Revisiting the Valuable Roles of Global Financial Assets for International Stock Markets: Quantile Coherence and Causality-in-Quantiles Approaches

We employ the quantile-coherency approach and causality-in-quantile method to revisit roles of Bitcoin, U.S. dollar, crude oil gold for USA, Chinese, UK, Japanese stock markets. The main results show that impact global financial assets varies across different investment horizons quantiles. find in most cases, correlation between indexes is not significant or weakly positive. From perspective (frequency domain), short term mostly manifested while medium long it shifted dollar assets. At same time, relationships are significantly higher than term. point view quantiles, shows a weak positive at lower quantile. However, two median high there negative linkage. According causality-in-quantiles results, cases have degrees predictive capacity selected Especially around quantile, ability was strongest.