2021
DOI: 10.1016/j.ribaf.2021.101478
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Does economic policy uncertainty affect cryptocurrency markets? Evidence from Twitter-based uncertainty measures

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Cited by 99 publications
(51 citation statements)
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“…Gozgor et al (2019) pointed out that economic policy uncertainty affects gold returns, which in turn affects investor behavior and investor sentiment. During periods of high economic policy uncertainty, especially during the early 2020s and the COVID-19 pandemic, economic policy uncertainty exerts a considerable impact on the financial stock market and affects investment returns (Wu et al, 2021). Li et al (2017) and constructed investment sentiment indicators and analyzed the impact of external shocks on the sentiment of Chinese investors.…”
Section: Literature Review Investor Sentiment Literaturementioning
confidence: 99%
“…Gozgor et al (2019) pointed out that economic policy uncertainty affects gold returns, which in turn affects investor behavior and investor sentiment. During periods of high economic policy uncertainty, especially during the early 2020s and the COVID-19 pandemic, economic policy uncertainty exerts a considerable impact on the financial stock market and affects investment returns (Wu et al, 2021). Li et al (2017) and constructed investment sentiment indicators and analyzed the impact of external shocks on the sentiment of Chinese investors.…”
Section: Literature Review Investor Sentiment Literaturementioning
confidence: 99%
“…Several authors demonstrated that these cryptocurrencies act as hedge against economic policy risk. In current strand, several studies concluded that cryptocurrencies act as hedge and safe haven (Bouri et al 2017b(Bouri et al , 2017c(Bouri et al , 2017d(Bouri et al , 2020aBouri and Gupta 2019;Chen et al 2021;Cheng and Yen 2020;Colon et al 2021;Fang et al 2020;Fasanya et al 2021;Jiang et al 2021;Kalyvas et al 2020;Koumba et al 2020;Matkovskyy et al 2020 Rubbaniy et al 2021;Wu et al 2019Wu et al , 2021Cheng and Yen 2020;Yen and Cheng 2021). In contrast, cryptocurrencies do not act as hedge or safe-haven for economic policy uncertainty (Cheema et al 2020;Fasanya et al 2021;Hasan et al 2021;Jiang et al 2021;Lucey et al 2021;Wu et al 2019).…”
Section: Discussionmentioning
confidence: 99%
“…They clarified that Bitcoin is not a speculative asset but is a safe-haven. (Wu et al 2021) examined the impact of economic policy uncertainty (Twitter-based uncertainty measure) on top four cryptocurrencies and found a significant causality between cryptocurrencies and cryptocurrencies. Using the Rolling Window approach and Granger Causality test, they found a positive association between Twitter-based uncertainty, VIX, and Cryptocurrencies.…”
Section: Role Of Cryptocurrencies For Country Epusmentioning
confidence: 99%
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“…Li and Yang (3) suggested that increasing EPU would negatively affect investment activities. Wu et al (4) find that there is a significant causality from the Twitter-based EPU to the BTC/USD. Song et al (5) found an increase in EPU was shown to decrease green total factor productivity (GTFP).…”
Section: Literature Reviewmentioning
confidence: 99%