On the role of stablecoins in cryptoasset pricing dynamics  

作　　者：Ladislav Kristoufek 

机构地区：[1]Institute of Economic Studies,Faculty of Social Sciences,Charles University,Prague,Czech Republic [2]Institute of Infor-mation Theory and Automation,The Czech Academy of Sciences,Prague,Czech Republic.

出　　处：《Financial Innovation》2022年第1期975-1000,共26页金融创新（英文）

基　　金：Support from the Charles University PRIMUS program(Project PRIMUS/19/HUM/17);the Czech Science Foundation(Project 20-17295S)is highly appreciated.

摘　　要：We examine the interactions between stablecoins,Bitcoin,and a basket of altcoins to uncover whether stablecoins represent the investors’demand for trading and investing into cryptoassets or rather play a role as boosting mechanisms during cryptomarkets price rallies.Using a set of instruments covering the standard cointegration framework as well as quantile-specific and non-linear causality tests,we argue that stablecoins mostly reflect an increasing demand for investing in cryptoassets rather than serve as a boosting mechanism for periods of extreme appreciation.We further discuss some specificities of 2017,even though the dynamic patterns remain very similar to the general behavior.Overall,we do not find support for claims about stablecoins being bubble boosters in the cryptoassets ecosystem.

关 键 词：Cryptocurrencies Cryptoassets Bitcoin Stablecoins TETHER 

分 类 号：F821[经济管理—财政学]