加密资产与金融市场溢出的新证据

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This IMF Working Paper examines the spillover effects between crypto assets and financial markets. The authors find that the magnitude of spillovers increases during periods of heightened turbulence, such as negative economic-financial news, crypto market events, or exogenous shocks. There is evidence of increasing spillovers over time, with a peak during the COVID-19 pandemic, indicating growing interdependence between crypto and financial markets. The paper suggests that policymakers should closely monitor these developments and consider their implications for financial stability.