This study investigates the dynamic nexus that major international currencies (US dollar, Euro, Japanese yen) exhibit with cryptocurrencies and highly innovative digital money (DeFi and NFT assets) during inflationary periods such as the Russia-Ukraine conflict (from 14 December 2021 until 1 March 2024). The Quantile Vector Autoregressive methodology as in Cunado et al. (2023) and daily data are adopted to investigate the net joint extended dynamic connectedness and network connectedness at lower and upper quantiles. Conventional international currencies act as hedgers against shocks while major cryptocurrencies are only modest generators with Ripple being an influential absorber of effects. DeFi mainly serve for counteracting losses from conventional investments in bear or bull markets and Maker is the most prominent generator of spillovers while NFTs mostly rely on a few very strong leaders –Gala being by far the strongest- to have an impact, imitating Bitcoin in the early cryptocurrency era.

中文翻译：

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评估在通货膨胀时代替代国际货币的复杂数字资产和加密货币的能力


本研究调查了在俄乌冲突等通货膨胀时期（从 2021 年 12 月 14 日至 2024 年 3 月 1 日），主要国际货币（美元、欧元、日元）与加密货币和高度创新的数字货币（DeFi 和 NFT 资产）所表现出的动态联系。采用 Cunado 等人 （2023） 的分位数向量自回归方法和每日数据来研究低分位数和上下分位数的网络联合扩展动态连接性和网络连接性。传统国际货币充当对冲冲击的工具，而主要加密货币只是适度的产生者，而 Ripple 是一个有影响力的影响吸收器。DeFi 主要用于抵消熊市或牛市常规投资的损失，Maker 是最突出的溢出效应产生者，而 NFT 主要依靠少数非常强大的领导者——Gala 是迄今为止最强大的——来产生影响，模仿早期加密货币时代的比特币。