| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14602 |
| DP14602 Cryptocurrency market reactions to regulatory news | |
| Raphael Auer; Stijn Claessens | |
| 发表日期 | 2020-04-12 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events related to general bans on cryptocurrencies or to their treatment under securities law have the greatest adverse effect, followed by news on combating money laundering and the financing of terrorism, and on restricting the interoperability of cryptocurrencies with regulated markets. News pointing to the establishment of specific legal frameworks tailored to cryptocurrencies and initial coin offerings coincides with strong market gains. These results suggest that cryptocurrency markets rely on regulated financial institutions to operate and that these markets are segmented across jurisdictions. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Digital currencies Cryptocurrency Regulation Valuations Event studies |
| URL | https://cepr.org/publications/dp14602 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543509 |
| 推荐引用方式 GB/T 7714 | Raphael Auer,Stijn Claessens. DP14602 Cryptocurrency market reactions to regulatory news. 2020. |
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