On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications
IMF Working Papers, December 20, 2024
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- On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications
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Bibliographic details
- Authors: Pamela Cardozo, Andrés Fernández, Jerzy Jiang, Felipe D Rojas
- Published: December 20, 2024
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400294501.001
Overview and scope
- Title: On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications
- Authors: Pamela Cardozo, Andrés Fernández, Jerzy Jiang, Felipe D Rojas
- Date: December 20, 2024
- Format: IMF Working Papers, Working Paper No. 2024/261, Issue: 261, Volume: 2024
- Pages: 56
- DOI: https://doi.org/10.5089/9798400294501.001
- Stock No: WPIEA2024261
- ISBN: 9798400294501
- ISSN: 1018-5941
Core research questions and methods
- Definition and channels:
- Defines cross-border crypto flows (CBCFs) and describes the channels through which CBCFs materialize.
- Measurement approaches:
- Reviews various approaches to measure CBCFs through two case studies.
- Quantitative analysis:
- Quantifies the dynamics and drivers of CBCFs using a push/pull factor SVAR model.
Key findings
- Volume and heterogeneity:
- Finds an increasingly large volume of CBCFs, although considerable heterogeneity remains across estimates.
- Sensitivity to drivers:
- CBCFs are more sensitive to push factors than regular capital flows.
- Implications for measurement:
- CBCFs are not systematically measured and are poorly understood, indicating a need for improved measurement and monitoring.
Policy implications and recommendations
- Measurement and monitoring:
- Calls for accurate and comprehensive measurement and monitoring of CBCFs.
- Capital account policy:
- Argues for rethinking capital account restrictions in a more digitalized world.
Subjects and keywords
- Subject areas: Balance of payments, Capital flows, Central bank bills, Central banks, Foreign direct investment, Foreign exchange
- Keywords: Brazil CBCFs, capital account restriction, capital account restrictions, capital flows, Central bank bills, cross-border flows, Crypto assets, drivers of CBCFs, Foreign direct investment, Global, measurement, monitoring of CBCFs, policy implication, push-pull factors
Source: Pamela Cardozo, Andrés Fernández, Jerzy Jiang, and Felipe D Rojas. "On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications", IMF Working Papers 2024, 261 (December 20, 2024), DOI: https://doi.org/10.5089/9798400294501.001.
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