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Safe Haven for Asian Equity Markets During Financial Distress: Bitcoin Versus Gold

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F23%3A63569999" target="_blank" >RIV/70883521:28120/23:63569999 - isvavai.cz</a>

  • Result on the web

    <a href="https://aip.vse.cz/artkey/aip-202302-0012_safe-haven-for-asian-equity-markets-during-financial-distress-bitcoin-versus-gold.php" target="_blank" >https://aip.vse.cz/artkey/aip-202302-0012_safe-haven-for-asian-equity-markets-during-financial-distress-bitcoin-versus-gold.php</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.18267/j.aip.224" target="_blank" >10.18267/j.aip.224</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Safe Haven for Asian Equity Markets During Financial Distress: Bitcoin Versus Gold

  • Original language description

    This study aims to analyse the role of bitcoin and gold as safe haven assets for Asian equity markets during periods of high market uncertainty related to the global COVID-19 pandemic, high volatility and extreme stock market conditions. Our empirical analysis employs the DCC-GARCH methodology to estimate the time-varying relationship between bitcoin/gold and the Asian stock market from 2016 to 2023. Our findings reveal that bitcoin serves as a strong hedge for Taiwan and Pakistan, whereas gold can be considered a strong hedge for Japan, Singapore, India, Thailand and Vietnam. Interestingly, we observe that bitcoin does not exhibit safe haven properties in any of the Asian countries observed. In contrast, gold demonstrates strong safe haven abilities for Singapore, India and Thailand. These results remain consistent across various measures of market turmoil, including the volatility index, COVID-19-related periods and low quantiles on the stock market. Furthermore, our results suggest that the perception and adoption of gold as a safe haven asset in Japan and Vietnam is mainly influenced by global events and uncertainties, rather than localized stock market conditions. These findings offer valuable information for investors, financial institutions as well as policy makersand regulators as to how cryptocurrency and gold have evolved as hedge and safe haven assets in Asia during uncertainty periods

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50206 - Finance

Result continuities

  • Project

  • Continuities

    V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Others

  • Publication year

    2023

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Acta Informatica Pragensia

  • ISSN

    1805-4951

  • e-ISSN

  • Volume of the periodical

    12

  • Issue of the periodical within the volume

    2

  • Country of publishing house

    CZ - CZECH REPUBLIC

  • Number of pages

    19

  • Pages from-to

    400-418

  • UT code for WoS article

    001103697800011

  • EID of the result in the Scopus database

    2-s2.0-85176214630