Central bank speeches and digital currency competition

【Author】 Scharnowski, Stefan

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】This paper studies how cryptocurrency investors view central bank digital currencies (CBDCs) by exploiting the market reaction to central bank speeches. Prices react asymmetrically to the speeches, increasing more strongly after speeches that take a more positive stance. Similarly, while volatility generally increases, negative CBDC sentiment has a slight amplifying effect. The results indicate that traders do not view CBDCs as a threat to cryptocurrencies. Rather, more positive stances on CBDCs appear to be interpreted as favorable signals for other forms of digital currencies as well.

【Keywords】Bitcoin; Cryptocurrency; Centralbankdigitalcurrencies; CBDC; Centralbankcommunication; Currencycompetition

【发表时间】2022 OCT

【收录时间】2022-08-15

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-市场分析