ABSTRACTThis 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.
Description
Full article: The economics of BitCoin price formation
%0 Journal Article
%1 doi:10.1080/00036846.2015.1109038
%A Ciaian, Pavel
%A Rajcaniova, Miroslava
%A d’Artis Kancs,
%D 2016
%I Routledge
%J Applied Economics
%K ba bitcoin price
%N 19
%P 1799-1815
%R 10.1080/00036846.2015.1109038
%T The economics of Bitcoin price formation
%U /brokenurl# https://doi.org/10.1080/00036846.2015.1109038
%V 48
%X ABSTRACTThis 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.
@article{doi:10.1080/00036846.2015.1109038,
abstract = { ABSTRACTThis 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. },
added-at = {2021-12-20T16:29:09.000+0100},
author = {Ciaian, Pavel and Rajcaniova, Miroslava and d’Artis Kancs},
biburl = {https://puma.ub.uni-stuttgart.de/bibtex/24f088ef3afe2d98572a0fa52f7e85017/georglender},
description = {Full article: The economics of BitCoin price formation},
doi = {10.1080/00036846.2015.1109038},
eprint = {https://doi.org/10.1080/00036846.2015.1109038},
interhash = {0bf731d7738ecbd4e17dbeadcc3e9f4c},
intrahash = {4f088ef3afe2d98572a0fa52f7e85017},
journal = {Applied Economics},
keywords = {ba bitcoin price},
number = 19,
pages = {1799-1815},
publisher = {Routledge},
timestamp = {2021-12-20T15:29:09.000+0100},
title = {The economics of Bitcoin price formation},
url = {/brokenurl# https://doi.org/10.1080/00036846.2015.1109038 },
volume = 48,
year = 2016
}
