The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?

We compare the performance of safe-haven assets during the Global Financial Crisis (GFC) and COVID-19 pandemic. First, regarding the GFC, we find, intermediate (weak) safe haven evidence for US dollar, Swiss franc and T-bonds (Gold, Silver and T-bills). Second, with regard to COVID, we find gold is...

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Detalles Bibliográficos
Autores principales: Cheema, Muhammad A., Faff, Robert, Szulczyk, Kenneth R.
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier Inc. 2022
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9329144/
https://www.ncbi.nlm.nih.gov/pubmed/36536650
http://dx.doi.org/10.1016/j.irfa.2022.102316
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author Cheema, Muhammad A.
Faff, Robert
Szulczyk, Kenneth R.
author_facet Cheema, Muhammad A.
Faff, Robert
Szulczyk, Kenneth R.
author_sort Cheema, Muhammad A.
collection PubMed
description We compare the performance of safe-haven assets during the Global Financial Crisis (GFC) and COVID-19 pandemic. First, regarding the GFC, we find, intermediate (weak) safe haven evidence for US dollar, Swiss franc and T-bonds (Gold, Silver and T-bills). Second, with regard to COVID, we find gold is very risky in some settings, while silver has become extremely risky. Collectively, our findings suggest that the character of safe-haven assets has changed between the crises. Therefore, investors should exercise extreme care when investing in potential safe-haven assets during times of market stress.
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spelling pubmed-93291442022-07-28 The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets? Cheema, Muhammad A. Faff, Robert Szulczyk, Kenneth R. Int Rev Financ Anal Article We compare the performance of safe-haven assets during the Global Financial Crisis (GFC) and COVID-19 pandemic. First, regarding the GFC, we find, intermediate (weak) safe haven evidence for US dollar, Swiss franc and T-bonds (Gold, Silver and T-bills). Second, with regard to COVID, we find gold is very risky in some settings, while silver has become extremely risky. Collectively, our findings suggest that the character of safe-haven assets has changed between the crises. Therefore, investors should exercise extreme care when investing in potential safe-haven assets during times of market stress. Elsevier Inc. 2022-10 2022-07-28 /pmc/articles/PMC9329144/ /pubmed/36536650 http://dx.doi.org/10.1016/j.irfa.2022.102316 Text en © 2022 Elsevier Inc. All rights reserved. Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.
spellingShingle Article
Cheema, Muhammad A.
Faff, Robert
Szulczyk, Kenneth R.
The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?
title The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?
title_full The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?
title_fullStr The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?
title_full_unstemmed The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?
title_short The 2008 global financial crisis and COVID-19 pandemic: How safe are the safe haven assets?
title_sort 2008 global financial crisis and covid-19 pandemic: how safe are the safe haven assets?
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9329144/
https://www.ncbi.nlm.nih.gov/pubmed/36536650
http://dx.doi.org/10.1016/j.irfa.2022.102316
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