Are stablecoins better safe havens or hedges against global stock markets than other assets? Comparative analysis during the COVID-19 pandemic

被引：0
|
作者：
Feng, Jingyu [1 ]
Yuan, Ying [1 ,2 ,3 ]
Jiang, Mingxuan [4 ]
机构：
[1] Northeastern Univ, Sch Business Adm, Shenyang 110169, Peoples R China
[2] Northeastern Univ, Natl Frontiers Sci Ctr Ind Intelligence & Syst Opt, Shenyang 110819, Peoples R China
[3] Northeastern Univ, Key Lab Data Analyt & Optimizat Smart Ind, Minist Educ, Shenyang, Peoples R China
[4] Northeastern Univ, Sch Software, Shenyang 110169, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2024年 / 92卷
关键词：
Stablecoins; Cryptocurrency; Pegging mechanism; Safe haven; Hedge; GOLD; BITCOIN; RISK; US; DOLLAR; HETEROSKEDASTICITY; INVESTMENT;
D O I：
10.1016/j.iref.2024.02.014
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
引用
收藏
页码：275 / 301
页数：27
相关论文
共 50 条
  • [1] Analysis of Stablecoins during the Global COVID-19 Pandemic
    Jeger, Clemens
    Rodrigues, Bruno
    Scheid, Eder
    Stiller, Burkhard
    [J]. 2020 SECOND INTERNATIONAL CONFERENCE ON BLOCKCHAIN COMPUTING AND APPLICATIONS (BCCA), 2020, : 30 - 37
  • [2] In search of hedges and safe havens during the COVID-19 pandemic: Gold versus Bitcoin, oil, and oil uncertainty
    Al-Nassar, Nassar S.
    Boubaker, Sabri
    Chaibi, Anis
    Makram, Beljid
    [J]. QUARTERLY REVIEW OF ECONOMICS AND FINANCE, 2023, 90 : 318 - 332
  • [3] Evaluating the Efficiency of Financial Assets as Hedges against Bitcoin Risk during the COVID-19 Pandemic
    Wei, Li
    Lee, Ming-Chih
    Cheng, Wan-Hsiu
    Tang, Chia-Hsien
    You, Jing-Wun
    [J]. MATHEMATICS, 2023, 11 (13)
  • [4] Global Economic Impact in Stock and Commodity Markets during Covid-19 pandemic
    Sheth A.
    Sushra T.
    Kshirsagar A.
    Shah M.
    [J]. Annals of Data Science, 2022, 9 (05) : 889 - 907
  • [5] What drives US stock markets during the COVID-19 pandemic? A global sensitivity analysis
    Ahmed, Walid M. A.
    [J]. BORSA ISTANBUL REVIEW, 2022, 22 (05) : 939 - 960
  • [6] Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?
    Hasan, Md Bokhtiar
    Hassan, M. Kabir
    Rashid, Md Mamunur
    Alhenawi, Yasser
    [J]. GLOBAL FINANCE JOURNAL, 2021, 50
  • [7] COVID-19 pandemic and the dependence structure of global stock markets
    Aslam, Faheem
    Mughal, Khurrum S.
    Aziz, Saqib
    Ahmad, Muhammad Farooq
    Trabelsi, Dhoha
    [J]. APPLIED ECONOMICS, 2022, 54 (18) : 2013 - 2031
  • [8] Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic?
    Mariana, Christy Dwita
    Ekaputra, Irwan Adi
    Husodo, Zaafri Ananto
    [J]. FINANCE RESEARCH LETTERS, 2021, 38
  • [9] Analysis of risk correlations among stock markets during the COVID-19 pandemic
    Wu, JunFeng
    Zhang, Chao
    Chen, Yun
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 83
  • [10] Investor sentiments and stock markets during the COVID-19 pandemic
    Cevik, Emre
    Altinkeski, Buket Kirci
    Cevik, Emrah Ismail
    Dibooglu, Sel
    [J]. FINANCIAL INNOVATION, 2022, 8 (01)
12345