{"id":"https://openalex.org/W4285596732","doi":"https://doi.org/10.3390/axioms11070339","title":"Do Bitcoin and Traditional Financial Assets Act as an Inflation Hedge during Stable and Turbulent Markets? Evidence from High Cryptocurrency Adoption Countries","display_name":"Do Bitcoin and Traditional Financial Assets Act as an Inflation Hedge during Stable and Turbulent Markets? Evidence from High Cryptocurrency Adoption Countries","publication_year":2022,"publication_date":"2022-07-14","ids":{"openalex":"https://openalex.org/W4285596732","doi":"https://doi.org/10.3390/axioms11070339"},"language":"en","primary_location":{"id":"doi:10.3390/axioms11070339","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11070339","pdf_url":"https://www.mdpi.com/2075-1680/11/7/339/pdf?version=1657784013","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Axioms","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2075-1680/11/7/339/pdf?version=1657784013","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5087184211","display_name":"Panisara Phochanachan","orcid":null},"institutions":[{"id":"https://openalex.org/I4210090662","display_name":"University of Phayao","ror":"https://ror.org/00a5mh069","country_code":"TH","type":"education","lineage":["https://openalex.org/I4210090662"]}],"countries":["TH"],"is_corresponding":false,"raw_author_name":"Panisara Phochanachan","raw_affiliation_strings":["School of Management and Information Sciences, University of Phayao, Phayao 56000, Thailand"],"affiliations":[{"raw_affiliation_string":"School of Management and Information Sciences, University of Phayao, Phayao 56000, Thailand","institution_ids":["https://openalex.org/I4210090662"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5070422165","display_name":"Nootchanat Pirabun","orcid":null},"institutions":[{"id":"https://openalex.org/I48076826","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25","country_code":"TH","type":"education","lineage":["https://openalex.org/I48076826"]}],"countries":["TH"],"is_corresponding":false,"raw_author_name":"Nootchanat Pirabun","raw_affiliation_strings":["Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand"],"affiliations":[{"raw_affiliation_string":"Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand","institution_ids":["https://openalex.org/I48076826"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5045958038","display_name":"Supanika Leurcharusmee","orcid":"https://orcid.org/0000-0001-9349-000X"},"institutions":[{"id":"https://openalex.org/I48076826","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25","country_code":"TH","type":"education","lineage":["https://openalex.org/I48076826"]}],"countries":["TH"],"is_corresponding":true,"raw_author_name":"Supanika Leurcharusmee","raw_affiliation_strings":["Center of Human Resource and Public Health Economics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand"],"affiliations":[{"raw_affiliation_string":"Center of Human Resource and Public Health Economics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand","institution_ids":["https://openalex.org/I48076826"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5020022323","display_name":"Woraphon Yamaka","orcid":"https://orcid.org/0000-0002-0787-1437"},"institutions":[{"id":"https://openalex.org/I48076826","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25","country_code":"TH","type":"education","lineage":["https://openalex.org/I48076826"]}],"countries":["TH"],"is_corresponding":false,"raw_author_name":"Woraphon Yamaka","raw_affiliation_strings":["Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand"],"affiliations":[{"raw_affiliation_string":"Center of Excellence in Econometrics, Faculty of Economics, Chiang Mai University, Chiang Mai 50200, Thailand","institution_ids":["https://openalex.org/I48076826"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5045958038"],"corresponding_institution_ids":["https://openalex.org/I48076826"],"apc_list":{"value":1400,"currency":"CHF","value_usd":1515},"apc_paid":{"value":1400,"currency":"CHF","value_usd":1515},"fwci":6.0269,"has_fulltext":true,"cited_by_count":22,"citation_normalized_percentile":{"value":0.96140838,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":99},"biblio":{"volume":"11","issue":"7","first_page":"339","last_page":"339"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.9991999864578247,"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"}},"topics":[{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.9991999864578247,"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/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9988999962806702,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T10438","display_name":"Energy, Environment, Economic Growth","score":0.9498999714851379,"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/economics","display_name":"Economics","score":0.6808207631111145},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.6085113286972046},{"id":"https://openalex.org/keywords/hedge","display_name":"Hedge","score":0.6069017052650452},{"id":"https://openalex.org/keywords/inflation","display_name":"Inflation (cosmology)","score":0.4696832001209259},{"id":"https://openalex.org/keywords/stock-market","display_name":"Stock market","score":0.426266074180603},{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"Cryptocurrency","score":0.41433316469192505},{"id":"https://openalex.org/keywords/shock","display_name":"Shock (circulatory)","score":0.41101160645484924},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.37871623039245605}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6808207631111145},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6085113286972046},{"id":"https://openalex.org/C70771513","wikidata":"https://www.wikidata.org/wiki/Q235779","display_name":"Hedge","level":2,"score":0.6069017052650452},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.4696832001209259},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.426266074180603},{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.41433316469192505},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.41101160645484924},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.37871623039245605},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.3390/axioms11070339","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11070339","pdf_url":"https://www.mdpi.com/2075-1680/11/7/339/pdf?version=1657784013","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Axioms","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:c3f48c71e1514e8f80cbe33e91dedec0","is_oa":true,"landing_page_url":"https://doaj.org/article/c3f48c71e1514e8f80cbe33e91dedec0","pdf_url":null,"source":{"id":"https://openalex.org/S112646816","display_name":"SHILAP Revista de lepidopterolog\u00eda","issn_l":"0300-5267","issn":["0300-5267","2340-4078"],"is_oa":true,"is_in_doaj":true,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Axioms, Vol 11, Iss 7, p 339 (2022)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/2075-1680/11/7/339/","is_oa":true,"landing_page_url":"https://dx.doi.org/10.3390/axioms11070339","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"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":"Axioms; Volume 11; Issue 7; Pages: 339","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/axioms11070339","is_oa":true,"landing_page_url":"https://doi.org/10.3390/axioms11070339","pdf_url":"https://www.mdpi.com/2075-1680/11/7/339/pdf?version=1657784013","source":{"id":"https://openalex.org/S4210173132","display_name":"Axioms","issn_l":"2075-1680","issn":["2075-1680"],"is_oa":true,"is_in_doaj":true,"is_core":true,"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":"Axioms","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.5,"id":"https://metadata.un.org/sdg/8"}],"awards":[{"id":"https://openalex.org/G3084721425","display_name":null,"funder_award_id":"support","funder_id":"https://openalex.org/F4320321529","funder_display_name":"Chiang Mai University"}],"funders":[{"id":"https://openalex.org/F4320321529","display_name":"Chiang Mai University","ror":"https://ror.org/05m2fqn25"},{"id":"https://openalex.org/F4320326818","display_name":"University of Phayao","ror":"https://ror.org/00a5mh069"},{"id":"https://openalex.org/F4320337186","display_name":"Faculty of Economics, Chiang Mai University","ror":null}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4285596732.pdf","grobid_xml":"https://content.openalex.org/works/W4285596732.grobid-xml"},"referenced_works_count":82,"referenced_works":["https://openalex.org/W94884745","https://openalex.org/W1453285643","https://openalex.org/W1534015616","https://openalex.org/W1574074009","https://openalex.org/W1591750471","https://openalex.org/W1598266514","https://openalex.org/W1681649538","https://openalex.org/W1798106456","https://openalex.org/W1850594377","https://openalex.org/W1964228365","https://openalex.org/W1967490906","https://openalex.org/W1970741882","https://openalex.org/W1972010660","https://openalex.org/W1975172497","https://openalex.org/W1989219708","https://openalex.org/W1990892678","https://openalex.org/W1993891186","https://openalex.org/W2007785900","https://openalex.org/W2020056118","https://openalex.org/W2028986385","https://openalex.org/W2030428197","https://openalex.org/W2031104990","https://openalex.org/W2033465281","https://openalex.org/W2038167185","https://openalex.org/W2049585241","https://openalex.org/W2050269435","https://openalex.org/W2064354772","https://openalex.org/W2066313498","https://openalex.org/W2074812030","https://openalex.org/W2081937205","https://openalex.org/W2083987117","https://openalex.org/W2111053470","https://openalex.org/W2111621609","https://openalex.org/W2120055517","https://openalex.org/W2162656107","https://openalex.org/W2163196234","https://openalex.org/W2171815978","https://openalex.org/W2189968330","https://openalex.org/W2253001904","https://openalex.org/W2276585167","https://openalex.org/W2292303121","https://openalex.org/W2419065061","https://openalex.org/W2526568049","https://openalex.org/W2735766906","https://openalex.org/W2740288336","https://openalex.org/W2748320310","https://openalex.org/W2769666372","https://openalex.org/W2771030840","https://openalex.org/W2799785661","https://openalex.org/W2886832133","https://openalex.org/W2910161434","https://openalex.org/W2944302303","https://openalex.org/W2944401728","https://openalex.org/W2944740515","https://openalex.org/W2965763331","https://openalex.org/W3005622055","https://openalex.org/W3021785762","https://openalex.org/W3122024253","https://openalex.org/W3122181062","https://openalex.org/W3122510629","https://openalex.org/W3122589741","https://openalex.org/W3123044413","https://openalex.org/W3125089115","https://openalex.org/W3125712837","https://openalex.org/W3134775448","https://openalex.org/W3145972964","https://openalex.org/W3148363294","https://openalex.org/W3159419068","https://openalex.org/W3184222302","https://openalex.org/W3186770131","https://openalex.org/W3189337061","https://openalex.org/W3195379080","https://openalex.org/W3209938656","https://openalex.org/W4210932655","https://openalex.org/W4256599570","https://openalex.org/W6628380874","https://openalex.org/W6632028079","https://openalex.org/W6634503523","https://openalex.org/W6669038652","https://openalex.org/W6743689001","https://openalex.org/W6750848356","https://openalex.org/W6791474909"],"related_works":["https://openalex.org/W4366411693","https://openalex.org/W3211641817","https://openalex.org/W3164717803","https://openalex.org/W4389915954","https://openalex.org/W3123387860","https://openalex.org/W4291291739","https://openalex.org/W2915579847","https://openalex.org/W3110645133","https://openalex.org/W4321377877","https://openalex.org/W4394604524"],"abstract_inverted_index":{"This":[0],"study":[1],"analyzes":[2],"whether":[3],"Bitcoin,":[4],"gold,":[5],"oil,":[6],"and":[7,38,67,84,93,144],"stock":[8],"have":[9],"the":[10,22,34,51,88,105,110,116,126,139,142,150,156,164],"ability":[11,61,119],"to":[12,27,42,56,155,168],"hedge":[13,99],"against":[14,62,100],"inflation":[15,43,63,101,117,145,169],"in":[16,21,44,64,104,109,125,149],"high":[17,148],"cryptocurrency":[18],"adoption":[19],"countries":[20],"periods":[23],"from":[24],"January":[25],"2010":[26],"March":[28],"2021.":[29],"It":[30],"is":[31,146],"hypothesized":[32],"that":[33,78,115,138,163],"assets":[35,92,97,122,143,167],"behave":[36],"differently":[37,41],"thereby":[39],"respond":[40],"different":[45],"market":[46,69,131,175],"conditions.":[47],"Therefore,":[48],"we":[49,160],"employ":[50],"Markov":[52],"Switching":[53],"Vector":[54],"Autoregressive":[55],"examine":[57],"these":[58,121],"assets\u2019":[59],"hedging":[60,91,118],"both":[65,130],"stable":[66,151],"turbulent":[68],"regimes.":[70,132,176],"Our":[71],"main":[72],"findings":[73],"are":[74,123,171],"threefold:":[75],"We":[76,113,133],"show":[77],"there":[79],"exists":[80],"a":[81],"structural":[82],"change":[83],"nonlinear":[85],"relationship":[86],"between":[87,141],"returns":[89],"of":[90,120,166],"inflation.":[94],"Second,":[95],"all":[96],"can":[98],"more":[102],"effectively":[103],"short":[106],"run":[107,128],"than":[108],"long":[111,127],"run.":[112],"find":[114,135,162],"weak":[124],"for":[129],"also":[134,161],"some":[136],"evidence":[137],"rigidity":[140],"relatively":[147],"regime.":[152],"Third,":[153],"according":[154],"impulse":[157],"response":[158],"analysis,":[159],"responses":[165],"shock":[170],"heterogeneous":[172],"across":[173],"two":[174]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":11},{"year":2023,"cited_by_count":9},{"year":2022,"cited_by_count":1}],"updated_date":"2026-04-10T15:06:20.359241","created_date":"2022-07-16T00:00:00"}
