In this paper, we use a bivariate structural VAR to investigate risk spillovers from the cryptocurrency market to standard financial markets. We investigate the effects of cryptocurrency shocks on key financial markets, including the stock, bond, gold and foreign exchange markets. The results show that cryptocurrency shocks do not have statistically significant effects on standard financial markets except for the bond market. This is consistent with most of the existing literature that argues that cryptocurrencies are mostly a new and different asset class, not related to standard factors.

中文翻译：

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加密货币冲击

在本文中，我们使用二元结构VAR来研究从加密货币市场到标准金融市场的风险溢出。我们调查了加密货币冲击对主要金融市场的影响，包括股票，债券，黄金和外汇市场。结果表明，除了债券市场外，加密货币冲击对标准金融市场没有统计学上的显着影响。这与大多数现有文献一致，这些文献认为加密货币主要是一种新的且不同的资产类别，与标准因素无关。