IMF DATA

Data Home
Datasets
WPCPER

Crypto-based Parallel Exchange Rates (Working Paper dataset WP-CPER)

This dataset provides a cross-country indicator of parallel exchange rates based on crypto markets. Parallel exchange rates are measured as the price of bitcoin on the local market relative to the U.S. market.

Suggested citation: Graf von Luckner, C., Koepke, R., & Sgherri, S. (2024). “Crypto as a Marketplace for Capital Flight.” IMF Working Paper No. 2024/133. International Monetary Fund.

Data Management: Shuhan Yue

Latest Updates

DASHBOARD RELEASE
Crypto-based Parallel Exchange Rates Working Paper Dashboard
This dashboard shows how cryptocurrency markets can fuel cross-border capital flight by serving as marketplaces that match counterparts with and without (illicit) access to FX.

DOCUMENT RELEASE
Crypto as a Marketplace for Capital Flight
This paper shows how cryptocurrency markets can fuel cross-border capital flight by serving as marketplaces that match counterparts with and without (illicit) access to FX. In countries where international transactions are restricted, crypto exchanges effectively allow domestic agents to pay a premium to buy foreign currency. The counterparts to these transactions are agents with access to FX, who sell crypto holdings purchased abroad. A stylized model illustrates that restricted foreign currency amid economic imbalances incentivizes these transactions via persistent crypto premia in local relative to global markets. We analyze relative crypto pricing data in several country case studies, providing empirical support that crypto markets serve as marketplaces for capital flight that already took place, rather than a novel channel for capital flight. We make available a novel dataset on crypto market premia, which we propose as indicators of excess demand for foreign currency and capital control intensity. The dataset will be posted along with this paper and updated periodically.

IMF DATA

Crypto-based Parallel Exchange Rates (Working Paper dataset WP-CPER)

Crypto-based Parallel Exchange Rates Working Paper Dashboard

Crypto as a Marketplace for Capital Flight