Bitcoin Reveals Unofficial Exchange Rates And Detects Capital Controls

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Bitcoin Reveals Unofficial Exchange Rates And Detects Capital Controls. GC Pieters. Managed exchange rates and capital controls impact international trade and finance flows, yet data used to detect these manipulations are of low frequency, expensive, lagged, and potentially mis-measured. The timely, high frequency, free-of-charge prices of Bitcoin offer a solution to this problem. I.

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Using bitcoin prices — constructed from daily, publicly available data — I generate exchange rates for 18 currencies with different levels of capital controls and exchange rate regimes. I show that bitcoin-based exchange rates replicate the behaviour of official USD-Euro and the unofficial USD-Argentinian Peso exchange rate (the latter of which has a highly managed official exchange rate.

By comparing bitcoin-based exchange rates to official exchange rates, I evaluate the extent of capital flow restrictions and detect exchange rate regimes of the 18 currencies. Results generally correlate well with the Chinn-Ito Index of Financial Openness and the IMF exchange rate regime classifications, although both these sources will mistakenly classify as free floating or financially open.

As bitcoin exchange rates exist at a daily frequency, they reveal transitory interventions that would otherwise go undetected. This result also serves as veri cation that Bitcoin is used to circumvent capital controls and manipulated exchange rates. Many countries manipulate the value of their currency or use some form of capital control, yet the data usually used to detect these manipulations.

2 Apr 2018.

A study reveals that Bitcoin can be used to calculate the actual.

called “Bitcoin Reveals Exchange Rate Manipulation and Detects Capital Controls”.

used to approximate unofficial rates of currency exchange, revealing the.

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Bitcoin Reveals Exchange Rate Manipulation and Detects Capital Controls.

traded cryptocurrency Bitcoin can approximate unofficial exchange rates which,

estimate a currency's unofficial exchange rate and capital controls at a daily interval.

be used to detect barriers to global financial integration.4 Because bitcoin.

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Bitcoin Reveals Unofficial Exchange Rates and Detects Capital. Controls. G.C. Pieters∗. Trinity University, Economics Dept, 1 Trinity Place, San Antonio, Texas, .

Gina C. Pieters of University College London presented a paper called “Bitcoin Reveals Exchange Rate Manipulation and Detects Capital Controls” at the Royal Economic Society’s annual conference in March. Originally written in 2016, it introduces the idea that Bitcoin can be used to approximate unofficial rates of currency exchange, revealing the distortions surreptitiously applied by.