IDEAS home Printed from https://ideas.repec.org/a/sae/vikjou/v49y2024i3p244-256.html
   My bibliography  Save this article

The Genesis of the Crypto-economy: Application of the Institutional Theory

Author

Listed:
  • Shashi Kant Srivastava
  • Verma Deepika Chandra
  • Srinivas Jangirala
  • Janardan Krishna Yadav

Abstract

This study investigates the institutionalization of the crypto-economy from an institutional theory perspective and also examines the role of existing institutional pillars in its development. The path analysis using global institutional indicators reveals that the development of the crypto-economy is significantly affected by regulatory, cognitive, and normative factors of a country. Further, the regulative pillar fully mediates the relationship between the social pillar and the crypto-economy. While we find convincing evidence that a country’s social pillar endorses crypto-economy, its indirect effect is more prominent and significant than the direct effect.

Suggested Citation

  • Shashi Kant Srivastava & Verma Deepika Chandra & Srinivas Jangirala & Janardan Krishna Yadav, 2024. "The Genesis of the Crypto-economy: Application of the Institutional Theory," Vikalpa: The Journal for Decision Makers, , vol. 49(3), pages 244-256, September.
    • Handle: RePEc:sae:vikjou:v:49:y:2024:i:3:p:244-256
    DOI: 10.1177/02560909241271742
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/02560909241271742
    Download Restriction: no
    File URL: https://libkey.io/10.1177/02560909241271742?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Trevino, Len J. & Thomas, Douglas E. & Cullen, John, 2008. "The three pillars of institutional theory and FDI in Latin America: An institutionalization process," International Business Review, Elsevier, vol. 17(1), pages 118-133, February.
    2. Tatiana Kostova & Sjoerd Beugelsdijk & W. Richard Scott & Vincent E. Kunst & Chei Hwee Chua & Marc Essen, 2020. "The construct of institutional distance through the lens of different institutional perspectives: Review, analysis, and recommendations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 51(4), pages 467-497, June.
    3. Friedrich Schneider & Dominik Enste, 1999. "Shadow Economies Around the World - Size, Causes, and Consequences," CESifo Working Paper Series 196, CESifo.
    4. Daron Acemoglu & James A. Robinson, 2008. "Persistence of Power, Elites, and Institutions," American Economic Review, American Economic Association, vol. 98(1), pages 267-293, March.
    5. Hughes, Laurie & Dwivedi, Yogesh K. & Misra, Santosh K. & Rana, Nripendra P. & Raghavan, Vishnupriya & Akella, Viswanadh, 2019. "Blockchain research, practice and policy: Applications, benefits, limitations, emerging research themes and research agenda," International Journal of Information Management, Elsevier, vol. 49(C), pages 114-129.
    6. Aart Kraay, 2018. "Methodology for a World Bank Human Capital Index," World Bank Publications - Reports 30466, The World Bank Group.
    7. Olena Bondarenko & Oksana Kichuk & Andrii Antonov, 2019. "The Possibilities Of Using Investment Tools Based On Cryptocurrency In The Development Of The National Economy," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 5(2).
    8. Franklin Allen & Xian Gu & Julapa Jagtiani, 2021. "A Survey of Fintech Research and Policy Discussion," Review of Corporate Finance, now publishers, vol. 1(3-4), pages 259-339, July.
    9. Queiroz, Maciel M. & Fosso Wamba, Samuel, 2019. "Blockchain adoption challenges in supply chain: An empirical investigation of the main drivers in India and the USA," International Journal of Information Management, Elsevier, vol. 46(C), pages 70-82.
    10. Daron Acemoglu & James A. Robinson, 2008. "Distinguished Guest Lecture: The Persistence and Change of Institutions in the Americas," Southern Economic Journal, John Wiley & Sons, vol. 75(2), pages 282-299, October.
    11. Lipset, Seymour Martin, 1959. "Some Social Requisites of Democracy: Economic Development and Political Legitimacy1," American Political Science Review, Cambridge University Press, vol. 53(1), pages 69-105, March.
    12. Kraay,Aart C., 2018. "Methodology for a World Bank Human Capital Index," Policy Research Working Paper Series 8593, The World Bank.
    13. Daron Acemoglu & James A. Robinson, 2008. "The Persistence and Change of Institutions in the Americas," Southern Economic Journal, John Wiley & Sons, vol. 75(2), pages 281-299, August.
    14. Dominik H. Enste & Friedrich Schneider, 2000. "Shadow Economies: Size, Causes, and Consequences," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 77-114, March.
    15. Stephan Philippi & Monika C. Schuhmacher & Nicolai Bastian, 2021. "Attracting Investors in Initial Coin Offerings: The Relevance of Specific Technological Capabilities for Fundraising Success," Review of Corporate Finance, now publishers, vol. 1(3-4), pages 455-485, July.
    16. Last Mazambani & Emmanuel Mutambara, 2019. "Predicting FinTech innovation adoption in South Africa: the case of cryptocurrency," African Journal of Economic and Management Studies, Emerald Group Publishing Limited, vol. 11(1), pages 30-50, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Paola Profeta & Simona Scabrosetti, 2010. "The Political Economy of Taxation," Books, Edward Elgar Publishing, number 13258.
    2. Cong Minh Huynh & Vu Hong Thai Nguyen & Hoang Bao Nguyen & Phuc Canh Nguyen, 2020. "One-way effect or multiple-way causality: foreign direct investment, institutional quality and shadow economy?," International Economics and Economic Policy, Springer, vol. 17(1), pages 219-239, February.
    3. Fergusson, Leopoldo & Robinson, James A. & Torres, Santiago, 2023. "The interaction of economic and political inequality in Latin America," LSE Research Online Documents on Economics 122083, London School of Economics and Political Science, LSE Library.
    4. Ntuli, Herbert & Mukong, Alfred Kechia & Kimengsi, Jude Ndzifon, 2022. "Institutions and environmental resource extraction within local communities in Mozambique," Forest Policy and Economics, Elsevier, vol. 139(C).
    5. Sarantis Kalyvitis & Irene Vlachaki, 2010. "Democratic Aid And The Democratization Of Recipients," Contemporary Economic Policy, Western Economic Association International, vol. 28(2), pages 188-218, April.
    6. repec:zbw:rwidps:0030 is not listed on IDEAS
    7. Torgler, Benno & Schneider, Friedrich & Schaltegger, Christoph A., 2007. "With or Against the People? The Impact of a Bottom-Up Approach on Tax Morale and the Shadow Economy," Berkeley Olin Program in Law & Economics, Working Paper Series qt6331x6vz, Berkeley Olin Program in Law & Economics.
    8. Ziesemer, Thomas H.W., 2010. "The impact of the credit crisis on poor developing countries: Growth, worker remittances, accumulation and migration," Economic Modelling, Elsevier, vol. 27(5), pages 1230-1245, September.
    9. Milo Bianchi, 2012. "Financial Development, Entrepreneurship, and Job Satisfaction," The Review of Economics and Statistics, MIT Press, vol. 94(1), pages 273-286, February.
    10. Branimir Jovanovic, 2015. "Kalman Filter Estimation of the Unrecorded Economy in Macedonia," Working Papers 2015-02, National Bank of the Republic of North Macedonia.
    11. Colin C. Williams, 2023. "A Modern Guide to the Informal Economy," Books, Edward Elgar Publishing, number 18668.
    12. Bjørnskov, Christian, 2015. "Does economic freedom really kill? On the association between ‘Neoliberal’ policies and homicide rates," European Journal of Political Economy, Elsevier, vol. 37(C), pages 207-219.
    13. Albertini, Julien & Terriau, Anthony, 2019. "Informality over the life-cycle," Journal of Economic Dynamics and Control, Elsevier, vol. 105(C), pages 182-202.
    14. Gorodnichenko, Yuriy & Sabirianova Peter, Klara, 2007. "Public sector pay and corruption: Measuring bribery from micro data," Journal of Public Economics, Elsevier, vol. 91(5-6), pages 963-991, June.
    15. Labib Shami & Teddy Lazebnik, 2024. "Implementing Machine Learning Methods in Estimating the Size of the Non-observed Economy," Computational Economics, Springer;Society for Computational Economics, vol. 63(4), pages 1459-1476, April.
    16. Montalvo, José G. & Piolatto, Amedeo & Raya, Josep, 2020. "Transaction-tax evasion in the housing market," Regional Science and Urban Economics, Elsevier, vol. 81(C).
    17. Owolabi, Adegboyega O. & Berdiev, Aziz N. & Saunoris, James W., 2022. "Is the shadow economy procyclical or countercyclical over the business cycle? International evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 84(C), pages 257-270.
    18. Dominik H. Enste, 2018. "The shadow economy in industrial countries," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-11, November.
    19. Leora Klapper & Raphael Amit & Mauro F. Guillén, 2010. "Entrepreneurship and Firm Formation across Countries," NBER Chapters, in: International Differences in Entrepreneurship, pages 129-158, National Bureau of Economic Research, Inc.
    20. Armagan Tuna Aktuna-Gunes & Christophe Starzec & François Gardes, 2013. "A new estimation of the size of informal economy using monetary and full expenditures in a complete demand system," Post-Print halshs-00841346, HAL.
    21. Nguyen, Thi Minh Hieu & Nguyen, Thi Huong Giang & Vu, Thi Minh Ngoc & Nguyen, Viet Duc, 2013. "Whether or not the informal economy as an engine for poverty alleviation in Vietnam," MPRA Paper 48378, University Library of Munich, Germany.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:vikjou:v:49:y:2024:i:3:p:244-256. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.