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On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications
Author:
Pamela Cardozo
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,
Andrés Fernández https://isni.org/isni/0000000404811396 International Monetary Fund

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,
Jerzy Jiang
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Felipe D Rojas
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Series:
IMF Working Papers
Volume/Issue:
Volume 2024: Issue 261
Language:
English
Publication Date:
20 Dec 2024
DOI:
https://doi.org/10.5089/9798400294501.001
ISBN:
9798400294501
ISSN:
1018-5941
Pages:
56
Keywords:
Crypto assets; cross-border flows; capital flows; measurement; push-pull factors; capital account restrictions; Brazil CBCFs; policy implication; capital account restriction; monitoring of CBCFs; drivers of CBCFs; Central bank bills; Foreign direct investment; 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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Cross-border crypto flows (CBCFs) are not systematically measured and are poorly understood. After defining CBCFs and the channels through which they materialize, we review the various approaches to measure them through two case studies. We also quantify the dynamics and drivers of CBCFs through a push/pull factor SVAR model. We find an increasingly large volume of CBCFs, although considerable heterogeneity remains across estimates. Furthermore, CBCFs are more sensitive to push factors than regular capital flows. Our findings call for accurate and comprehensive measurement and monitoring of CBCFs and the need to rethink capital account restrictions in a more digitalized world.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund