| Issue |
E3S Web Conf.
Volume 426, 2023
The 5th International Conference of Biospheric Harmony Advanced Research (ICOBAR 2023)
|
|
|---|---|---|
| Article Number | 01082 | |
| Number of page(s) | 7 | |
| Section | Integrated Sustainable Science and Technology Innovation | |
| DOI | https://doi.org/10.1051/e3sconf/202342601082 | |
| Published online | 15 September 2023 | |
Gold and Cryptocurrency as Safe Haven Assets for Commodities, Stocks, and Bonds: Evidence from the Russia-Ukraine War
Finance Program, Accounting Department, School of Accounting, Bina Nusantara University, Jakarta, Indonesia 11480
* Corresponding author: shinta.h@binus.edu
This research was conducted to determine whether gold and cryptocurrency (i.e., Bitcoin) can be used as safe haven assets for oil, wheat, stock index (SI), government bond (GB), Islamic stock (IS), and Islamic bond (IB) during the Russia-Ukraine war. We used panel quantile regression by utilizing extreme lower quantiles (i.e., 1%, 2.5%, 5%). It will only be recognized as a safe haven asset if it is negatively correlated with another asset during extreme adverse shocks. The data spans from 23 February 2021 – 25 July 2022 which covered the five largest economies in Europe and Asia (i.e., Germany, France, the UK, China, and Japan). The findings indicate that gold only acted as a safe haven asset for wheat, SI, and IS during the Russia-Ukraine war. Additionally, Bitcoin only serves as a safe haven asset for oil, wheat, SI, and GB during the Russia-Ukraine war.
© The Authors, published by EDP Sciences, 2023
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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