How do gold and oil react to the COVID-19 pandemic: A review

IF 4 4区环境科学与生态学 Q2 ENVIRONMENTAL STUDIES Energy & Environment Pub Date : 2022-10-02 DOI:10.1177/0958305X221127645

M. Bai, L. Ho

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引用次数: 0

Abstract

This paper reviews COVID-19 pandemic-related literature to examine its impacts on oil and gold prices during and since the initial outbreak. The literature reviewed covers varying markets, hypotheses, methodologies, robustness checks, and findings. Crude oil is important to everyday life for individuals, businesses, investors, and markets globally. The forces exerted by demand and supply and shocks can greatly increase volatility in oil commodity prices, which has been the case during the COVID-19 pandemic outbreak. Oil has also in the past been used as a risk diversifier in portfolio optimization strategies. Gold has long been seen as a safe-haven asset that investors flee to during economic and financial market uncertainty and turbulence. How did the COVID-19 health crisis affect these two commodities during its initial outbreak and consequent persistence since then? How did government lockdown and restriction measures, monetary and fiscal stimulus packages, and pandemic-related news impact these commodity markets and their movements? Is there a contagion volatility effect between different markets and if so, who have been net transmitters and recipients of these flow-on effects? This literature review offers some insight into the answers to these questions while also highlighting the importance of further study since COVID-19 and its strains are not finished with the world yet.

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黄金和石油如何应对COVID-19大流行:回顾

本文回顾了与COVID-19大流行相关的文献，研究了疫情爆发期间和爆发以来对石油和黄金价格的影响。文献回顾涵盖了不同的市场，假设，方法，稳健性检查和发现。原油对个人、企业、投资者和全球市场的日常生活都很重要。供需和冲击的力量可以极大地加剧石油商品价格的波动，COVID-19大流行期间就是这种情况。在过去，石油也被用作投资组合优化策略中的风险分散工具。长期以来，黄金一直被视为投资者在经济和金融市场不确定和动荡时期的避险资产。COVID-19卫生危机在最初爆发期间如何影响这两种商品，并随后持续至今?政府封锁和限制措施、货币和财政刺激计划以及与大流行相关的新闻如何影响这些大宗商品市场及其走势?不同市场之间是否存在传染波动效应?如果存在，谁是这些流动效应的净传播者和净接受者?这篇文献综述为这些问题的答案提供了一些见解，同时也强调了进一步研究的重要性，因为COVID-19及其毒株尚未在世界上消失。

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来源期刊

Energy & Environment ENVIRONMENTAL STUDIES-

CiteScore

7.60

自引率

7.10%

发文量

157

期刊介绍： Energy & Environment is an interdisciplinary journal inviting energy policy analysts, natural scientists and engineers, as well as lawyers and economists to contribute to mutual understanding and learning, believing that better communication between experts will enhance the quality of policy, advance social well-being and help to reduce conflict. The journal encourages dialogue between the social sciences as energy demand and supply are observed and analysed with reference to politics of policy-making and implementation. The rapidly evolving social and environmental impacts of energy supply, transport, production and use at all levels require contribution from many disciplines if policy is to be effective. In particular E & E invite contributions from the study of policy delivery, ultimately more important than policy formation. The geopolitics of energy are also important, as are the impacts of environmental regulations and advancing technologies on national and local politics, and even global energy politics. Energy & Environment is a forum for constructive, professional information sharing, as well as debate across disciplines and professions, including the financial sector. Mathematical articles are outside the scope of Energy & Environment. The broader policy implications of submitted research should be addressed and environmental implications, not just emission quantities, be discussed with reference to scientific assumptions. This applies especially to technical papers based on arguments suggested by other disciplines, funding bodies or directly by policy-makers.