암호화폐시장의 김치프리미엄 결정변수

Abstract

This paper, exploring the remarkable roles of exchange rates, discovers three determining factors of Kimchi premium when a cryptocurrency is adopted and commonly used as another type of currency in the foreign exchange market. In order to examine its movement, we describe the price of a cryptocurrency as the relative price in terms of a standard currency using the exchange rate formula. Then, we identify three determinants of the Kimchi premium from the equilibrium condition in the foreign exchange market: the gaps in the rates of return of the cryptocurrency, the interest rates of the standard currencies, and the expected cryptocurrency exchange rates.