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AuthorMaouchi, Youcef
AuthorFakhfekh, Mohamed
AuthorCharfeddine, Lanouar
AuthorJeribi, Ahmed
Available date2024-03-11T10:53:38Z
Publication Date2024-01-04
Publication NameApplied Economics
Identifierhttp://dx.doi.org/10.1080/00036846.2023.2299217
CitationMaouchi, Y., Fakhfekh, M., Charfeddine, L., & Jeribi, A. (2024). Is digital gold a hedge, safe haven, or diversifier? An analysis of cryptocurrencies, DeFi tokens, and NFTs. Applied Economics, 1-16.
ISSN0003-6846
URIhttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85181500560&origin=inward
URIhttp://hdl.handle.net/10576/52921
AbstractThe crypto assets market is growing rapidly, exposing investors to new risks. As a result, finding viable candidates to hedge and diversify crypto portfolios is a critical and timely topic. In this paper, we explore the potential of gold-backed cryptocurrencies as safe haven assets in the context of building a diversified digital assets portfolio. Empirically, we investigate the financial properties (diversification, safe haven, and hedging capabilities) of two gold-backed cryptocurrencies against the three main digital assets categories, i.e. traditional cryptocurrencies, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) tokens, considering major external and internal crises. We also estimate the hedge ratios and the hedging effectiveness of the considered pairs. Overall, our findings indicate that the examined gold-backed cryptocurrencies are good diversifiers, with varying hedging, and safe haven properties depending on the nature of the crises, such as the COVID-19 pandemic and the Russia–Ukraine War, as well as the digital asset category considered. Several financial implications for investors and policymakers are proposed and discussed.
Languageen
PublisherTaylor & Francis
Subjectcryptocurrency
Digital gold
diversification
hedging
safe haven
TitleIs digital gold a hedge, safe haven, or diversifier? An analysis of cryptocurrencies, DeFi tokens, and NFTs
TypeArticle
Pagination1-16
ESSN1466-4283
dc.accessType Full Text


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