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- W3173077882 abstract "This study analyses the determinants of interest rates in the cryptocurrency lending market using a unique database from the Decentralised Finance platform. We confirm the existence of both mediation and moderation effects in the cryptocurrency lending market by employing a moderated mediation model. First, the empirical results show that the interest rate is closely related to the loan-to-value ratio, which works as the mediation variable in lending. Second, the interest rate reveals a clear connection with price fluctuations of Bitcoin. This brings up the momentum phenomenon in the lending process and incentives borrowers to acquire more money, leading to pro-cyclical speculation. Third, the lending amount reflects a moderation effect in the lending market, and the net effect of the currency price on the interest rate turns negative when the loan amount exceeds a threshold, resulting in the ‘seesaw’ effect in cryptocurrency lending. The above findings confirm that cryptocurrency lending reflects a certain degree of option characteristics and complies with the risk-debt model, which provides more evidence for understanding the momentum phenomenon and investor behaviour in the cryptocurrency lending market." @default.
- W3173077882 created "2021-06-22" @default.
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- W3173077882 date "2021-12-01" @default.
- W3173077882 modified "2023-09-24" @default.
- W3173077882 title "What determines interest rates for bitcoin lending?" @default.
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- W3173077882 doi "https://doi.org/10.1016/j.ribaf.2021.101443" @default.
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