Crypto-Assets Activity around the World: Evolution and Macro-Financial Drivers
On-chain crypto-assets transaction volumes have grown rapidly, particularly during the COVID-19 pandemic. Crypto-assets activity appears to be a global phenomenon, although it still remains modest relative to gross domestic product for most countries. Panel regressions across more than 130 countries...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2022
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| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | On-chain crypto-assets transaction volumes have grown rapidly, particularly during the COVID-19 pandemic. Crypto-assets activity appears to be a global phenomenon, although it still remains modest relative to gross domestic product for most countries. Panel regressions across more than 130 countries show that the variation in countries' monthly crypto volumes is mostly driven by globally relevant factors such as real U.S. longer-term inflation expectations, U.S. real Treasury yields, and gold and crypto-asset prices, rather than recent country-level macroeconomic developments. Cross-sectional regressions offer tentative evidence that crypto activity is higher in countries with higher information and communications technology adoption and higher reliance on remittances. Taken together, the findings shed new light on the drivers behind crypto activity and offer support to the notions that crypto-assets are perceived as a risk asset, a potential macro hedge, and a potential tool to support cross-border transactions. However, the results come with caveats: a significant portion of the sample period includes extraordinarily loose global financial conditions; the crypto volume data have a short history, rely on important limiting assumptions, and do not represent all crypto activity; and crypto-assets represent a fast-evolving, increasingly diverse asset class and industry |
| Beschreibung: | 1 Online-Ressource (60 Seiten) |
| DOI: | 10.1596/1813-9450-9962 |
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| 520 | 3 | |a On-chain crypto-assets transaction volumes have grown rapidly, particularly during the COVID-19 pandemic. Crypto-assets activity appears to be a global phenomenon, although it still remains modest relative to gross domestic product for most countries. Panel regressions across more than 130 countries show that the variation in countries' monthly crypto volumes is mostly driven by globally relevant factors such as real U.S. longer-term inflation expectations, U.S. real Treasury yields, and gold and crypto-asset prices, rather than recent country-level macroeconomic developments. Cross-sectional regressions offer tentative evidence that crypto activity is higher in countries with higher information and communications technology adoption and higher reliance on remittances. Taken together, the findings shed new light on the drivers behind crypto activity and offer support to the notions that crypto-assets are perceived as a risk asset, a potential macro hedge, and a potential tool to support cross-border transactions. However, the results come with caveats: a significant portion of the sample period includes extraordinarily loose global financial conditions; the crypto volume data have a short history, rely on important limiting assumptions, and do not represent all crypto activity; and crypto-assets represent a fast-evolving, increasingly diverse asset class and industry | |
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| index_date | 2024-07-03T22:27:57Z |
| indexdate | 2024-10-12T04:03:00Z |
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| spellingShingle | Feyen, Erik H.B Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers Bitcoin Digital Currency Financial and Monetary Stability Financial Sector Policy Inflation Inflation Expectation International Economics and Trade International Trade and Trade Rules Macroeconomics and Economic Growth Store of Value The Basel Committee On Banking Supervision |
| title | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers |
| title_auth | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers |
| title_exact_search | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers |
| title_exact_search_txtP | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers |
| title_full | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers Erik H.B. Feyen |
| title_fullStr | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers Erik H.B. Feyen |
| title_full_unstemmed | Crypto-Assets Activity around the World Evolution and Macro-Financial Drivers Erik H.B. Feyen |
| title_short | Crypto-Assets Activity around the World |
| title_sort | crypto assets activity around the world evolution and macro financial drivers |
| title_sub | Evolution and Macro-Financial Drivers |
| topic | Bitcoin Digital Currency Financial and Monetary Stability Financial Sector Policy Inflation Inflation Expectation International Economics and Trade International Trade and Trade Rules Macroeconomics and Economic Growth Store of Value The Basel Committee On Banking Supervision |
| topic_facet | Bitcoin Digital Currency Financial and Monetary Stability Financial Sector Policy Inflation Inflation Expectation International Economics and Trade International Trade and Trade Rules Macroeconomics and Economic Growth Store of Value The Basel Committee On Banking Supervision |
| url | https://doi.org/10.1596/1813-9450-9962 |
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