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新冠疫情期间黄金与股票市场的关系。

The gold-stock market relationship during COVID-19.

作者信息

Drake Pamela Peterson

机构信息

Department of Finance and Business Law, James Madison University, Harrisonburg, Virginia, 22807, USA.

出版信息

Financ Res Lett. 2022 Jan;44:102111. doi: 10.1016/j.frl.2021.102111. Epub 2021 May 8.

DOI:10.1016/j.frl.2021.102111
PMID:35463217
原文链接:https://pmc.ncbi.nlm.nih.gov/articles/PMC9013628/
Abstract

The belief that investors shift to gold during times of economic stress, resulting in a negative correlation between gold returns and stock returns, is not supported in both the 2007-09 financial crisis and during COVID-19. However, the gold-stock market relationship is positive in periods of negative real rates of return. The evidence points to gold as a safe haven in times of stock market volatility and negative interest rates.

摘要

投资者在经济压力时期转向黄金，从而导致黄金回报与股票回报之间呈负相关的观点，在2007 - 2009年金融危机期间和新冠疫情期间均未得到证实。然而，在实际回报率为负的时期，黄金与股票市场的关系是正相关的。有证据表明，在股市波动和负利率时期，黄金是一种避险资产。

https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/1e02a2ce368e/gr9_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/0372703eee91/gr1_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/7568dc450d23/gr2_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/6cb7b40f6ded/gr3_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/079e4ba7d3f3/gr4_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/76dbcf49dee6/gr5_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/041da0c237e2/gr6_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/1daddd6c6838/gr7_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/a17eaa3ef15a/gr8_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/1e02a2ce368e/gr9_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/0372703eee91/gr1_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/7568dc450d23/gr2_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/6cb7b40f6ded/gr3_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/079e4ba7d3f3/gr4_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/76dbcf49dee6/gr5_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/041da0c237e2/gr6_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/1daddd6c6838/gr7_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/a17eaa3ef15a/gr8_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/1126/9013628/1e02a2ce368e/gr9_lrg.jpg

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