{"id":"https://openalex.org/W7204113253","doi":"https://doi.org/10.3390/e28090949","title":"The Impact of Digital Currency Innovation: Risk Spillover Effects Between the Cryptocurrency and Traditional Financial Markets","display_name":"The Impact of Digital Currency Innovation: Risk Spillover Effects Between the Cryptocurrency and Traditional Financial Markets","publication_year":2026,"publication_date":"2026-08-24","ids":{"openalex":"https://openalex.org/W7204113253","doi":"https://doi.org/10.3390/e28090949","pmid":"https://pubmed.ncbi.nlm.nih.gov/42793861"},"language":"en","primary_location":{"id":"doi:10.3390/e28090949","doi":"https://doi.org/10.3390/e28090949","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e28090949","pdf_url":null,"source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","norway-1"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj","pubmed"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.3390/e28090949","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5062645899","display_name":"Lei Zhuang","orcid":"https://orcid.org/0000-0002-5429-3991","observed_orcids":["https://orcid.org/0000-0002-5429-3991"]},"institutions":[{"id":"https://openalex.org/I134687103","display_name":"Nanjing Tech University","ror":"https://ror.org/03sd35x91","country_code":"CN","type":"education","lineage":["https://openalex.org/I134687103"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Lei Zhuang","raw_affiliation_strings":["School of Economics and Management, Nanjing Tech University, Nanjing 211816, China"],"raw_orcid":"https://orcid.org/0000-0002-5429-3991","affiliations":[{"raw_affiliation_string":"School of Economics and Management, Nanjing Tech University, Nanjing 211816, China","institution_ids":["https://openalex.org/I134687103"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5147943364","display_name":"Yang Liu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I134687103","display_name":"Nanjing Tech University","ror":"https://ror.org/03sd35x91","country_code":"CN","type":"education","lineage":["https://openalex.org/I134687103"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yang Liu","raw_affiliation_strings":["School of Economics and Management, Nanjing Tech University, Nanjing 211816, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Economics and Management, Nanjing Tech University, Nanjing 211816, China","institution_ids":["https://openalex.org/I134687103"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5062645899"],"corresponding_institution_ids":["https://openalex.org/I134687103"],"apc_list":{"value":2600,"currency":"CHF","value_usd":3137},"apc_paid":{"value":2600,"currency":"CHF","value_usd":3137},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.68818926,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"28","issue":"9","first_page":"949","last_page":"949"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.6118000149726868,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.6118000149726868,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.3700999915599823,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11711","display_name":"COVID-19 Pandemic Impacts","score":0.0026000000070780516,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"cryptocurrency","score":0.6919999718666077},{"id":"https://openalex.org/keywords/stablecoins","display_name":"stablecoins","score":0.8849999904632568},{"id":"https://openalex.org/keywords/usdt","display_name":"USDT","score":0.8059999942779541},{"id":"https://openalex.org/keywords/usdc","display_name":"USDC","score":1.0},{"id":"https://openalex.org/keywords/risk-spillovers","display_name":"risk spillovers","score":0.8849999904632568},{"id":"https://openalex.org/keywords/market-co-movement","display_name":"market co-movement","score":0.593999981880188},{"id":"https://openalex.org/keywords/structural-breaks","display_name":"structural breaks","score":0.9359999895095825},{"id":"https://openalex.org/keywords/volatility-spillovers","display_name":"volatility spillovers","score":0.5559999942779541},{"id":"https://openalex.org/keywords/asset-allocation","display_name":"asset allocation","score":0.574999988079071}],"concepts":[{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.6765999794006348},{"id":"https://openalex.org/C55527203","wikidata":"https://www.wikidata.org/wiki/Q334194","display_name":"Spillover effect","level":2,"score":0.5673999786376953},{"id":"https://openalex.org/C48220719","wikidata":"https://www.wikidata.org/wiki/Q10836209","display_name":"Digital currency","level":3,"score":0.5320000052452087},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.5138000249862671},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5060999989509583},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.46709999442100525},{"id":"https://openalex.org/C23922673","wikidata":"https://www.wikidata.org/wiki/Q180752","display_name":"Autoregressive conditional heteroskedasticity","level":3,"score":0.4417000114917755},{"id":"https://openalex.org/C133029050","wikidata":"https://www.wikidata.org/wiki/Q385593","display_name":"Vector autoregression","level":2,"score":0.4388999938964844},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4250999987125397},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.42179998755455017},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.41100001335144043},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.40299999713897705},{"id":"https://openalex.org/C165705269","wikidata":"https://www.wikidata.org/wiki/Q1542397","display_name":"Foreign exchange risk","level":3,"score":0.39719998836517334},{"id":"https://openalex.org/C144587487","wikidata":"https://www.wikidata.org/wiki/Q1369234","display_name":"Systemic risk","level":3,"score":0.3962000012397766},{"id":"https://openalex.org/C76073288","wikidata":"https://www.wikidata.org/wiki/Q1337875","display_name":"Financial risk","level":2,"score":0.38670000433921814},{"id":"https://openalex.org/C2778705799","wikidata":"https://www.wikidata.org/wiki/Q2823610","display_name":"Financial asset","level":2,"score":0.3853999972343445},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.383899986743927},{"id":"https://openalex.org/C65146658","wikidata":"https://www.wikidata.org/wiki/Q1416431","display_name":"Financial intermediary","level":2,"score":0.3617999851703644},{"id":"https://openalex.org/C94128290","wikidata":"https://www.wikidata.org/wiki/Q963287","display_name":"Value at risk","level":3,"score":0.34380000829696655},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3409000039100647},{"id":"https://openalex.org/C47487560","wikidata":"https://www.wikidata.org/wiki/Q4112083","display_name":"Virtual currency","level":3,"score":0.33410000801086426},{"id":"https://openalex.org/C73858035","wikidata":"https://www.wikidata.org/wiki/Q1164550","display_name":"Market risk","level":2,"score":0.33410000801086426},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3190999925136566},{"id":"https://openalex.org/C43071985","wikidata":"https://www.wikidata.org/wiki/Q2906013","display_name":"Financial risk management","level":3,"score":0.3158999979496002},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3043000102043152},{"id":"https://openalex.org/C510755694","wikidata":"https://www.wikidata.org/wiki/Q281095","display_name":"Financial regulation","level":2,"score":0.30079999566078186},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.2985999882221222},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.2865999937057495},{"id":"https://openalex.org/C2776318286","wikidata":"https://www.wikidata.org/wiki/Q16963850","display_name":"Technology shock","level":4,"score":0.28610000014305115},{"id":"https://openalex.org/C129824826","wikidata":"https://www.wikidata.org/wiki/Q2630107","display_name":"Granger causality","level":2,"score":0.28360000252723694},{"id":"https://openalex.org/C196390999","wikidata":"https://www.wikidata.org/wiki/Q11655436","display_name":"Indirect finance","level":3,"score":0.27900001406669617},{"id":"https://openalex.org/C143910263","wikidata":"https://www.wikidata.org/wiki/Q750458","display_name":"Capital market","level":2,"score":0.27559998631477356},{"id":"https://openalex.org/C113505986","wikidata":"https://www.wikidata.org/wiki/Q2269270","display_name":"Semivariance","level":3,"score":0.27250000834465027},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.2558000087738037},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.2542000114917755},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.2531000077724457}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3390/e28090949","doi":"https://doi.org/10.3390/e28090949","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e28090949","pdf_url":null,"source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","norway-1"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},{"id":"pmid:42793861","doi":null,"is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/42793861","pdf_url":null,"source":{"id":"https://openalex.org/S4306525036","display_name":"PubMed","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy (Basel, Switzerland)","raw_type":"Journal Article"},{"id":"pmh:oai:pubmedcentral.nih.gov:13605469","doi":null,"is_oa":true,"landing_page_url":"https://pmc.ncbi.nlm.nih.gov/articles/PMC13605469/","pdf_url":"https://pmc.ncbi.nlm.nih.gov/articles/PMC13605469/pdf/entropy-28-00949.pdf","source":{"id":"https://openalex.org/S2764455111","display_name":"PubMed Central","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy (Basel)","raw_type":"Text"},{"id":"pmh:oai:doaj.org/article:40b566bfe3604e9185b8c5ddf5249aad","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/40b566bfe3604e9185b8c5ddf5249aad","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy, Vol 28, Iss 9, p 949 (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/e28090949","doi":"https://doi.org/10.3390/e28090949","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e28090949","pdf_url":null,"source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["cwts-core","doaj","norway-1"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/9","display_name":"Industry, innovation and infrastructure","score":0.5040750503540039}],"study_designs":[],"awards":[{"id":"https://openalex.org/G7763374041","display_name":null,"funder_award_id":"23BJY066","funder_id":"https://openalex.org/F4320335869","funder_display_name":"National Social Science Fund of China"}],"funders":[{"id":"https://openalex.org/F4320335869","display_name":"National Social Science Fund of China","ror":null}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":28,"referenced_works":["https://openalex.org/W2054467010","https://openalex.org/W2145501956","https://openalex.org/W2162338668","https://openalex.org/W2526568049","https://openalex.org/W2791501975","https://openalex.org/W2901364189","https://openalex.org/W2944796125","https://openalex.org/W2964867301","https://openalex.org/W3019724901","https://openalex.org/W3022908605","https://openalex.org/W3026661449","https://openalex.org/W3047493760","https://openalex.org/W3122493854","https://openalex.org/W3123598957","https://openalex.org/W3124947744","https://openalex.org/W3124948001","https://openalex.org/W4311601254","https://openalex.org/W4323543523","https://openalex.org/W4387524339","https://openalex.org/W4400016575","https://openalex.org/W4400367268","https://openalex.org/W4403733271","https://openalex.org/W4406893883","https://openalex.org/W4407066820","https://openalex.org/W4407558862","https://openalex.org/W4411219583","https://openalex.org/W4411888854","https://openalex.org/W4416253918"],"related_works":[],"abstract_inverted_index":{"The":[0,122,234],"rapid":[1],"expansion":[2],"of":[3,12,28,53,83,180,194,216],"the":[4,9,26,50,74,103,115,134,142,164,172,178,184,190,213,220],"digital":[5,59,143,173,217],"currency":[6,60,144,174],"market":[7,145],"and":[8,55,70,96,111,128,136,192,227,239,252],"growing":[10],"role":[11,215],"stablecoins":[13],"as":[14,57],"potential":[15],"intermediaries":[16],"have":[17],"brought":[18],"its":[19],"interconnectedness":[20],"with":[21,49,152],"traditional":[22,63,137,161],"financial":[23,30,64,138,162,232,243],"markets":[24,117],"to":[25,39,100,148,156,256],"forefront":[27],"global":[29],"research.":[31],"Using":[32],"daily":[33],"data":[34],"from":[35],"4":[36],"January":[37],"2021":[38],"30":[40],"September":[41],"2025,":[42],"this":[43],"study":[44],"constructs":[45],"a":[46,80,153,167,203],"variable":[47],"system":[48],"price":[51],"indices":[52,66],"USDT":[54],"USDC":[56],"core":[58],"proxies,":[61],"alongside":[62],"asset":[65,258],"for":[67,211,230,242,253],"stocks,":[68],"bonds,":[69],"gold":[71],"derived":[72],"via":[73],"entropy":[75],"weight":[76],"method.":[77],"We":[78],"employ":[79],"comprehensive":[81],"set":[82],"econometric":[84],"techniques,":[85],"including":[86],"static":[87],"correlation":[88,195],"analysis,":[89],"vector":[90],"autoregression":[91],"(VAR),":[92],"impulse":[93],"response":[94],"functions,":[95],"extreme-event":[97],"shock":[98],"tests,":[99],"systematically":[101],"investigate":[102],"interdependence":[104],"structure,":[105],"risk":[106,120,182,224,249],"spillover":[107,131],"dynamics,":[108],"time-varying":[109],"co-movements,":[110],"structural":[112,188],"changes":[113],"between":[114,133],"two":[116],"during":[118],"extreme":[119,181],"episodes.":[121],"findings":[123,235],"reveal":[124],"an":[125],"overall":[126],"weak":[127],"asymmetric":[129],"bidirectional":[130],"relationship":[132],"cryptocurrency":[135],"markets.":[139],"Volatility":[140],"in":[141,245],"is":[146],"found":[147],"be":[149],"largely":[150],"endogenous,":[151],"limited":[154],"capacity":[155],"transmit":[157],"shocks":[158],"externally.":[159],"Conversely,":[160],"markets-particularly":[163],"equity":[165],"market-exert":[166],"more":[168],"pronounced":[169],"influence":[170],"on":[171],"market.":[175],"Critically,":[176],"under":[177],"impact":[179],"events,":[183],"cross-market":[185,248],"linkages":[186],"exhibit":[187],"breaks;":[189],"direction":[191],"intensity":[193],"can":[196],"strengthen":[197],"significantly":[198],"or":[199],"even":[200],"reverse,":[201],"demonstrating":[202],"clear":[204],"state-dependency.":[205],"This":[206],"research":[207],"provides":[208],"empirical":[209],"evidence":[210],"understanding":[212],"functional":[214],"assets":[218],"within":[219],"macro-financial":[221],"system,":[222],"their":[223,228],"transmission":[225],"pathways,":[226],"implications":[229],"systemic":[231],"stability.":[233],"offer":[236],"valuable":[237],"theoretical":[238],"practical":[240],"insights":[241],"regulators":[244],"designing":[246],"robust":[247],"prevention":[250],"frameworks":[251],"investors":[254],"seeking":[255],"optimize":[257],"allocation":[259],"strategies.":[260]},"counts_by_year":[],"updated_date":"2026-09-29T14:09:16.559479","created_date":"2026-08-25T00:00:00"}
