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

Author

Listed:
  • Pamela Cardozo
  • Andrés Fernández
  • Jerzy Jiang
  • Felipe D Rojas

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.

Suggested Citation

  • Pamela Cardozo & Andrés Fernández & Jerzy Jiang & Felipe D Rojas, 2024. "On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications," IMF Working Papers 2024/261, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/261
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