# **Table 2: Variable definitions and sources**

|**Variable**<br>**Type**|**Data Type**|**Variable Name**|**Definition**|**Sources**|
|---|---|---|---|---|
|Dependent<br>Variable|Crypto-assets<br>activity|On-chain crypto-<br>assets volume|Log monthly on-chain crypto-assets volume (in<br>US$)|Chainalysis|
||Mi|Inflation|Year-on-year change in the monthly Consumer<br>Price Index (CPI)|IMF International<br>Financial Statistics|
||acroeconomc<br>factors (monthly<br>basis)|Exchange Rate<br>Change|Month-on-month change rate in exchange rates,<br>national currency per USD, end of period|IMF International<br>Financial Statistics<br>|
|||Broad Money|Year-on-year change in monthly broad money|IMF International<br>Financial Statistics|
|||Bitcoin Price<br>Change|Month-on-month bitcoin price change (in US$)|Federal Reserve|
|||Ether Price Change|Month-on-month etherprice change(in US$)|Federal Reserve|
|||VIX|CBOE Index of market’s expectation of future<br>S&P500 U.S. equity market volatility|Federal Reserve|
|Independent<br>Variables for<br>panel<br>|Global Financial|U.S. BBB<br>Corporate Spread|ICE BofA BBB US Corporate Index Option-<br>Adjusted Spread is a computed OAS index of all<br>bonds in a given rating category and a spot Treasury<br>curve|Federal Reserve|
|regressions|Factors (monthly<br>basis)|U.S. Inflation<br>Expectation Rate|5-Year, 5-Year Forward U.S. Inflation Expectation<br>Rate, derived from U.S. Constant Maturity Treasury<br>Securities|Federal Reserve|
|||U.S. 10-Year<br>Breakeven<br>Inflation Rate|Average expected inflation in the next 10 years<br>derived from 10-Year U.S. Treasury Securities and<br>similar Inflation-Indexed Securities|Federal Reserve|
|||U.S. 10-year Yield<br>(inflation adjusted)|Market Yield on U.S. Treasury Securities at 10-<br>Year Constant Maturity, Inflation-Indexed|Federal Reserve|
|||Gold Price Change|Month-on-month change rate in Gold price per Troy<br>ounce|Federal Reserve|
||Other|COVID Pandemic<br>Dummy|One if month is March 2020 or later and zero<br>otherwise|Authors’ calculations|
||Economic<br>development|GDP per capita|Log value of GDP per capita (PPP, constant 2017<br>international USD)|World Bank World<br>Development Indicators<br>|
||Fiil|Domestic Credit|Domestic bank credit to private sector (% of GDP)|World Development<br>Indicators|
||nanca<br>development|Financial Account<br>Ownership|Account ownership at a financial institution or with<br>a mobile-money-service provider (% of population<br>ages 15+)|World Bank World<br>Development Indicators|
|Independent<br>Variables for|Remittances|Remittances|Personal remittances, received (% of GDP)|World Bank World<br>Development Indicators|
|<br>annual cross-<br>sectional<br>i|i|Monetary Freedom<br>Index|Monetary freedom combines a measure of inflation<br>with an assessment of various government activities<br>that distort prices. (100–free, 0-repressed)|The Heritage Foundation|
|regressons|Economc<br>Freedoms|Financial Freedom<br>Index|Financial freedom is an indicator of banking<br>efficiency as well as a measure of independence from<br>government control and interference in the financial<br>sector. (100–free, 0-repressed)|The Heritage Foundation|
||ICT deeloment|Cell Phone<br>Subscriptions|<br>Mobile cellular subscriptions (per 100 people)|World Bank World<br>Development Indicators|
||vp|Broadband<br>Subscriptions|Fixed broadband subscriptions (per 100 people)|World Bank World<br>DevelopmentIndicators|

41