后缩减时期黄金价格与通货膨胀和比特币的关系分析

IF 6.3 2区 经济学 Q1 BUSINESS, FINANCE Borsa Istanbul Review Pub Date : 2024-07-01 DOI:10.1016/j.bir.2024.04.009
Özgür Ergül , Tuba Karakaş
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引用次数: 0

摘要

我们通过分析 2013 年后黄金价格的影响因素(包括美国的缩减进程)来分析黄金对冲通胀的功能。我们的研究结果表明,在此期间,对黄金交易所交易基金(ETF)的需求和美国 10 年期债券利率对黄金价格的影响尤为明显。在样本期内,通胀对金价没有统计意义上的显著影响;然而,在不包括 2014-2019 年的子期内,通胀对金价有统计意义上的显著正面影响。我们的结论是,至少在最近一段时期,黄金作为一种投资工具确实可以部分对冲通货膨胀。此外,我们从 2016 年下半年开始分析比特币对金价的影响,结果显示两者之间没有统计学意义上的显著关系。
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Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period

We analyze the hedging feature of gold against inflation by analyzing the factors affecting gold prices for the post-2013 period, including the tapering process in the United States. Our results show that especially demand for gold Exchange Traded Funds (ETFs) and US 10-year bond rates are effective on gold prices in this period. Inflation has no statistically significant effect on gold prices over the sample period; however, in the subperiod, excluding 2014–2019, inflation has a statistically significant positive impact on gold prices. We conclude that gold does provide a partial hedge against inflation as an investment tool, at least for the recent period. Furthermore, our analysis of Bitcoin's effect on gold prices starting in the second half of 2016 shows no statistically significant relationship.

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来源期刊
CiteScore
7.60
自引率
3.80%
发文量
130
审稿时长
26 days
期刊介绍: Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
期刊最新文献
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