Cryptocurrency and Macroeconomic Dynamics: Case of 10 Asian Economies

Author:

Abdelkaoui Fatma1ORCID,Sidaoui Ali2,Nasser Feriel3,Bouzidi Meriem4

Affiliation:

1. Department of Economics, Mediterranean School of Business, South Mediterranean University, Tunis, Tunisia

2. Department of Economics, IHEC Carthage, University of Carthage, QUARG, Tunis, Tunisia

3. Department of Economics, High School of Economic Science and Commerce, ESSECT, University of Tunis, Tunis, Tunisia

4. Department of Economics, IHEC Carthage, University of Carthage, CEDIMES, Paris, France

Abstract

This research study investigates the impact of cryptocurrency on economic growth in 10 countries across Asia during past period 2013–2020. For this purpose, the sample included a range of economies with the highest number of Bitcoin usages or transactions. For this purpose, the sample included a range of economies with the highest number of Bitcoin usages or transactions, according to recent international rankings. With specific empirical means on panel data modelling, we attempted to show that economic growth, was influenced negatively by the cryptocurrency ‘Bitcoin’, and we concluded that this instrument leads to an increase in the inflation rate in a country according to the quantity theory of money and leads to a disorder in the monetary policy of a country. Our framework shows that the economic growth proxy was substantially influenced positively by economic indicators such as technology, investment and education but negatively by the high rate of participation, which caused an increase in unemployment. Our empirical results offer insights and insist on the importance of the intervention of the authorities to oversee and control the use of the cryptocurrency Bitcoin to avoid its negative effects and implement a strategy that overcomes these effects from a macroeconomic perspective. JEL Classification: E22, E24, E42, F43, E44, E52

Publisher

SAGE Publications

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