Gold and cryptocurrencies as safe-havens: Lessons from wartime

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-26 DOI:10.1016/j.frl.2025.107230

Boris Pastén-Henríquez , Pablo Tapia-Griñen , Jorge Sepúlveda-Velásquez

引用次数: 0

Abstract

During wartime, investors seek safe havens for various assets, creating volatility in the financial markets. This study analyzes the safe-haven capacity of a group of assets during the Russia–Ukraine and Palestine–Israel conflicts. Using DCC

-

GARCH and event study, we find that assets with an upward correlation with the market before the conflict, which we define as a positive

p u s h

, manifest safe-haven asset capacity and potentially bullish returns. These results could be key in the design of investment strategies.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance