{"id":"https://openalex.org/W7161699197","doi":"https://doi.org/10.3390/systems14050562","title":"Stablecoins, Risk Transmission and Systemic Reconfiguration in a Fragmented USD Access System: Evidence from Quantile Time-Frequency Analysis","display_name":"Stablecoins, Risk Transmission and Systemic Reconfiguration in a Fragmented USD Access System: Evidence from Quantile Time-Frequency Analysis","publication_year":2026,"publication_date":"2026-05-15","ids":{"openalex":"https://openalex.org/W7161699197","doi":"https://doi.org/10.3390/systems14050562"},"language":"en","primary_location":{"id":"doi:10.3390/systems14050562","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems14050562","pdf_url":null,"source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"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":"Systems","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://doi.org/10.3390/systems14050562","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5035658564","display_name":"Junda Wu","orcid":"https://orcid.org/0000-0001-6464-7813"},"institutions":[{"id":"https://openalex.org/I4210157032","display_name":"Institute of Mathematical Sciences","ror":"https://ror.org/05e9bn444","country_code":"ES","type":"facility","lineage":["https://openalex.org/I4210157032"]},{"id":"https://openalex.org/I4210165038","display_name":"University of Chinese Academy of Sciences","ror":"https://ror.org/05qbk4x57","country_code":"CN","type":"education","lineage":["https://openalex.org/I19820366","https://openalex.org/I4210165038"]}],"countries":["CN","ES"],"is_corresponding":false,"raw_author_name":"Junda Wu","raw_affiliation_strings":["Digital Economy Laboratory, Beijing Institute of Mathematical Sciences and Applications, Beijing 101408, China","School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Digital Economy Laboratory, Beijing Institute of Mathematical Sciences and Applications, Beijing 101408, China","institution_ids":["https://openalex.org/I4210157032"]},{"raw_affiliation_string":"School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China","institution_ids":["https://openalex.org/I4210165038"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5025834720","display_name":"Jiajing Sun","orcid":"https://orcid.org/0000-0003-0175-0025"},"institutions":[{"id":"https://openalex.org/I4210165038","display_name":"University of Chinese Academy of Sciences","ror":"https://ror.org/05qbk4x57","country_code":"CN","type":"education","lineage":["https://openalex.org/I19820366","https://openalex.org/I4210165038"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jiajing Sun","raw_affiliation_strings":["School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China"],"raw_orcid":"https://orcid.org/0000-0003-0175-0025","affiliations":[{"raw_affiliation_string":"School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100190, China","institution_ids":["https://openalex.org/I4210165038"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5136454574","display_name":"Haoyuan Feng","orcid":null},"institutions":[{"id":"https://openalex.org/I124335351","display_name":"People's Bank of China","ror":"https://ror.org/001rebv08","country_code":"CN","type":"other","lineage":["https://openalex.org/I124335351"]},{"id":"https://openalex.org/I99065089","display_name":"Tsinghua University","ror":"https://ror.org/03cve4549","country_code":"CN","type":"education","lineage":["https://openalex.org/I99065089"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Haoyuan Feng","raw_affiliation_strings":["PBC School of Finance, Tsinghua University, Beijing 100084, China","Research Institute of The People\u2019s Bank of China, Beijing 100033, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"PBC School of Finance, Tsinghua University, Beijing 100084, China","institution_ids":["https://openalex.org/I99065089"]},{"raw_affiliation_string":"Research Institute of The People\u2019s Bank of China, Beijing 100033, China","institution_ids":["https://openalex.org/I124335351"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5136468014","display_name":"Fei Long","orcid":null},"institutions":[{"id":"https://openalex.org/I4210157032","display_name":"Institute of Mathematical Sciences","ror":"https://ror.org/05e9bn444","country_code":"ES","type":"facility","lineage":["https://openalex.org/I4210157032"]}],"countries":["ES"],"is_corresponding":false,"raw_author_name":"Fei Long","raw_affiliation_strings":["Digital Economy Laboratory, Beijing Institute of Mathematical Sciences and Applications, Beijing 101408, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Digital Economy Laboratory, Beijing Institute of Mathematical Sciences and Applications, Beijing 101408, China","institution_ids":["https://openalex.org/I4210157032"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":1600,"currency":"CHF","value_usd":1732},"apc_paid":{"value":1600,"currency":"CHF","value_usd":1732},"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.64738943,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"14","issue":"5","first_page":"562","last_page":"562"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.2554999887943268,"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/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.2554999887943268,"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/T12137","display_name":"Economic theories and models","score":0.08489999920129776,"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/T10127","display_name":"Banking stability, regulation, efficiency","score":0.08349999785423279,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/social-connectedness","display_name":"Social connectedness","score":0.7050999999046326},{"id":"https://openalex.org/keywords/spillover-effect","display_name":"Spillover effect","score":0.6728000044822693},{"id":"https://openalex.org/keywords/shock","display_name":"Shock (circulatory)","score":0.4172999858856201},{"id":"https://openalex.org/keywords/channel","display_name":"Channel (broadcasting)","score":0.4138000011444092},{"id":"https://openalex.org/keywords/asset","display_name":"Asset (computer security)","score":0.4016000032424927},{"id":"https://openalex.org/keywords/liberian-dollar","display_name":"Liberian dollar","score":0.3903999924659729},{"id":"https://openalex.org/keywords/systemic-risk","display_name":"Systemic risk","score":0.38659998774528503},{"id":"https://openalex.org/keywords/transmission","display_name":"Transmission (telecommunications)","score":0.382099986076355}],"concepts":[{"id":"https://openalex.org/C201943243","wikidata":"https://www.wikidata.org/wiki/Q7551008","display_name":"Social connectedness","level":2,"score":0.7050999999046326},{"id":"https://openalex.org/C55527203","wikidata":"https://www.wikidata.org/wiki/Q334194","display_name":"Spillover effect","level":2,"score":0.6728000044822693},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5317999720573425},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4620000123977661},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.4172999858856201},{"id":"https://openalex.org/C127162648","wikidata":"https://www.wikidata.org/wiki/Q16858953","display_name":"Channel (broadcasting)","level":2,"score":0.4138000011444092},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.4016000032424927},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.39070001244544983},{"id":"https://openalex.org/C109168655","wikidata":"https://www.wikidata.org/wiki/Q242988","display_name":"Liberian dollar","level":2,"score":0.3903999924659729},{"id":"https://openalex.org/C144587487","wikidata":"https://www.wikidata.org/wiki/Q1369234","display_name":"Systemic risk","level":3,"score":0.38659998774528503},{"id":"https://openalex.org/C761482","wikidata":"https://www.wikidata.org/wiki/Q118093","display_name":"Transmission (telecommunications)","level":2,"score":0.382099986076355},{"id":"https://openalex.org/C70455891","wikidata":"https://www.wikidata.org/wiki/Q220788","display_name":"Devaluation","level":3,"score":0.3698999881744385},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.3490999937057495},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.34369999170303345},{"id":"https://openalex.org/C185874996","wikidata":"https://www.wikidata.org/wiki/Q269699","display_name":"Interdependence","level":2,"score":0.3239000141620636},{"id":"https://openalex.org/C2781051278","wikidata":"https://www.wikidata.org/wiki/Q6770814","display_name":"Market integration","level":2,"score":0.32330000400543213},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.32100000977516174},{"id":"https://openalex.org/C2983848023","wikidata":"https://www.wikidata.org/wiki/Q733553","display_name":"Transmission channel","level":3,"score":0.3131999969482422},{"id":"https://openalex.org/C106306483","wikidata":"https://www.wikidata.org/wiki/Q183984","display_name":"Futures contract","level":2,"score":0.3118000030517578},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.2962000072002411},{"id":"https://openalex.org/C133029050","wikidata":"https://www.wikidata.org/wiki/Q385593","display_name":"Vector autoregression","level":2,"score":0.2858999967575073},{"id":"https://openalex.org/C121087249","wikidata":"https://www.wikidata.org/wiki/Q546395","display_name":"Emerging markets","level":2,"score":0.2745000123977661},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.2705000042915344},{"id":"https://openalex.org/C2778770122","wikidata":"https://www.wikidata.org/wiki/Q1933764","display_name":"Net worth","level":3,"score":0.26170000433921814},{"id":"https://openalex.org/C2776734221","wikidata":"https://www.wikidata.org/wiki/Q3936425","display_name":"Tail risk","level":2,"score":0.2581000030040741}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/systems14050562","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems14050562","pdf_url":null,"source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"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":"Systems","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:c9137c98a7d9409f9022089e67e534b6","is_oa":true,"landing_page_url":"https://doaj.org/article/c9137c98a7d9409f9022089e67e534b6","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,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Systems, Vol 14, Iss 5, p 562 (2026)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/systems14050562","is_oa":true,"landing_page_url":"https://doi.org/10.3390/systems14050562","pdf_url":null,"source":{"id":"https://openalex.org/S4210219410","display_name":"Systems","issn_l":"2079-8954","issn":["2079-8954"],"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":"Systems","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.4627259075641632,"id":"https://metadata.un.org/sdg/8"}],"awards":[{"id":"https://openalex.org/G1723123696","display_name":null,"funder_award_id":"No. 71988101","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G7957029803","display_name":null,"funder_award_id":"No. 72173120","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"}],"funders":[{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"}],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":[],"abstract_inverted_index":{"In":[0],"high-inflation":[1],"economies,":[2],"stablecoins":[3],"are":[4],"increasingly":[5],"becoming":[6],"infrastructural":[7],"channels":[8,46,183],"through":[9],"which":[10],"households":[11],"and":[12,43,49,62,71,75,78,93,123,222],"firms":[13],"access":[14,28],"U.S.-dollar":[15],"value":[16],"outside":[17],"traditional":[18],"financial":[19,232],"arrangements.":[20],"We":[21],"study":[22],"Argentina":[23],"as":[24,114,194],"a":[25,32,52,133,160],"fragmented":[26,231],"USD":[27],"system":[29],"composed":[30],"of":[31,104,147,196],"regulated":[33],"official":[34,125,157],"channel,":[35],"an":[36],"informal":[37],"parallel":[38],"channel":[39],"(the":[40],"Blue":[41,121],"Dollar),":[42],"platform-based":[44],"USDT":[45],"on":[47],"Binance":[48],"Bitso.":[50],"Using":[51],"quantile":[53],"time-frequency":[54],"connectedness":[55,87,131],"framework,":[56],"we":[57],"estimate":[58],"reduced-form":[59],"dynamic":[60,197],"dependence":[61,145,198],"spillover":[63,117],"patterns":[64],"across":[65,76,137],"these":[66],"interdependent":[67],"subsystems":[68],"under":[69,108,151],"normal":[70,109],"extreme":[72,153],"market":[73,154],"states":[74],"short-":[77],"long-term":[79,165],"horizons.":[80],"Four":[81],"main":[82],"findings":[83,190],"emerge.":[84],"First,":[85],"system-wide":[86],"is":[88],"dominated":[89],"by":[90,228],"short-term":[91],"transmission":[92,178],"rises":[94],"sharply":[95],"during":[96],"policy":[97],"regime":[98],"transitions,":[99],"particularly":[100],"around":[101],"the":[102,120,124,156,164,176,224],"relaxation":[103],"capital":[105],"controls.":[106],"Second,":[107],"conditions,":[110],"stablecoin":[111,182],"markets":[112],"behave":[113],"early-moving":[115],"net":[116,161],"transmitters,":[118],"whereas":[119],"Dollar":[122],"rate":[126,158],"primarily":[127],"absorb":[128],"shocks.":[129],"Third,":[130],"exhibits":[132],"symmetric":[134],"U-shaped":[135],"pattern":[136],"quantiles,":[138],"indicating":[139],"that":[140,169,205],"tail":[141],"events":[142],"intensify":[143],"cross-channel":[144],"regardless":[146],"shock":[148],"direction.":[149],"Fourth,":[150],"upper-tail":[152],"states,":[155],"becomes":[159],"transmitter":[162],"in":[163,186,230],"frequency":[166],"band,":[167],"implying":[168],"major":[170],"devaluation":[171],"episodes":[172],"can":[173],"temporarily":[174],"reconfigure":[175],"system\u2019s":[177],"architecture,":[179],"even":[180],"though":[181],"remain":[184],"important":[185],"overall":[187],"connectedness.":[188],"These":[189],"should":[191],"be":[192],"interpreted":[193],"evidence":[195],"rather":[199],"than":[200],"structural":[201],"causality.":[202],"They":[203],"suggest":[204],"digital":[206],"dollarization":[207],"does":[208],"not":[209],"simply":[210],"add":[211],"another":[212],"trading":[213],"venue;":[214],"it":[215],"increases":[216],"boundary":[217],"permeability,":[218],"reshapes":[219],"information":[220],"hierarchy,":[221],"changes":[223],"monitoring":[225],"problem":[226],"faced":[227],"authorities":[229],"systems.":[233]},"counts_by_year":[],"updated_date":"2026-07-20T07:56:41.581041","created_date":"2026-05-20T00:00:00"}