Econ Papers Daily / 期刊论文
制度质量与加密货币监管：来自中低收入国家的证据
Institutional quality and cryptocurrency regulation: evidence from low and middle-income countries
摘要
Low and middle-income economies account for the bulk of global cryptocurrency adoption, yet fewer than half of those examined here regulate it. What separates those that do from those that do not? Using data from the Atlantic Council, the Fraser Institute and the World Bank, an agglomerative hierarchical clustering (Gower distance) identifies three distinct regulatory regimes among forty-one such countries. Institutional quality – the protection of property rights and the effectiveness of contract enforcement – is associated with which regime a country occupies, and the association is not uniform across the two margins the typology contains. It is concentrated on the margin between the prudential and the holistic regime, where a stronger legal order accompanies the extension of regulation to consumer protection. It cannot be detected at the margin between regulating and not regulating, where income rather than institutional quality separates the two groups. Permutation tests establish the dissociation in both directions: each variable separates the groups on one margin and not on the other. How far regulation extends, rather than whether it is adopted at all, is where institutional capacity tells. The design is cross-sectional and the associations reported are conditional correlations rather than causal effects.
中文摘要
中低收入经济体占全球加密货币采用量的大部分，但本文考察的这些经济体中，对其加以监管的不到一半。是什么将实施监管者与未实施监管者区分开来？利用大西洋理事会、弗雷泽研究所和世界银行的数据，采用凝聚层次聚类（Gower距离）在四十一个此类国家中识别出三种不同的监管制度。制度质量——产权保护与合同执行的有效性——与一国属于哪种制度相关，且这种关联在该类型学所包含的两个边界上并不一致。它集中在审慎制度与整体制度之间的边界上，在这一边界上，更强的法律秩序伴随着监管向消费者保护的扩展。在监管与不监管之间的边界上则无法检测到这种关联，在这一边界上，区分两组的是收入而非制度质量。置换检验确立了双向的分离：每个变量在一个边界上区分各组，而在另一个边界上则不能。监管延伸多远，而非是否被采用，才是制度能力发挥作用之处。该设计为横截面设计，所报告的关联是条件相关性而非因果效应。