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Анализ влияния денежно-кредитной политики на финансовые рынки и рынок цифровых валют и стейблкоинов
With the help of a new series of digital shocks, we have revealed that the assets of money market funds (MMFs) under management and traditional financial market variables do not respond to digital shocks in a broader sense, while the market capitalization of steablecoins reacts. The shocks of US monetary policy, on the contrary, stimulate the development of both digital currency markets and traditional markets. It is important to note that the reaction of the assets of money market funds and the market capitalization of the stablecoins to the shocks of monetary policy is different: after tightening monetary policy, the first-class assets of money market funds are growing, while the market capitalization of the stablecoins is declining. In assessing the state of the steablecoins market, the monetary policy-driven risk-taking environment is much more important than the "flight to quality" dynamics observed with regard to steablecoins and money market funds.