Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?

【Author】 Hasan, Md Bokhtiar; Hassan, M. Kabir; Rashid, Md Mamunur; Alhenawi, Yasser

【Source】GLOBAL FINANCE JOURNAL

【影响因子】2.853

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

【Keywords】COVID-19; 2008 GFC; Hedge; Safe haven; US stock market

【发表时间】2021 NOV

【收录时间】2022-01-01

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