to-peer Bitcoin markets, enabling trade in the currencies of more than 160 countries. We develop an algorithm that allows us, with high probability, to detect crypto vehicle transactions in which crypto currency is used to move capital across borders, and/or to exchange one fiat currency for another. The data suggest that the use of Bitcoin has become an increasingly important channel to receive remittances and evade capital controls in emerging markets. Two event studies on Venezuela and Argentina provide supporting evidence.& COPY; 2023 Elsevier B.V. All rights reserved.