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Tethered, or Untethered? On the interplay between stablecoins and major cryptoassets

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    0561397 - ÚTIA 2023 RIV US eng J - Journal Article
    Krištoufek, Ladislav
    Tethered, or Untethered? On the interplay between stablecoins and major cryptoassets.
    Finance Research Letters. Roč. 43, č. 1 (2021), č. článku 101991. ISSN 1544-6123. E-ISSN 1544-6131
    R&D Projects: GA ČR GA20-17295S
    Institutional support: RVO:67985556
    Keywords : Crypto currencies * Crypto assets * Bitcoin * Stablecoins * Tether * Spillovers
    OECD category: Economic Theory
    Impact factor: 9.846, year: 2021
    Method of publishing: Limited access
    http://library.utia.cas.cz/separaty/2022/E/kristoufek-0561397.pdf https://www.sciencedirect.com/science/article/pii/S1544612321000726?via%3Dihub

    Stablecoins and their leader Tether have been one of the controversial topics of cryptomarkets and their role in price rallies of the past few years has been questioned repeatedly. Using the generalized vector autoregressive framework and directed spillovers based on the forecast error variance decompositions, we find no evidence of stablecoins boosting the prices of other cryp- toassets. On the contrary, the increased stablecoins issuances come in reaction to the other cryptoassets price changes, which suggests they rather reflect increasing demand in investing into the cryptomarkets that gets materialized in demand for the “digital fiat”.
    Permanent Link: https://hdl.handle.net/11104/0334060

     
     
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