国际清算银行-稳定币对外汇市场的流动和溢出效应(英)-2026.3
聚焦国际清算银行-稳定币对外汇市场的流动和溢出效应(英)-2026.3。we use for causal identification. Third, using a granular instrumental variable that exploits idiosyncratic flow shocks to stablecoin net inflows in other currencies, we establish that a one percent exogenous increase in net stablecoin inflows raises parity deviations by approximately。