The Dynamic Relationship between the NFT Index and Macroeconomic Factors in Korea

• 영문명: The Dynamic Relationship between the NFT Index and Macroeconomic Factors in Korea
• 발행기관: 한국무역연구원
• 저자명: Ke-Qin Liu Ai-Lian Bian
• 간행물 정보: 『무역연구』제19권 제3호, 37~54쪽, 전체 18쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2023.06.30

영문 초록

Purpose – This study attempts to analyze the dynamic relationship between the NFT index and macroeconomic factors, and make effective suggestions using research methods in the field of management finance. Design/Methodology/Approach – The study sample was from January 2020 to March 2023. The variables used in the analysis were based on monthly time series data, measured on the basis of the Metaverse–NFT Index (MVNX) index released by Wavebridge Limited in Korea to reflect the growth trend of the NFT market, money supply, US dollar–won exchange rate, gross domestic product, consumer price index, and other macroeconomic indicators. The analytical tools in this study included a unit root test based on the VAR model, the Johansen cointegration Test, Granger causality test, impulse response analysis, and variance decomposition. These methods are very effective in analyzing time series data. Findings – The results of the analysis show that macroeconomic factors, such as money supply, exchange rate, GDP, and consumer price index are important sources of information in predicting the NFT index. Research Implications – The results of this study are expected to provide practical information for NFT users, virtual asset trading platforms, investors, and policymakers related to NFT ecology. Furthermore, this study’s findings are of great significance, being the first global study to explore the relationship between NFTs and macroeconomic factors.

목차

Ⅰ. Introduction

Ⅱ. Theory and Prior Research

Ⅲ. Research Method

Ⅳ. Results

Ⅴ. Conclusion

References

키워드

Macroeconomic Factors MVNX NFT Index VAR Model