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Deprecated: Implicit conversion from float 215.6 to int loses precision in C:\Inetpub\vhosts\kidney.de\httpdocs\pget.php on line 534 Front+Public+Health 2021 ; 9 (ä): 651051 Nephropedia Template TP
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Economic Policy Uncertainty in China and Bitcoin Returns: Evidence From the COVID-19 Period #MMPMID33777889
Chen T; Lau CKM; Cheema S; Koo CK
Front Public Health 2021[]; 9 (ä): 651051 PMID33777889show ga
This paper analyses the effects of the Chinese Economic Policy Uncertainty (CEPU) index on the daily returns of Bitcoin for the period from December 31, 2019 to May 20, 2020. Utilizing the Ordinary Least Squares (OLS) and the Generalized Quantile Regression (GQR) estimation techniques, the paper illustrates that the current CEPU has a positive impact on the returns of Bitcoin. However, the positive impact is statistically significant only at the higher quantiles of the current CEPU. It is concluded that Bitcoin can be used in hedging against policy uncertainties in China since significant rises in uncertainty leads to a higher return in Bitcoin. JEL Codes: G32; G15; C22.