Are stablecoins better safe havens or hedges against global stock markets than other assets? : comparative analysis during the COVID-19 pandemic
Gespeichert in:
| Autor*in: |
Feng, Jingyu [verfasserIn] Yuan, Ying [verfasserIn] Jiang, Mingxuan [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2024 |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: International review of economics & finance - Amsterdam [u.a.] : Elsevier Science, 1992, 92(2024) vom: Apr., Seite 275-301 |
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| Übergeordnetes Werk: |
volume:92 ; year:2024 ; month:04 ; pages:275-301 |
| Links: |
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| DOI / URN: |
10.1016/j.iref.2024.02.014 |
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| Katalog-ID: |
1890252670 |
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| 982 | |2 26 |1 00 |x DE-206 |b This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties. | ||
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10.1016/j.iref.2024.02.014 doi (DE-627)1890252670 (DE-599)KXP1890252670 DE-627 ger DE-627 rda eng Feng, Jingyu verfasserin (DE-588)1325174718 (DE-627)1884942687 aut Are stablecoins better safe havens or hedges against global stock markets than other assets? comparative analysis during the COVID-19 pandemic Jingyu Feng, Ying Yuan, Mingxuan Jiang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cryptocurrency (dpeaa)DE-206 Hedge (dpeaa)DE-206 Pegging mechanism (dpeaa)DE-206 Safe haven (dpeaa)DE-206 Stablecoins (dpeaa)DE-206 Yuan, Ying verfasserin (DE-588)1199851868 (DE-627)1682027406 aut Jiang, Mingxuan verfasserin (DE-588)1338667718 (DE-627)1898435936 aut Enthalten in International review of economics & finance Amsterdam [u.a.] : Elsevier Science, 1992 92(2024) vom: Apr., Seite 275-301 Online-Ressource (DE-627)324452098 (DE-600)2026509-8 (DE-576)259271977 1059-0560 nnns volume:92 year:2024 month:04 pages:275-301 https://www.sciencedirect.com/science/article/pii/S1059056024000856/pdfft?md5=352edc518943d3168c82649e3ac27fc3&pid=1-s2.0-S1059056024000856-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.iref.2024.02.014 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 92 2024 4 275-301 26 01 0206 4531385950 x1z 29-05-24 26 00 DE-206 This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties. |
| spelling |
10.1016/j.iref.2024.02.014 doi (DE-627)1890252670 (DE-599)KXP1890252670 DE-627 ger DE-627 rda eng Feng, Jingyu verfasserin (DE-588)1325174718 (DE-627)1884942687 aut Are stablecoins better safe havens or hedges against global stock markets than other assets? comparative analysis during the COVID-19 pandemic Jingyu Feng, Ying Yuan, Mingxuan Jiang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cryptocurrency (dpeaa)DE-206 Hedge (dpeaa)DE-206 Pegging mechanism (dpeaa)DE-206 Safe haven (dpeaa)DE-206 Stablecoins (dpeaa)DE-206 Yuan, Ying verfasserin (DE-588)1199851868 (DE-627)1682027406 aut Jiang, Mingxuan verfasserin (DE-588)1338667718 (DE-627)1898435936 aut Enthalten in International review of economics & finance Amsterdam [u.a.] : Elsevier Science, 1992 92(2024) vom: Apr., Seite 275-301 Online-Ressource (DE-627)324452098 (DE-600)2026509-8 (DE-576)259271977 1059-0560 nnns volume:92 year:2024 month:04 pages:275-301 https://www.sciencedirect.com/science/article/pii/S1059056024000856/pdfft?md5=352edc518943d3168c82649e3ac27fc3&pid=1-s2.0-S1059056024000856-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.iref.2024.02.014 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 92 2024 4 275-301 26 01 0206 4531385950 x1z 29-05-24 26 00 DE-206 This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties. |
| allfields_unstemmed |
10.1016/j.iref.2024.02.014 doi (DE-627)1890252670 (DE-599)KXP1890252670 DE-627 ger DE-627 rda eng Feng, Jingyu verfasserin (DE-588)1325174718 (DE-627)1884942687 aut Are stablecoins better safe havens or hedges against global stock markets than other assets? comparative analysis during the COVID-19 pandemic Jingyu Feng, Ying Yuan, Mingxuan Jiang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cryptocurrency (dpeaa)DE-206 Hedge (dpeaa)DE-206 Pegging mechanism (dpeaa)DE-206 Safe haven (dpeaa)DE-206 Stablecoins (dpeaa)DE-206 Yuan, Ying verfasserin (DE-588)1199851868 (DE-627)1682027406 aut Jiang, Mingxuan verfasserin (DE-588)1338667718 (DE-627)1898435936 aut Enthalten in International review of economics & finance Amsterdam [u.a.] : Elsevier Science, 1992 92(2024) vom: Apr., Seite 275-301 Online-Ressource (DE-627)324452098 (DE-600)2026509-8 (DE-576)259271977 1059-0560 nnns volume:92 year:2024 month:04 pages:275-301 https://www.sciencedirect.com/science/article/pii/S1059056024000856/pdfft?md5=352edc518943d3168c82649e3ac27fc3&pid=1-s2.0-S1059056024000856-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.iref.2024.02.014 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 92 2024 4 275-301 26 01 0206 4531385950 x1z 29-05-24 26 00 DE-206 This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties. |
| allfieldsGer |
10.1016/j.iref.2024.02.014 doi (DE-627)1890252670 (DE-599)KXP1890252670 DE-627 ger DE-627 rda eng Feng, Jingyu verfasserin (DE-588)1325174718 (DE-627)1884942687 aut Are stablecoins better safe havens or hedges against global stock markets than other assets? comparative analysis during the COVID-19 pandemic Jingyu Feng, Ying Yuan, Mingxuan Jiang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cryptocurrency (dpeaa)DE-206 Hedge (dpeaa)DE-206 Pegging mechanism (dpeaa)DE-206 Safe haven (dpeaa)DE-206 Stablecoins (dpeaa)DE-206 Yuan, Ying verfasserin (DE-588)1199851868 (DE-627)1682027406 aut Jiang, Mingxuan verfasserin (DE-588)1338667718 (DE-627)1898435936 aut Enthalten in International review of economics & finance Amsterdam [u.a.] : Elsevier Science, 1992 92(2024) vom: Apr., Seite 275-301 Online-Ressource (DE-627)324452098 (DE-600)2026509-8 (DE-576)259271977 1059-0560 nnns volume:92 year:2024 month:04 pages:275-301 https://www.sciencedirect.com/science/article/pii/S1059056024000856/pdfft?md5=352edc518943d3168c82649e3ac27fc3&pid=1-s2.0-S1059056024000856-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.iref.2024.02.014 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 92 2024 4 275-301 26 01 0206 4531385950 x1z 29-05-24 26 00 DE-206 This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties. |
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10.1016/j.iref.2024.02.014 doi (DE-627)1890252670 (DE-599)KXP1890252670 DE-627 ger DE-627 rda eng Feng, Jingyu verfasserin (DE-588)1325174718 (DE-627)1884942687 aut Are stablecoins better safe havens or hedges against global stock markets than other assets? comparative analysis during the COVID-19 pandemic Jingyu Feng, Ying Yuan, Mingxuan Jiang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Cryptocurrency (dpeaa)DE-206 Hedge (dpeaa)DE-206 Pegging mechanism (dpeaa)DE-206 Safe haven (dpeaa)DE-206 Stablecoins (dpeaa)DE-206 Yuan, Ying verfasserin (DE-588)1199851868 (DE-627)1682027406 aut Jiang, Mingxuan verfasserin (DE-588)1338667718 (DE-627)1898435936 aut Enthalten in International review of economics & finance Amsterdam [u.a.] : Elsevier Science, 1992 92(2024) vom: Apr., Seite 275-301 Online-Ressource (DE-627)324452098 (DE-600)2026509-8 (DE-576)259271977 1059-0560 nnns volume:92 year:2024 month:04 pages:275-301 https://www.sciencedirect.com/science/article/pii/S1059056024000856/pdfft?md5=352edc518943d3168c82649e3ac27fc3&pid=1-s2.0-S1059056024000856-main.pdf Verlag lizenzpflichtig https://doi.org/10.1016/j.iref.2024.02.014 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 92 2024 4 275-301 26 01 0206 4531385950 x1z 29-05-24 26 00 DE-206 This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties. |
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26 00 DE-206 This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties Are stablecoins better safe havens or hedges against global stock markets than other assets? comparative analysis during the COVID-19 pandemic Jingyu Feng, Ying Yuan, Mingxuan Jiang Cryptocurrency (dpeaa)DE-206 Hedge (dpeaa)DE-206 Pegging mechanism (dpeaa)DE-206 Safe haven (dpeaa)DE-206 Stablecoins (dpeaa)DE-206 |
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ind1=" " ind2=" "><subfield code="a">GBV_ILN_4393</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">92</subfield><subfield code="j">2024</subfield><subfield code="c">4</subfield><subfield code="h">275-301</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4531385950</subfield><subfield code="y">x1z</subfield><subfield code="z">29-05-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">This paper examines whether stablecoins act as diversifiers, hedges or safe havens against global stock markets during the COVID-19 pandemic, leveraging the DCC-GARCH model and dummy variable regression. In addition, we examine the dynamics of stablecoins' safe haven ability during the COVID-19 pandemic and diverse stages of the COVID-19 pandemic's development, and compare it with two traditional safe havens (gold and USD), as well as Bitcoin. Our findings reveal that both gold-pegged and USD-pegged stablecoins show a stronger hedging ability against global stock markets. In particular, USD-pegged stablecoins can be considered stable hedges and safe havens, especially during the different stages of the COVID-19 pandemic's development. Conversely, Bitcoin and traditional safe havens do not consistently provide stable hedge or safe haven properties.</subfield></datafield></record></collection>
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7.1689453 |