Is cryptocurrency a new digital gold? Evidence from the macroeconomic shocks in selected emerging economies

IF 17.7 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research Pub Date : 2024-05-16 DOI:10.1108/jes-08-2023-0410

S. Majumder

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Abstract

PurposeThe purpose of the study is to analyze the hedging abilities of the cryptocurrencies vis-à-vis gold against macroeconomic shocks in four emerging economies, India, China, Brazil and Russia.Design/methodology/approachUsing the monthly data from January 2013 to April 2023, the paper analyses the response of Cryptocurrencies vis-à-vis gold prices to three different macroeconomic shocks, namely, the economic policy uncertainty shock, the financial uncertainty shock and the inflation shock, within a VAR framework with the help of the Generalized Impulse Response Function.FindingsBoth gold and cryptocurrencies have limited hedging abilities against macroeconomic shocks across countries. In India, bitcoin has become the new digital gold, while in China, it is not bitcoin but rather gold that retains its hedging abilities. Neither bitcoin nor gold, Binance Coin or Cardano, are found to be the new digital gold in Brazil and Russia.Originality/valueThe paper compares the top nine cryptocurrencies with the traditional asset gold in terms of their hedging potential against macroeconomic shocks in emerging countries.

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加密货币是新的数字黄金吗？部分新兴经济体宏观经济冲击的证据

目的本研究旨在分析印度、中国、巴西和俄罗斯四个新兴经济体的加密货币相对于黄金对宏观经济冲击的对冲能力。设计/方法/途径本文利用 2013 年 1 月至 2023 年 4 月的月度数据，在广义脉冲响应函数（Generalized Impulse Response Function）的帮助下，在 VAR 框架内分析了加密货币相对于黄金价格对三种不同宏观经济冲击（即经济政策不确定性冲击、金融不确定性冲击和通货膨胀冲击）的响应。在印度，比特币已成为新的数字黄金，而在中国，保持对冲能力的不是比特币，而是黄金。在巴西和俄罗斯，无论是比特币还是黄金、Binance Coin 或 Cardano，都没有成为新的数字黄金。原创性/价值本文比较了九大加密货币与传统资产黄金在新兴国家对冲宏观经济冲击的潜力。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.