How does the fintech sector react to signals from central bank digital currencies?

【Author】 Li, Zhenghui; Yang, Cunyi; Huang, Zhehao

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】This study analyzes how the fintech sector reacts to central bank digital currency (CBDC) signals released by central banks. First, we innovatively construct a signal index for the CBDC. Second, by collecting data from January 2012 to February 2022, the positively time-varying response of the fintech sector to the CBDC signals is found. Meanwhile, the response intensity reduces over time, thereby reflecting the weakening sensibility of the fintech sector to the CBDC signals. Third, shocks of symbolic events regarding the CBDC in the fintech sector are captured to further confirm the response to signals.

【Keywords】Fintech; Central bank digital currency; Capital market; Impulse response; TVP-VAR

【发表时间】2022 DEC

【收录时间】2022-10-05

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-数字货币