The dynamic relationship of cryptocurrencies with supply chain and logistics stocks - the impact of COVID-19

【Author】 Daglis, Theodoros

【Source】JOURNAL OF ECONOMIC STUDIES

【影响因子】0.000

【Abstract】Purpose The COVID-19 pandemic is known to have affected the logistics and supply chains; however, there is no adequate empirical evidence to prove in which way it has affected the relationship between the stocks related to this field with the corresponding cryptocurrencies. This paper aims to test the dynamic relationship of cryptocurrencies with supply chain and logistics stocks. Design/methodology/approach In this paper, the author tests the causal and long-run relationship between logistics and supply chain stocks with the corresponding cryptocurrencies related to these fields, or those that are known to exhibit characteristics that can be utilized by these fields, testing also whether the COVID-19 pandemic affected this relationship. To do so, the author performs the variable-lag causality to test the causal relationship, and examines if this relationship changed due to COVID-19. The author then implements the multifractal detrended cross-correlation analysis to investigate the characteristics of a possible long-run relationship, testing also whether they changed due to COVID-19. Findings The results indicate that there is a positive long-run relationship between each logistics and supply chain stocks and the corresponding cryptocurrencies, before and also during COVID-19, but during COVID-19 this relationship becomes weaker, in most cases. Moreover, before COVID-19, the majority of the cases indicate a causal direction from cryptocurrencies to the stocks, while during COVID-19, the causal relationships decrease in multitude, and most cases unveil a causal direction from the stocks to cryptocurrencies. Originality/value The causal pattern changed during COVID-19, and the long-run relationship became weaker, showing a change in the dynamics in the relationship between logistics and supply chain stocks with cryptocurrencies.

【Keywords】COVID-19; Logistics; Supply chains; Cryptocurrencies; Causality; Long-run relationship; C50; C58

【发表时间】

【收录时间】2022-07-17

【文献类型】理论性文章

【主题类别】

区块链治理-市场治理-数字货币