Should Bitcoin be used to help devastated economies? Evidence from Greece

Jamal Bouoiyour () and Refk Selmi

Economics Bulletin, 2019, vol. 39, issue 1, 513-520

Abstract: The worldwide heightened economic uncertainty in countries like Venezuela, India, Britain, and Italy has strengthened more demand for Bitcoin. The deadlock between Greece and creditors doesn't seem to be going away and Greeks are very tired of the most punishing austerity measures connected to repayments of the loans. Greek people, who become increasingly mistrustful of their government, found solace in the Bitcoin as a refuge asset. The novelty of this paper lies in its methodological approach, which can pinpoint the dynamic effects of uncertainty surrounding the debt crisis on the interest in Bitcoin as an alternative to conventional and state-sanctioned banking system. Our findings confirm the great resilience of Bitcoin during periods of turmoil, highlighting its potential safe haven ability against uncertainty.

Keywords: Bitcoin; Uncertainty; Grexit; Empirical Mode Decomposition. (search for similar items in EconPapers)
JEL-codes: F3 F4 (search for similar items in EconPapers)
Date: 2019-03-16
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.accessecon.com/Pubs/EB/2019/Volume39/EB-19-V39-I1-P51.pdf (application/pdf)

Related works:
Working Paper: Should Bitcoin be used to help devastated economies? Evidence from Greece (2019)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ebl:ecbull:eb-18-00945

Access Statistics for this article

More articles in Economics Bulletin from AccessEcon
Bibliographic data for series maintained by John P. Conley ().