DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA

Emre Bulut

doi:10.53443/anadoluibfd.1786546

DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA

Abstract

This study investigates state-contingent linkages. This is done using the multivariate quantile-on-quantile framework. The dataset employed is daily data. The span of the data is from 1 January 2018 to 13 July 2023. The linkages examined are between Bitcoin (BTC/USD) and three domestic risk factors. These factors include Indian equities (NIFTY-100), gold (XAU/USD), and the rupee-dollar exchange rate (USD/INR). The analysis maps dependence surfaces β(θ,Φ) or the analysis examines BTC with respect to each predictor. It also evaluates how the linkages adjust across five specific Indian policy windows. These periods are defined by key events. The windows investigated are: the RBI banking restriction, the post-Supreme Court/pre-tax interval, the VDA tax, the TDS phase, and the post-FTX period. Full-sample results indicate modest comovement near the joint median but pronounced tail effects: BTC-equity linkages strengthen during equity drawdowns; BTC-gold dependence turns positive in gold’s upper quantiles; and BTC’s association with USD/INR intensifies under rupee depreciation. Regime-difference panels show selective reweighting across transitions, dampening center-region links while preserving or amplifying tail sensitivities. Findings remain robust under reasonable tuning choices. The evidence supports state-contingent portfolio management and motivates macroprudential monitoring of crypto-FX channels.

Keywords

References

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Details

Primary Language

English

Subjects

Financial Economy

Journal Section

Research Article

Authors

Emre Bulut ^*
0000-0002-2884-1405
Türkiye

Publication Date

June 30, 2026

Submission Date

September 19, 2025

Acceptance Date

May 6, 2026

Published in Issue

Year 2026 Volume: 27 Number: 2

DOI

https://doi.org/10.53443/anadoluibfd.1786546

IZ

https://izlik.org/JA56ZF33MB

Cite

RIS / Bibtex

APA

Bulut, E. (2026). DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 27(2), 790-820. https://doi.org/10.53443/anadoluibfd.1786546

AMA

1.Bulut E. DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA. AUİİBFD. 2026;27(2):790-820. doi:10.53443/anadoluibfd.1786546

Chicago

Bulut, Emre. 2026. “DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD INR IN INDIA”. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 27 (2): 790-820. https://doi.org/10.53443/anadoluibfd.1786546.

EndNote

Bulut E (June 1, 2026) DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 27 2 790–820.

IEEE

[1]E. Bulut, “DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA”, AUİİBFD, vol. 27, no. 2, pp. 790–820, June 2026, doi: 10.53443/anadoluibfd.1786546.

ISNAD

Bulut, Emre. “DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD INR IN INDIA”. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 27/2 (June 1, 2026): 790-820. https://doi.org/10.53443/anadoluibfd.1786546.

JAMA

1.Bulut E. DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA. AUİİBFD. 2026;27:790–820.

MLA

Bulut, Emre. “DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD INR IN INDIA”. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 27, no. 2, June 2026, pp. 790-2, doi:10.53443/anadoluibfd.1786546.

Vancouver

1.Emre Bulut. DO POLICY REGIMES MATTER? THE INTERDEPENDENCE OF BITCOIN WITH EQUITIES, GOLD, AND USD/INR IN INDIA. AUİİBFD. 2026 Jun. 1;27(2):790-82. doi:10.53443/anadoluibfd.1786546