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Publication date
2024-03Author
Huang, Sherena S.Rights
© 2023 The Author. Published by Elsevier B.V. This is an open access article under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).Peer-Reviewed
YesOpen Access status
openAccessAccepted for publication
23/12/2023
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Show full item recordAbstract
This paper estimates liquidity dynamics between virtual and real assets from multiple dimensions, namely market capacity, transaction cost and market efficiency. The data covers transaction information of crypto markets and four equity exchanges (US, UK, EU and Japan) between January 2019 and December 2022. The first result shows a two-way liquidity risk feedback loop between virtual and real markets, and the second result confirms dynamic liquidity interactions between them. The US market is identified as a transmitter rather than a receiver of liquidity risk but may not escape cumulative liquidity shocks.Version
Published versionCitation
Huang SS (2023) Liquidity dynamics between virtual and equity markets. Journal of International Financial Markets, Institutions and Money. 91: 101917.Link to Version of Record
https://doi.org/10.1016/j.intfin.2023.101917Type
Articleae974a485f413a2113503eed53cd6c53
https://doi.org/10.1016/j.intfin.2023.101917