原油价格和美元汇率对贵金属回报的非对称影响：来自新冠疫情爆发前及期间的证据。
Asymmetric effects of crude oil prices and USD exchange rate on precious metals returns：Evidence from pre and during COVID-19 outbreak.
作者信息
Wang Yilin, Chen Jinyu, Ren Xiaohang
机构信息
School of Business, Central South University, Changsha, 410083, China.
Institute of Metal Resources Strategy, Central South University, Changsha, 410083, China.
出版信息
Heliyon. 2023 Nov 2;9(11):e21996. doi: 10.1016/j.heliyon.2023.e21996. eCollection 2023 Nov.
Trading in commodities such as precious metals and crude oil is vital to the economy. Frequent exchange rate fluctuations have led to constant changes in commodity prices since 2000. Using quantile regression, this paper examines the impact of oil prices and the US dollar exchange rate on gold, silver, platinum, and palladium from January 1, 2013 to 5 May 2023. Oil prices positively affect precious metals returns, and positive and negative oil price shocks are asymmetric. Exchange rate movements negatively affect precious metal returns. In addition, gaps in the existing literature are filled by analyzing the effects of oil prices and the exchange rate on precious metals before and during COVID-19. This paper provides substantial evidence for revising the impact of the crisis.
贵金属和原油等大宗商品交易对经济至关重要。自2000年以来，频繁的汇率波动导致大宗商品价格不断变化。本文运用分位数回归方法，考察了2013年1月1日至2023年5月5日期间油价和美元汇率对黄金、白银、铂金和钯金的影响。油价对贵金属回报有正向影响，且油价正负冲击存在不对称性。汇率变动对贵金属回报有负向影响。此外，通过分析新冠疫情之前和期间油价与汇率对贵金属的影响，填补了现有文献的空白。本文为修正危机影响提供了大量证据。
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