پارس پروژه پرتال خدمات دانشگاهی
این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۵ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H700
سال نشر: ۲۰۲۱
نام ناشر (پایگاه داده): الزویر
نام مجله: Economics Letters
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۵ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۱ : تورم و بیت کوین: تجزیه و تحلیل سری زمانی توصیفی
عنوان کامل انگلیسی:
Inflation and Bitcoin: A descriptive time-series analysis
برای دانلود رایگان مقاله انگلیسی بر روی دکمه ذیل کلیک نمایید
وضعیت ترجمه: این مقاله تاکنون ترجمه نشده برای سفارش ترجمه ی مقاله بر روی دکمه ذیل کلیک نمایید (کد مقاله:H700)
مقالات مرتبط با این موضوع: برای مشاهده سایر مقالات مرتبط با این موضوع (با ترجمه و بدون ترجمه) بر روی دکمه ذیل کلیک نمایید
Abstract
This study examines the time-series relation between Bitcoin and forward inflation expectation rates. Using a vector autoregressive process, we find that changes in Bitcoin Granger cause changes in the forward inflation rate. Furthermore, imposing an exogenous shock to Bitcoin’s price results in a persistent increase in the forward inflation rate. Our findings provide support for the notion that Bitcoin may be used as a hedge against inflation as changes in the price of Bitcoin tend to lead changes in the expected inflation.
Keywords: Bitcoin, Cryptocurrency, Digital currency, Inflation
۱.Introduction
The market capitalization for Bitcoin recently eclipsed a trillion dollars. Practitioners and some researchers have suggested that Bitcoin is a viable hedge against inflation. For instance, in May of 2020, Bloomberg News reported that hedge fund manager Paul Tudor Jones responded to concerns about the expansionary policy by many of the world’s central banks during the Covid- 19 pandemic by purchasing Bitcoin.1 Likewise, MicroStrategy Inc., the largest publicly traded business intelligence company, raised its holdings of Bitcoin in February of 2021 by about 20,000 coins because it believes the cryptocurrency to be a ‘‘dependable store of value’’.۲ Unlike traditional currencies, Bitcoin has a fixed limit of 21 million coins and trades in a decentralized unregulated system. Schilling and Uhlig (2019) provide a theoretical overview of the interaction between Bitcoin and a more traditional currency that is supplied by a central bank. The authors allow the supply of Bitcoin to grow deterministically and show that Bitcoin can be considered a viable, albeit volatile medium of exchange.3 The strong demand for, limited supply of, and monetization of Bitcoin gives it the potential to protect against rising prices, which fits the definition of inflation hedge implied by Reilly et al. (1970) and Cagan (1974)…
۴.Conclusion
We find that changes in Bitcoin Granger cause changes in the forward inflation rate, but not vice-versa. We also find strong evidence that an unexpected increase in the price of Bitcoin is associated with a significant and persistent increase in the forward inflation rate. The findings in this paper have important implications for both investment managers and policymakers. First, our results suggest that Bitcoin can act as a hedge against expected inflation. This is important for investment professionals looking for inflation-risk protection. Second, our results show that movements in Bitcoin precede changes in expected inflation. Therefore, it appears that Bitcoin behaves similarly to a commodity that can be used as a means of exchange, which is important for policymakers and firms considering the use of an electronic currency.
| مقالات مرتبط با این موضوع |
|
دانلود رایگان مقالات انگلیسی رشته اقتصاد دانلود رایگان مقاله انگلیسی در مورد بیتکوین |