Asymmetric monetary policy effects on cryptocurrency markets

【Author】 Thai Vu Hong Nguyen; Binh Thanh Nguyen; Kien Son Nguyen; Huy Pham

【Source】RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE

【影响因子】6.143

【Abstract】Cryptocurrencies have recently attracted numerous interests from investors as potential investable assets. However, research on their responses to macroeconomic policies remains insufficient. This study examines the asymmetric impacts of monetary policies on cryptocurrency returns during monetary tightening versus monetary easing regimes. Interestingly, we find significant responses of four major cryptocurrencies including Bitcoin to Chinese tightening monetary policies; however, U.S. monetary policies do not significantly affect cryptocurrency returns.

【Keywords】Cryptocurrencies; Monetary policy; Asymmetric response; China; U.S.

【发表时间】2019 APR

【收录时间】2022-01-02

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