Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/215078 
Year of Publication: 
2020
Series/Report no.: 
CESifo Working Paper No. 8076
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
This paper analyses co-movement between Bitcoin exchanges in 34 major countries around the world and the US (the global benchmark) over the period January 24, 2011 - January 7, 2019. More specifically, we run IV regressions to investigate the importance of cultural factors (such as tightness, individualism, trust and risk-taking) following an earlier study by Eun et al. (2015) which had shed light on their importance to explain stock co-movement within individual countries. The results suggest that markets in tighter, more individualistic, trustful and risk-taking societies are more tightly linked to the US one. Further, it appears that culturally looser, collectivistic, trustful and risk-taking countries are more likely to shut down their Bitcoin exchanges compared to other countries. These findings confirm our priors.
Subjects: 
Bitcoin exchanges
cultural analysis
co-movement
JEL: 
G15
C36
Document Type: 
Working Paper
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