Hasan Md Bokhtiar, Hassan M Kabir, Rashid Md Mamunur, Alhenawi Yasser
Department of Finance and Banking, Islamic University, Kushtia-7003, Bangladesh.
Department of Economics and Finance, University of New Orleans, New Orleans, LA 70148, United States.
Glob Financ J. 2021 Nov;50:100668. doi: 10.1016/j.gfj.2021.100668. Epub 2021 Aug 13.
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.
本研究评估了在2008年全球金融危机(GFC)和新冠疫情期间,十二种资产对美国股票市场的避险作用。我们的结果表明,白银和伊斯兰股票指数在2008年全球金融危机期间是避险资产,而伊斯兰股票指数和泰达币在新冠疫情期间是避险资产。我们观察到,伊斯兰股票指数和泰达币已成为强大的新避险资产。然而,我们的补充分析显示,在市场严重低迷期间,黄金和比特币仍表现出避险行为。总体而言,我们的研究结果表明,避险资产可能会随时间而变化。