Asymmetric effects of crude oil prices and USD exchange rate on precious metals returns:Evidence from pre and during COVID-19 outbreak

被引：0
|
作者：
Wang, Yilin [1 ]
Chen, Jinyu [1 ,2 ]
Ren, Xiaohang [1 ]
机构：
[1] Cent South Univ, Sch Business, Changsha 410083, Peoples R China
[2] Cent South Univ, Inst Met Resources Strategy, Changsha 410083, Peoples R China
来源：
HELIYON | 2023年 / 9卷 / 11期
基金：
中国国家自然科学基金;
关键词：
Precious metals returns; Oil price; USD exchange rate; Asymmetric effects; GOLD PRICE; DEPENDENCE STRUCTURE; POLICY UNCERTAINTY; FINANCIAL STRESS; MONETARY-POLICY; STOCK-MARKET; VOLATILITY; RETURNS; DYNAMICS; IMPACT;
D O I：
10.1016/j.heliyon.2023.e21996
中图分类号：
O [数理科学和化学]; P [天文学、地球科学]; Q [生物科学]; N [自然科学总论];
学科分类号：
07 ; 0710 ; 09 ;
摘要：
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.
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页数：16
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