GLOBAL EFFECTS OF COVID-19 PANDEMIC ON THE FINANCIAL MARKETS: IS GOLD HEDGE OR SAFE HAVEN FOR STOCKS?

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dc.contributor.authorSerttaş, Fatma Özgü
dc.contributor.authorYaşar, Zaim Reha
dc.date.accessioned2025-01-21T16:17:42Z
dc.date.available2025-01-21T16:17:42Z
dc.date.issued2022
dc.departmentKırıkkale Üniversitesi
dc.description.abstractThis study investigates whether gold is hedge or safe haven for stocks for a sample of 14 countries (7 developed and 7 emerging markets), using regression methods with GARCH(1,1) errors. The analysis is based on daily frequency observations of a period of nearly 20 years, ranging from September 17, 2001 to September 10, 2021. The data are split into two sub-samples on December 30, 2019 to diversify the effects of the COVID-19 crisis on global investor behavior. Different currency denominations are considered for gold and stock prices both in terms of national currencies and the U.S. dollar to distinguish between the behaviors of domestic and foreign investors. The results indicate that gold is hedge and safe haven especially for the emerging markets during the COVID-19 pandemic when market falls become more severe in the aftermath of the worldwide economic turmoil. The number of countries where gold acts as hedge and safe haven increases when the market prices are in terms of national currencies.
dc.identifier.endpage353
dc.identifier.issn2148-5933
dc.identifier.issue20
dc.identifier.startpage337
dc.identifier.trdizinid1150814
dc.identifier.urihttps://search.trdizin.gov.tr/tr/yayin/detay/1150814
dc.identifier.urihttps://hdl.handle.net/20.500.12587/22699
dc.identifier.volume9
dc.indekslendigikaynakTR-Dizin
dc.language.isoen
dc.relation.ispartofAkademik Hassasiyetler
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_20241229
dc.subjectİktisat
dc.titleGLOBAL EFFECTS OF COVID-19 PANDEMIC ON THE FINANCIAL MARKETS: IS GOLD HEDGE OR SAFE HAVEN FOR STOCKS?
dc.typeArticle

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