Empirical Appendix

Abdorasoul Sadeghi, Hela Nammouri () and Seyed Komail Tayebi ()
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Hela Nammouri: UCLy (Lyon Catholic University), ESDES
Seyed Komail Tayebi: University of Isfahan, Department of Economics

Chapter 4 in Financial Markets, Speculation, and Development, 2026, pp 73-134 from Springer

Abstract: Abstract Empirical appendices and analytical framework for theoretical literature and discussions reviewed in Chaps. 1, 2, and 3, bridging the domains of financial, monetary, development, and behavioral economics, are provided using appropriate and distinct methods for the United States, the United Kingdom, Germany, and Japan. The results show that financial markets, including crypto, gold, stocks, bonds, and major currencies, are interconnected. These connections are not just theoretical but observable in real-world money flows, influencing economic behavior. In particular, the crypto market stands out for its high price volatility, attracting short-term speculative investments. Conversely, bonds, stocks, and major currencies, which are determining for financing and investment, exhibit low price volatility. Furthermore, the crypto market is less sensitive to interest rate changes, while traditional markets, including bonds, stocks, and gold, show higher sensitivity to interest rate policies. Major currencies also exhibit low sensitivity to interest rate changes, reinforcing their role as stores of value. This suggests that if inflation-targeting policies and central bank independence are upheld, these currencies will maintain their value, reducing the need for major economies to suppress the crypto market. Moreover, central banks can manage money flows between markets effectively by appropriate interest rate responses to inflation, which could help control speculative behavior and promote productive investment. Playing a significant role in investment recovery during recessions and in stabilizing inflationary pressures by banking sectors, stocks, bonds, and national currencies further emphasizes the importance of institutional support.

Date: 2026
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DOI: 10.1007/978-981-95-5895-7_4

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