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Jamal Bouoiyour and Refk Selmi
''Should Bitcoin be used to help devastated economies? Evidence from Greece''
( 2019, Vol. 39 No.1 )
The worldwide heightened economic uncertainty in countries like Venezuela, India, Britain, and Italy has strengthened more demand for Bitcoin. The deadlock between Greece and creditors doesn't seem to be going away and Greeks are very tired of the most punishing austerity measures connected to repayments of the loans. Greek people, who become increasingly mistrustful of their government, found solace in the Bitcoin as a refuge asset. The novelty of this paper lies in its methodological approach, which can pinpoint the dynamic effects of uncertainty surrounding the debt crisis on the interest in Bitcoin as an alternative to conventional and state-sanctioned banking system. Our findings confirm the great resilience of Bitcoin during periods of turmoil, highlighting its potential safe haven ability against uncertainty.
Keywords: Bitcoin; Uncertainty; Grexit; Empirical Mode Decomposition.
JEL: F3 - International Finance: General
F4 - Macroeconomic Aspects of International Trade and Finance: General
Manuscript Received : Nov 27 2018 Manuscript Accepted : Mar 16 2019

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