IMF Working Papers Volume 2022 Issue 060: Crypto, Corruption, and Capital Controls: Cross-Country Correlations (2022)

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Crypto, Corruption, and Capital Controls: Cross-Country Correlations

Author:

Ms. Marwa Alnasaa

Ms. Marwa Alnasaa
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Nikolay Gueorguiev

Nikolay Gueorguievnull

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Mr. Jiro Honda

Mr. Jiro Honda
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Eslem Imamoglu

Eslem Imamoglunull

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Mr. Paolo Mauro

Mr. Paolo Mauro
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Keyra Primus

Keyra Primus
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Mr. Dmitriy L Rozhkov

Mr. Dmitriy L Rozhkov
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Series:: IMF Working Papers

Volume/Issue:: Volume 2022: Issue 060

Publication Date:: 25 Mar 2022

DOI:: https://doi.org/10.5089/9798400204005.001

ISBN:: 9798400204005

ISSN:: 1018-5941

Pages:: 19

Keywords:: cypto-assets; cryptocurrency; corruption; capital controls; crypto-asset usage; Pairwise correlation; data limitation; capital control; crypto-asset adoption; capital openness; Capital controls; Virtual currencies; Corruption; Global

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2022: Issue 060

Language:: English

Publication Date:: 25 Mar 2022

DOI:: https://doi.org/10.5089/9798400204005.001

ISBN:: 9798400204005

ISSN:: 1018-5941

Pages:: 19

Keywords:: cypto-assets; cryptocurrency; corruption; capital controls; crypto-asset usage; Pairwise correlation; data limitation; capital control; crypto-asset adoption; capital openness; Capital controls; Virtual currencies; Corruption; Global

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations. In this paper, we present a simple cross-country analysis drawing on recently released survey-based data. We explore the correlation of crypto-asset usage with indicators of corruption, capital controls, a history of high inflation, and other factors. We find that crypto-asset usage is significantly and positively associated with higher perception of corruption and more intensive capital controls. Notwithstanding the data limitations, the results support the case for regulating crypto-assets, including know-your-customer approaches, as opposed to taking a laissez-faire stance.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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