Revisiting the roles of gold: Does gold ETF matter?
學年 109
學期 1
出版（發表）日期 2020-11-01
作品名稱 Revisiting the roles of gold: Does gold ETF matter?
作品名稱（其他語言）
著者 Wan-Hsiu Cheng; Chun-Da Chen; Hsiao-Pin Lai
單位
出版者
著錄名稱、卷期、頁數 The North American Journal of Economics and Finance 54, 100891
摘要 This study investigates whether the role of gold changes due to the introduction of gold exchange-traded funds (ETFs) using sample data of seven countries in which physically-backed gold ETFs have been issued. The results show that the traditional roles of gold do change after the introduction of gold ETFs, particularly in the corresponding stock markets. The functions of hedge and safe haven provided by gold wear off during the post-ETF period in stock markets. In currency markets, however, gold still serves as a hedge and safe haven asset, and such effects become stronger during the post-ETF period. Moreover, gold ETFs play a role of relative strong safe haven than the physical gold does while the leading (lagged) stock returns extremely decline. Like the purposes of using physical gold assets, gold ETFs also provide hedge and safe haven effects to the exchange rate risks. Therefore, we might confirm that physical gold could be largely replaced by gold ETFs and investors could utilize gold ETFs to avoid potential risks in financial markets.
關鍵字 Hedging;Safe haven;Gold;Gold ETF
語言 en_US
ISSN
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 TWN
公開徵稿
出版型式 ,電子版
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