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Microstructure Theory Applied in RMB...

Wu, Qiong.

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Microstructure Theory Applied in RMB Exchange Rate and Bitcoin Market Price.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Microstructure Theory Applied in RMB Exchange Rate and Bitcoin Market Price./
Author:	Wu, Qiong.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	190 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
Contained By:	Dissertations Abstracts International81-03A.
Subject:	Economics. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=13886384
ISBN:	9781088319604

Microstructure Theory Applied in RMB Exchange Rate and Bitcoin Market Price.
Wu, Qiong.

Microstructure Theory Applied in RMB Exchange Rate and Bitcoin Market Price. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 190 p.

Source: Dissertations Abstracts International, Volume: 81-03, Section: A.

Thesis (Ph.D.)--Iowa State University, 2019.

This item must not be sold to any third party vendors.

This dissertation presents the application of microstructure theory on the RMB exchange rate and Bitcoin market price. The existing research on the RMB exchange rate and Bitcoin market price mainly studied their statistical characteristics through empirical methodologies. This dissertation fills the research gap in microstructure theory applied to the RMB exchange rate and Bitcoin market price. First, the model for the determination of the two Renminbi (RMB) exchange rates and their interactions is established, and empirical analysis suggests that the interactions among the two exchange rates and the explanatory variables are time-varying, in particular, after the "811 RMB exchange rate reform", the offshore RMB exchange rate replaced the onshore RMB exchange rate as the leading indicator. Second, a model describing the speculative behavior in the Bitcoin trading market is developed. This theoretical model captures the statistical characteristics of Bitcoin market prices. The fundamental value of Bitcoin system is controversial, and the mysterious and innovative features of the Bitcoin system incite the speculation behaviours. The speculation leads to the market bubble that brought the soaring and plunges of Bitcoin market price. Finally, an economic model for Bitcoin mining competition based on the Bitcoin protocol is established, which provides a benchmark for further research on mining competition in economics. For any Bitcoin miners, the equilibrium input depends on the comparison of the miner's own marginal cost with that of other miners, however, whether profit can be obtained or not depends on the miner's own fixed cost.

ISBN: 9781088319604Subjects--Topical Terms:

517137
Economics.

Microstructure Theory Applied in RMB Exchange Rate and Bitcoin Market Price.
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100 1 $a Wu, Qiong. $3 1296575
245 1 0 $a Microstructure Theory Applied in RMB Exchange Rate and Bitcoin Market Price.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2019
300 $a 190 p.
500 $a Source: Dissertations Abstracts International, Volume: 81-03, Section: A.
500 $a Advisor: Lence, Sergio;Singh, Rajesh.
502 $a Thesis (Ph.D.)--Iowa State University, 2019.
506 $a This item must not be sold to any third party vendors.
520 $a This dissertation presents the application of microstructure theory on the RMB exchange rate and Bitcoin market price. The existing research on the RMB exchange rate and Bitcoin market price mainly studied their statistical characteristics through empirical methodologies. This dissertation fills the research gap in microstructure theory applied to the RMB exchange rate and Bitcoin market price. First, the model for the determination of the two Renminbi (RMB) exchange rates and their interactions is established, and empirical analysis suggests that the interactions among the two exchange rates and the explanatory variables are time-varying, in particular, after the "811 RMB exchange rate reform", the offshore RMB exchange rate replaced the onshore RMB exchange rate as the leading indicator. Second, a model describing the speculative behavior in the Bitcoin trading market is developed. This theoretical model captures the statistical characteristics of Bitcoin market prices. The fundamental value of Bitcoin system is controversial, and the mysterious and innovative features of the Bitcoin system incite the speculation behaviours. The speculation leads to the market bubble that brought the soaring and plunges of Bitcoin market price. Finally, an economic model for Bitcoin mining competition based on the Bitcoin protocol is established, which provides a benchmark for further research on mining competition in economics. For any Bitcoin miners, the equilibrium input depends on the comparison of the miner's own marginal cost with that of other miners, however, whether profit can be obtained or not depends on the miner's own fixed cost.
590 $a School code: 0097.
650 4 $a Economics. $3 517137
650 4 $a Economic theory. $3 1556984
650 4 $a Finance. $3 542899
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710 2 $a Iowa State University. $b Economics. $3 1033976
773 0 $t Dissertations Abstracts International $g 81-03A.
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