This study evaluates the safe-haven role of twelve assets against US stock market during 2008 global financial crisis (GFC) and COVID-19 pandemic. Our results show that silver Islamic index were safe havens GFC, Tether have been COVID-19. We observe emerged as strong new havens. However, our supplementary analysis reveals gold Bitcoin still exhibit behavior severe downturns. Overall, findings s...

A monetary model is established to introduce that bitcoin does have the characteristics of a price rise when economic situation terrible under high risk aversion. At this time, Bitcoin has property safe-haven asset, and conditions are good aversion low, pro-cyclical nature. stronger as medium exchange. To show movement law price, we make logarithmic linearization simulation, result consistent w...

Abstract We use monthly data covering a century-long sample period (1915–2021) to study whether geopolitical risk helps forecast subsequent gold volatility. account not only for threats and acts, but also 39 country-specific sources of risk. The response volatility is heterogeneous across countries nonlinear. find that accounting at the country level improves accuracy, especially when we random...