How does the fintech sector react to signals from central bank digital currencies?

被引：85

作者：

Li, Zhenghui ^{[1
]}

Yang, Cunyi ^{[2
]}

Huang, Zhehao ^{[1
]}

机构：

[1] Guangzhou Univ, Guangzhou Inst Int Finance, Guangzhou, Peoples R China

[2] Sun Yat Sen Univ, Lingnan Coll, Guangzhou, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2022年 / 50卷

关键词：

Fintech; Central bank digital currency; Capital market; Impulse response; TVP-VAR;

D O I：

10.1016/j.frl.2022.103308

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study analyzes how the fintech sector reacts to central bank digital currency (CBDC) signals released by central banks. First, we innovatively construct a signal index for the CBDC. Second, by collecting data from January 2012 to February 2022, the positively time-varying response of the fintech sector to the CBDC signals is found. Meanwhile, the response intensity reduces over time, thereby reflecting the weakening sensibility of the fintech sector to the CBDC signals. Third, shocks of symbolic events regarding the CBDC in the fintech sector are captured to further confirm the response to signals.

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页数：5

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