Abstract

The advent of tokenization has transformed the financial landscape of the transportation and tourism industries, creating novel investment opportunities in travel and tourism tokens. This study investigates the interplay between transport and travel/tourism tokens using a quantile vector autoregressive (VAR) approach. Our findings indicate that the return connectedness varies across different quantiles. We also find that the connectedness varies over time and is influenced by macroeconomic and pandemic-related factors. Our results have important implications for token investors, issuers, regulators, and policymakers.

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