The economics of BitCoin price formation

被引：562
|
作者：
Ciaian, Pavel [1 ]
Rajcaniova, Miroslava [2 ,3 ,4 ]
Kancs, d'Artis [1 ]
机构：
[1] European Commiss DG JRC, Seville, Spain
[2] EERI, Brussels, Belgium
[3] Catholic Univ Leuven LICOS, Leuven, Belgium
[4] SUA, Nitra, Slovakia
来源：
APPLIED ECONOMICS | 2016年 / 48卷 / 19期
关键词：
BitCoin; exchange rate; supply and demand; financial indicators; financial investment; UNIT-ROOT; COINTEGRATION; MONEY; LEVEL;
D O I：
10.1080/00036846.2015.1109038
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This is the first article that studies BitCoin price formation by considering both the traditional determinants of currency price, e.g., market forces of supply and demand, and digital currencies specific factors, e.g., BitCoin attractiveness for investors and users. The conceptual framework is based on the Barro (1979) model, from which we derive testable hypotheses. Using daily data for five years (2009-2015) and applying time-series analytical mechanisms, we find that market forces and BitCoin attractiveness for investors and users have a significant impact on BitCoin price but with variation over time. Our estimates do not support previous findings that macro-financial developments are driving BitCoin price in the long run.
引用
收藏
页码：1799 / 1815
页数：17
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