The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis
AbstractUsing the GJR-GARCH method, this study examines the safe-haven role of gold, US dollar, and Bitcoin over a period including the global financial crisis, the COVID-19 pandemic and the Russia-Ukraine conflict from 3 April 2006 to 19 May 2023. The study supports the hypothesis that the safe-hav...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2024-12-01
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| Series: | Cogent Economics & Finance |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/23322039.2024.2322876 |
| _version_ | 1797272273146609664 |
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| author | Van Le Thi Thuy Tran Thi Kim Oanh Nguyen Thi Hong Ha |
| author_facet | Van Le Thi Thuy Tran Thi Kim Oanh Nguyen Thi Hong Ha |
| author_sort | Van Le Thi Thuy |
| collection | DOAJ |
| description | AbstractUsing the GJR-GARCH method, this study examines the safe-haven role of gold, US dollar, and Bitcoin over a period including the global financial crisis, the COVID-19 pandemic and the Russia-Ukraine conflict from 3 April 2006 to 19 May 2023. The study supports the hypothesis that the safe-haven role of assets changes over periods of crisis. Specifically, gold loses its role as a safe-haven asset during the COVID-19 pandemic, but this role has been restored in the Dutch, US and German markets during the Russia-Ukraine conflict. Similarly, Bitcoin is not a safe-haven asset during the COVID-19 pandemic but is a strong safe-haven asset for the stock markets of some European countries, and a weak safe-haven asset for China when the Russia-Ukraine conflict occurred. Only the USD acts as a stable safe-haven asset through periods of crisis. However, this role is weakened in Russia. These results partly help investors and portfolio managers choose a safe haven for their assets, especially during volatile market periods. |
| first_indexed | 2024-03-07T14:26:00Z |
| format | Article |
| id | doaj.art-3625684ad180446ea87ea6fb9fda9906 |
| institution | Directory Open Access Journal |
| issn | 2332-2039 |
| language | English |
| last_indexed | 2024-03-07T14:26:00Z |
| publishDate | 2024-12-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Cogent Economics & Finance |
| spelling | doaj.art-3625684ad180446ea87ea6fb9fda99062024-03-06T08:04:49ZengTaylor & Francis GroupCogent Economics & Finance2332-20392024-12-0112110.1080/23322039.2024.2322876The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisisVan Le Thi Thuy0Tran Thi Kim Oanh1Nguyen Thi Hong Ha2National Institute for Finance, Hanoi, VietnamUniversity of Finance – Marketing, Ho Chi Minh City, VietnamHo Chi Minh City Industry and Trade College, Ho Chi Minh City, VietnamAbstractUsing the GJR-GARCH method, this study examines the safe-haven role of gold, US dollar, and Bitcoin over a period including the global financial crisis, the COVID-19 pandemic and the Russia-Ukraine conflict from 3 April 2006 to 19 May 2023. The study supports the hypothesis that the safe-haven role of assets changes over periods of crisis. Specifically, gold loses its role as a safe-haven asset during the COVID-19 pandemic, but this role has been restored in the Dutch, US and German markets during the Russia-Ukraine conflict. Similarly, Bitcoin is not a safe-haven asset during the COVID-19 pandemic but is a strong safe-haven asset for the stock markets of some European countries, and a weak safe-haven asset for China when the Russia-Ukraine conflict occurred. Only the USD acts as a stable safe-haven asset through periods of crisis. However, this role is weakened in Russia. These results partly help investors and portfolio managers choose a safe haven for their assets, especially during volatile market periods.https://www.tandfonline.com/doi/10.1080/23322039.2024.2322876Safe haven assetsGFC 2008Covid-19Russia–Ukraine conflictDavid McMillan, University of Stirling, UKEconomics |
| spellingShingle | Van Le Thi Thuy Tran Thi Kim Oanh Nguyen Thi Hong Ha The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis Cogent Economics & Finance Safe haven assets GFC 2008 Covid-19 Russia–Ukraine conflict David McMillan, University of Stirling, UK Economics |
| title | The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis |
| title_full | The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis |
| title_fullStr | The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis |
| title_full_unstemmed | The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis |
| title_short | The roles of gold, US dollar, and bitcoin as safe-haven assets in times of crisis |
| title_sort | roles of gold us dollar and bitcoin as safe haven assets in times of crisis |
| topic | Safe haven assets GFC 2008 Covid-19 Russia–Ukraine conflict David McMillan, University of Stirling, UK Economics |
| url | https://www.tandfonline.com/doi/10.1080/23322039.2024.2322876 |
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