On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications

Pamela Cardozo, Andrés Fernández, Jerzy Jiang and Felipe Rojas

No 2024/261, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 56
Date: 2024-12-20
New Economics Papers: this item is included in nep-fdg, nep-mon, nep-opm and nep-pay
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