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Testing Safe Haven Assets for Türkiye in the Covid-19 Period

Year 2024, Volume: 19 Issue: 1, 181 - 198, 01.04.2024
https://doi.org/10.17153/oguiibf.1336982

Abstract

The aim of this study is to examine whether the assets known as safe-haven assets during crises fulfill these qualities for equity investors in Turkey during the Covid-19 pandemic. According to the results obtained under the assumption of GJR-GARCH (1,1) error terms, no asset has shown safe-haven characteristics against the stock market. However, when the BIST100 index depreciates by 5%, Ethereum, silver and Government Bonds show strong safe-haven characteristics, US dollar and Euro show weak safe-haven characteristics. When the BIST100 index depreciates by 2.5%, Bitcoin, gold and DJIMTR show weak safe haven asset characteristics. If BIST100 depreciates by 1%, gold and Government Bonds show strong safe-haven characteristics, and Bitcoin, Ethereum, Silver, the US dollar and Euro show weak safe-haven characteristics.

References

  • Akhtar, S. & Jahromi, M. (2017), “Impact of the Global Financial Crisis on Islamic and Conventional Stocks and Bonds”, Accounting & Finance, 57(3), 623-655.
  • Akkoc, U., & Civcir, I. (2019), “Dynamic linkages between strategic commodities and stock market in Turkey: Evidence from SVAR-DCC-GARCH model”, Resources Policy, 62, 231-239.
  • Aysan, A. F., Khan, A. U. I., & Topuz, H. (2021), “Bitcoin and Altcoins Price Dependency: Resilience and Portfolio Allocation in COVID-19 Outbreak, Risks, 9(4), 74.
  • Baur, D. G., Dimpfl, T., & Kuck, K. (2018), “Bitcoin, Gold and the US dollar–A Replication and Extension”, Finance Research Letters, 25, 103-110.
  • Baur, D. G. & Lucey, B. M. (2010), “Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold, Financial Review, 45(2), 217-229.
  • Baur, D. G. & McDermott, T. K. (2016), “Why is Gold a Safe Haven?”, Journal of Behavioral and Experimental Finance, 10, 63-71.
  • Baur, D. G. & McDermott, T. K. (2010), “Is Gold a Safe Haven? International Evidence”, Journal of Banking & Finance, 34(8), 1886-1898.
  • Beckmann, E. & Scheiber, T. (2012), “Not So Trustworthy Anymore? The Euro as a Safe Haven Asset In Central, Eastern and Southeastern Europe”, Focus on European Economic Integration, (2), 65-71.
  • Bouoiyour, J., Selmi, R., & Wohar, M. E. (2019), “Safe Havens in the Face of Presidential Election Uncertainty: A Comparison Between Bitcoin, Oil and Precious Metals”, Applied Economics, 51(57), 6076-6088.
  • Bouri, E., Molnár, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017), “On the Hedge and Safe Haven Properties of Bitcoin: Is it Really More than a Diversifier?”, Finance Research Letters, 20, 192-198.
  • Capie, F., Mills, T. C., & Wood, G. (2005), “Gold as a Hedge Against the Dollar”, Journal of International Financial Markets, Institutions and Money, 15(4), 343-352.
  • Chan, K., Yang, J., & Zhou, Y. (2018), “Conditional co-skewness and safe-haven currencies: A regime switching approach”, Journal of Empirical Finance, 48, 58-80.
  • Cheema, M. A., Faff, R., & Szulczyk, K. R. (2022), “The 2008 Global Financial Crisis and COVID-19 Pandemic: How Safe are the Safe Haven Assets?”, International Review of Financial Analysis, 83, 102316, 1-13.
  • Cho, D. & Han, H. (2021), “The Tail Behavior of Safe Haven Currencies: A Cross-Quantilogram Analysis”, Journal of International Financial Markets, Institutions and Money, 70, 101257, 1-17.
  • Ciner, C., Gurdgiev, C. and Lucey, B. M. (2013), “Hedgesand safe havens : an examination of stocks, bonds,gold, oil and exchange rates”, International Review of Financial Analysis,29, 202–11. doi:10.1016/j.irfa.2012.12.001
  • Conlon, T. & McGee, R. (2020), “Safe Haven or Risky Hazard? Bitcoin During the COVID-19 Bear Market”, Finance Research Letters, 35, 101607, 1-5.
  • Corbet, S., Hou, Y. G., Hu, Y., Larkin, C., & Oxley, L.. (2020), “Any port in a storm: Cryptocurrency Safe-Havens During the COVID-19 Pandemic”, Economics Letters, 194, 109377.
  • Coudert, V. & Raymond, H. (2011), “Gold and financial assets: are there any safe havens in bear markets”, Economics Bulletin, 31(2), 1613-1622.
  • Disli, M., Nagayev, R., Salim, K., Rizkiah, S. K., & Aysan, A. F. (2021), “In Search of Safe Haven Assets During COVID-19 Pandemic: An Empirical Analysis of Different Investor Types”, Research in International Business and Finance, 58, 101461, 1-24.
  • Dyhrberg, A. H. (2016), “Hedging Capabilities of Bitcoin. Is it the Virtual Gold?”, Finance Research Letters, 16, 139-144.
  • Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019), “Sex, Drugs, and Bitcoin: How Much Illegal Activity is Financed Through Cryptocurrencies?”, The Review of Financial Studies, 32(5), 1798-1853.
  • Gencer, G., & Musoğlu, Z. (2014), “The Safe Haven Property of Gold in Turkish Financial Markets: An Investigation of the Global Financial Crisis”, Bogazici Journal: Review of Social, Economic & Administrative Studies, 28(2).
  • Grisse, C. & Nitschka, T. (2015), “On financial risk and the safe haven characteristics of Swiss franc exchange rates”, Journal of Empirical Finance, 32, 153-164.
  • Guesmi, K., Saadi, S., Abid, I., & Ftiti, Z. (2019), “Portfolio Diversification With Virtual Currency: Evidence From Bitcoin”, International Review of Financial Analysis, 63, 431-437.
  • Gürgün, G., & Ünalmış, İ. (2014). Is gold a safe haven against equity market investment in emerging and developing countries?. Finance Research Letters, 11(4), 341-348.
  • Habib, M.M. & Stracca, L. (2015), “Is there a global safe haven?”, International Finance, 18(3), 281-298.
  • Hasan, M. B., Hassan, M. K., Rashid, M. M., & Alhenawi, Y. (2021). Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?. Global Finance Journal, 50, 100668.
  • Hillier, D., Draper, P., & Faff, R. (2006), “Do Precious Metals Shine? An Investment Perspective” Financial Analysts Journal, 62(2), 98-106.
  • Hkiri, B., Hammoudeh, S., Aloui, C., & Yarovaya, L. (2017), “Are Islamic indexes a safe haven for investors? An analysis of total, directional and net volatility spillovers between conventional and Islamic indexes and importance of crisis periods”, Pacific-Basin Finance Journal, 43, 124-150.
  • Jaffe, J. F. (1989), “Gold and Gold Stocks as Investments for Institutional Portfolios”, Financial Analysts Journal, 45(2), 53-59.
  • Kassamany, T., Harb, E., & Baz, R. (2022), “Hedging and Safe Haven Properties of Ethereum: Evidence Around Crises”, Journal of Decision Systems, 1-19.
  • Kaul, A. & Sapp, S. (2006), “Y2K Fears and Safe Haven Trading of the US Dollar”, Journal of international money and finance, 25(5), 760-779.
  • Klein, T., Thu, H. P., & Walther, T. (2018), “Bitcoin is not the New Gold–A Comparison of Volatility, Correlation, and Portfolio Performance”, International Review of Financial Analysis, 59, 105-116.
  • Kopyl, K. A. & Lee, J. B. (2016), “How Safe are the Safe Haven Assets?”, Financial Markets and Portfolio Management, 30(4), 453-482.
  • Krondahl, E., & Lindahl O. (2012), “Perceptual Safe Havens: A Study of Gold, Oil, Palladium, Wheat, Bonds, USD, and Stocks”, Degree Project Master of Science in Business and Economics, School of Economics and Management, Department of Business Administration, Lund University.
  • Lee, K. S. (2017), “Safe‐Haven Currency: An Empirical Identification”, Review of International Economics, 25(4), 924-947.
  • Li, S., & Lucey, B. M. (2017), “Reassessing the role of precious metals as safe havens–What colour is your haven and why?”. Journal of Commodity Markets, 7, 1-14.
  • Liu, C. S., Chang, M. S., Wu, X., & Chui, C. M. (2016), “Hedges or safe havens—revisit the role of gold and USD against stock: a multivariate extended skew-t copula approach”, Quantitative Finance, 16(11), 1763-1789.
  • Lucey, B. M. & Li, S. (2015), “What Precious Metals Act as Safe Havens, and When? Some US Evidence”, Applied Economics Letters, 22(1), 35-45.
  • Mariana, C. D., Ekaputra, I. A., & Husodo, Z. A. (2021), “Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic?”, Finance research letters, 38, 101798.
  • McCown, J. R. & Zimmerman, J. (2006), “Is Gold A Zero-Beta Asset? Analysis Of The İnvestment Potential of Precious Metals”, Oklohoma City University- Meinders School of Business.
  • Nagayev, R. & Dinç,Y. (2018), “Güvenli Liman ve Hedge Aracı Olarak Altın: Türkiye Örneği”, İslam Ekonomisi ve Finansı Dergisi (İEFD), 4(1), 1-15.
  • Raheem, I. (2021), “COVID-19 pandemic and the safe haven property of Bitcoin”, The Quarterly Review of Economics and Finance, 81, 370-375.
  • Ranaldo, A. & Söderlind, P. (2007), “Safe Haven Currencies”, Review of Finance, 14(3), 385-407.
  • Robiyanto, R. (2018), “Gold vs bonds: What is the safe haven for the Indonesian and Malaysian capital market?”, Gadjah Mada International Journal of Business, 20(3), 277-302.
  • Scheiber, T., & Stix, H. (2009), “euroization in central, eastern and Southeastern europe–new evidence on its extent and Some evidence on its causes” (No. 159). Working Paper.
  • Serttaş, F. Ö. (2022), “Altın ve kripto paraların BİST100 Endeksi için hedge ve güvenli liman özellikleri: Covid-19 salgını etkileri”, Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(2), 622-635.
  • Shahzad, S. J. H., Bouri, E., Roubaud, D., & Kristoufek, L. (2020), “Safe Haven, Hedge and Diversification for G7 Stock Markets: Gold versus Bitcoin”, Economic Modelling, 87, 212-224.
  • Sherman, E. J. (1982), “Gold: A Conservative, Prudent Diversifier”, The Journal of Portfolio Management, 8(3), 21-27.
  • Smales, Lee A (2019), “Bitcoin as a Safe Haven: Is it Even Worth Considering?”, Finance Research Letters, 30, 385-393.
  • Stensås, A., Nygaard, M. F., Kyaw, K., & Treepongkaruna, S. (2019), “Can Bitcoin be a Diversifier, Hedge or Safe Haven Tool?”, Cogent Economics & Finance, 7(1), 1593072, 1-17.
  • Takasbank (2023), https://www.takasbank.com.tr/tr/istatistikler/pay-piyasasi-pp
  • Taleb, Nassim N. (2007), “The Black Swan: The Impact of the Highly Improbable”, Random House, New York. Todorova, V. (2020), “Safe haven currencies”, Economic Alternatives, 4, 579-591.
  • Tomak, S. (2013), “Altın Güvenli Liman Mı? Hisse Senetleri, DİBS, Döviz Kuru ve Altın Getirileri Arasındaki İlişkilerin Analizi”, Çağ Üniversitesi Sosyal Bilimler Dergisi, 10(1), 21-36.
  • Urquhart, A. & Zhang, H. (2019), “Is Bitcoin a Hedge or Safe Haven for Currencies? An intraday Analysis”, International Review of Financial Analysis, 63, 49-57.
  • Ustaoglu, E. (2022). Safe-haven properties and portfolio applications of cryptocurrencies: Evidence from the emerging markets. Finance Research Letters, 47, 102716.
  • Van Hoang, T. H., Lahiani, A., & Heller, D. (2016), “Is Gold a Hedge Against Inflation? New Evidence From a Nonlinear ARDL Approach”, Economic Modelling, 54, 54-66.
  • Welling, J. (2020),” S&P and Dow Jones Islamic Indices Continue Outperformance in Q1 2020”, https: //www.spglobal.com/en/research-insights/articles/sp-and-dow-jones-islamic-indices-continue-outperformance-in-q1-2020, 09.08.2022.
  • Wen, X., & Cheng, H. (2018), “Which is the safe haven for emerging stock markets, gold or the US dollar?”, Emerging Markets Review, 35, 69-90.
  • Yarovaya, L., Brzeszczyński, J., Goodell, J. W., Lucey, B., & Lau, C. K. M. (2022), “Rethinking financial contagion: information transmission mechanism during the COVID-19 pandemic”, Journal of International Financial Markets, Institutions and Money, 79, 101589.
  • Yermack, D. (2015), “Is Bitcoin a real currency? An economic appraisal”, Handbook of Digital Currency, In first Publishing (31-43), Academic Press.

Güvenli Liman Varlıkların Covid-19 Döneminde Türkiye İçin Test Edilmesi

Year 2024, Volume: 19 Issue: 1, 181 - 198, 01.04.2024
https://doi.org/10.17153/oguiibf.1336982

Abstract

Bu çalışmanın amacı krizler döneminde güvenli liman olarak bilinen varlıkların hisse senedi yatırımcıları açısından Covid-19 pandemi döneminde Türkiye’de bu vasıflarını yerine getirip getirmediklerini incelemektir. GJR-GARCH (1,1) hata terimleri varsayımı altında elde edilen sonuçlara göre hiçbir varlık, hisse senedi piyasası karşısında güvenli liman özelliği gösterememiştir. Fakat BİST100 endeksi %5 değer kaybettiği dönemlerde Ethereum, gümüş ve devlet tahvili güçlü düzeyde, ABD doları ve Euro ise zayıf düzeyde güvenli liman özelliği göstermiştir. Yine BİST100 %2,5 değer kaybettiğinde Bitcoin, altın ve DJIMTR zayıf düzeyde bu özelliği gösterirken, %1’lik değer kayıplarında ise altın ve devlet tahvili güçlü düzeyde, Bitcoin, Ethereum, gümüş, ABD doları ve Euro zayıf düzeyde güvenli liman özelliği göstermişlerdir.

References

  • Akhtar, S. & Jahromi, M. (2017), “Impact of the Global Financial Crisis on Islamic and Conventional Stocks and Bonds”, Accounting & Finance, 57(3), 623-655.
  • Akkoc, U., & Civcir, I. (2019), “Dynamic linkages between strategic commodities and stock market in Turkey: Evidence from SVAR-DCC-GARCH model”, Resources Policy, 62, 231-239.
  • Aysan, A. F., Khan, A. U. I., & Topuz, H. (2021), “Bitcoin and Altcoins Price Dependency: Resilience and Portfolio Allocation in COVID-19 Outbreak, Risks, 9(4), 74.
  • Baur, D. G., Dimpfl, T., & Kuck, K. (2018), “Bitcoin, Gold and the US dollar–A Replication and Extension”, Finance Research Letters, 25, 103-110.
  • Baur, D. G. & Lucey, B. M. (2010), “Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold, Financial Review, 45(2), 217-229.
  • Baur, D. G. & McDermott, T. K. (2016), “Why is Gold a Safe Haven?”, Journal of Behavioral and Experimental Finance, 10, 63-71.
  • Baur, D. G. & McDermott, T. K. (2010), “Is Gold a Safe Haven? International Evidence”, Journal of Banking & Finance, 34(8), 1886-1898.
  • Beckmann, E. & Scheiber, T. (2012), “Not So Trustworthy Anymore? The Euro as a Safe Haven Asset In Central, Eastern and Southeastern Europe”, Focus on European Economic Integration, (2), 65-71.
  • Bouoiyour, J., Selmi, R., & Wohar, M. E. (2019), “Safe Havens in the Face of Presidential Election Uncertainty: A Comparison Between Bitcoin, Oil and Precious Metals”, Applied Economics, 51(57), 6076-6088.
  • Bouri, E., Molnár, P., Azzi, G., Roubaud, D., & Hagfors, L. I. (2017), “On the Hedge and Safe Haven Properties of Bitcoin: Is it Really More than a Diversifier?”, Finance Research Letters, 20, 192-198.
  • Capie, F., Mills, T. C., & Wood, G. (2005), “Gold as a Hedge Against the Dollar”, Journal of International Financial Markets, Institutions and Money, 15(4), 343-352.
  • Chan, K., Yang, J., & Zhou, Y. (2018), “Conditional co-skewness and safe-haven currencies: A regime switching approach”, Journal of Empirical Finance, 48, 58-80.
  • Cheema, M. A., Faff, R., & Szulczyk, K. R. (2022), “The 2008 Global Financial Crisis and COVID-19 Pandemic: How Safe are the Safe Haven Assets?”, International Review of Financial Analysis, 83, 102316, 1-13.
  • Cho, D. & Han, H. (2021), “The Tail Behavior of Safe Haven Currencies: A Cross-Quantilogram Analysis”, Journal of International Financial Markets, Institutions and Money, 70, 101257, 1-17.
  • Ciner, C., Gurdgiev, C. and Lucey, B. M. (2013), “Hedgesand safe havens : an examination of stocks, bonds,gold, oil and exchange rates”, International Review of Financial Analysis,29, 202–11. doi:10.1016/j.irfa.2012.12.001
  • Conlon, T. & McGee, R. (2020), “Safe Haven or Risky Hazard? Bitcoin During the COVID-19 Bear Market”, Finance Research Letters, 35, 101607, 1-5.
  • Corbet, S., Hou, Y. G., Hu, Y., Larkin, C., & Oxley, L.. (2020), “Any port in a storm: Cryptocurrency Safe-Havens During the COVID-19 Pandemic”, Economics Letters, 194, 109377.
  • Coudert, V. & Raymond, H. (2011), “Gold and financial assets: are there any safe havens in bear markets”, Economics Bulletin, 31(2), 1613-1622.
  • Disli, M., Nagayev, R., Salim, K., Rizkiah, S. K., & Aysan, A. F. (2021), “In Search of Safe Haven Assets During COVID-19 Pandemic: An Empirical Analysis of Different Investor Types”, Research in International Business and Finance, 58, 101461, 1-24.
  • Dyhrberg, A. H. (2016), “Hedging Capabilities of Bitcoin. Is it the Virtual Gold?”, Finance Research Letters, 16, 139-144.
  • Foley, S., Karlsen, J. R., & Putniņš, T. J. (2019), “Sex, Drugs, and Bitcoin: How Much Illegal Activity is Financed Through Cryptocurrencies?”, The Review of Financial Studies, 32(5), 1798-1853.
  • Gencer, G., & Musoğlu, Z. (2014), “The Safe Haven Property of Gold in Turkish Financial Markets: An Investigation of the Global Financial Crisis”, Bogazici Journal: Review of Social, Economic & Administrative Studies, 28(2).
  • Grisse, C. & Nitschka, T. (2015), “On financial risk and the safe haven characteristics of Swiss franc exchange rates”, Journal of Empirical Finance, 32, 153-164.
  • Guesmi, K., Saadi, S., Abid, I., & Ftiti, Z. (2019), “Portfolio Diversification With Virtual Currency: Evidence From Bitcoin”, International Review of Financial Analysis, 63, 431-437.
  • Gürgün, G., & Ünalmış, İ. (2014). Is gold a safe haven against equity market investment in emerging and developing countries?. Finance Research Letters, 11(4), 341-348.
  • Habib, M.M. & Stracca, L. (2015), “Is there a global safe haven?”, International Finance, 18(3), 281-298.
  • Hasan, M. B., Hassan, M. K., Rashid, M. M., & Alhenawi, Y. (2021). Are safe haven assets really safe during the 2008 global financial crisis and COVID-19 pandemic?. Global Finance Journal, 50, 100668.
  • Hillier, D., Draper, P., & Faff, R. (2006), “Do Precious Metals Shine? An Investment Perspective” Financial Analysts Journal, 62(2), 98-106.
  • Hkiri, B., Hammoudeh, S., Aloui, C., & Yarovaya, L. (2017), “Are Islamic indexes a safe haven for investors? An analysis of total, directional and net volatility spillovers between conventional and Islamic indexes and importance of crisis periods”, Pacific-Basin Finance Journal, 43, 124-150.
  • Jaffe, J. F. (1989), “Gold and Gold Stocks as Investments for Institutional Portfolios”, Financial Analysts Journal, 45(2), 53-59.
  • Kassamany, T., Harb, E., & Baz, R. (2022), “Hedging and Safe Haven Properties of Ethereum: Evidence Around Crises”, Journal of Decision Systems, 1-19.
  • Kaul, A. & Sapp, S. (2006), “Y2K Fears and Safe Haven Trading of the US Dollar”, Journal of international money and finance, 25(5), 760-779.
  • Klein, T., Thu, H. P., & Walther, T. (2018), “Bitcoin is not the New Gold–A Comparison of Volatility, Correlation, and Portfolio Performance”, International Review of Financial Analysis, 59, 105-116.
  • Kopyl, K. A. & Lee, J. B. (2016), “How Safe are the Safe Haven Assets?”, Financial Markets and Portfolio Management, 30(4), 453-482.
  • Krondahl, E., & Lindahl O. (2012), “Perceptual Safe Havens: A Study of Gold, Oil, Palladium, Wheat, Bonds, USD, and Stocks”, Degree Project Master of Science in Business and Economics, School of Economics and Management, Department of Business Administration, Lund University.
  • Lee, K. S. (2017), “Safe‐Haven Currency: An Empirical Identification”, Review of International Economics, 25(4), 924-947.
  • Li, S., & Lucey, B. M. (2017), “Reassessing the role of precious metals as safe havens–What colour is your haven and why?”. Journal of Commodity Markets, 7, 1-14.
  • Liu, C. S., Chang, M. S., Wu, X., & Chui, C. M. (2016), “Hedges or safe havens—revisit the role of gold and USD against stock: a multivariate extended skew-t copula approach”, Quantitative Finance, 16(11), 1763-1789.
  • Lucey, B. M. & Li, S. (2015), “What Precious Metals Act as Safe Havens, and When? Some US Evidence”, Applied Economics Letters, 22(1), 35-45.
  • Mariana, C. D., Ekaputra, I. A., & Husodo, Z. A. (2021), “Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic?”, Finance research letters, 38, 101798.
  • McCown, J. R. & Zimmerman, J. (2006), “Is Gold A Zero-Beta Asset? Analysis Of The İnvestment Potential of Precious Metals”, Oklohoma City University- Meinders School of Business.
  • Nagayev, R. & Dinç,Y. (2018), “Güvenli Liman ve Hedge Aracı Olarak Altın: Türkiye Örneği”, İslam Ekonomisi ve Finansı Dergisi (İEFD), 4(1), 1-15.
  • Raheem, I. (2021), “COVID-19 pandemic and the safe haven property of Bitcoin”, The Quarterly Review of Economics and Finance, 81, 370-375.
  • Ranaldo, A. & Söderlind, P. (2007), “Safe Haven Currencies”, Review of Finance, 14(3), 385-407.
  • Robiyanto, R. (2018), “Gold vs bonds: What is the safe haven for the Indonesian and Malaysian capital market?”, Gadjah Mada International Journal of Business, 20(3), 277-302.
  • Scheiber, T., & Stix, H. (2009), “euroization in central, eastern and Southeastern europe–new evidence on its extent and Some evidence on its causes” (No. 159). Working Paper.
  • Serttaş, F. Ö. (2022), “Altın ve kripto paraların BİST100 Endeksi için hedge ve güvenli liman özellikleri: Covid-19 salgını etkileri”, Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(2), 622-635.
  • Shahzad, S. J. H., Bouri, E., Roubaud, D., & Kristoufek, L. (2020), “Safe Haven, Hedge and Diversification for G7 Stock Markets: Gold versus Bitcoin”, Economic Modelling, 87, 212-224.
  • Sherman, E. J. (1982), “Gold: A Conservative, Prudent Diversifier”, The Journal of Portfolio Management, 8(3), 21-27.
  • Smales, Lee A (2019), “Bitcoin as a Safe Haven: Is it Even Worth Considering?”, Finance Research Letters, 30, 385-393.
  • Stensås, A., Nygaard, M. F., Kyaw, K., & Treepongkaruna, S. (2019), “Can Bitcoin be a Diversifier, Hedge or Safe Haven Tool?”, Cogent Economics & Finance, 7(1), 1593072, 1-17.
  • Takasbank (2023), https://www.takasbank.com.tr/tr/istatistikler/pay-piyasasi-pp
  • Taleb, Nassim N. (2007), “The Black Swan: The Impact of the Highly Improbable”, Random House, New York. Todorova, V. (2020), “Safe haven currencies”, Economic Alternatives, 4, 579-591.
  • Tomak, S. (2013), “Altın Güvenli Liman Mı? Hisse Senetleri, DİBS, Döviz Kuru ve Altın Getirileri Arasındaki İlişkilerin Analizi”, Çağ Üniversitesi Sosyal Bilimler Dergisi, 10(1), 21-36.
  • Urquhart, A. & Zhang, H. (2019), “Is Bitcoin a Hedge or Safe Haven for Currencies? An intraday Analysis”, International Review of Financial Analysis, 63, 49-57.
  • Ustaoglu, E. (2022). Safe-haven properties and portfolio applications of cryptocurrencies: Evidence from the emerging markets. Finance Research Letters, 47, 102716.
  • Van Hoang, T. H., Lahiani, A., & Heller, D. (2016), “Is Gold a Hedge Against Inflation? New Evidence From a Nonlinear ARDL Approach”, Economic Modelling, 54, 54-66.
  • Welling, J. (2020),” S&P and Dow Jones Islamic Indices Continue Outperformance in Q1 2020”, https: //www.spglobal.com/en/research-insights/articles/sp-and-dow-jones-islamic-indices-continue-outperformance-in-q1-2020, 09.08.2022.
  • Wen, X., & Cheng, H. (2018), “Which is the safe haven for emerging stock markets, gold or the US dollar?”, Emerging Markets Review, 35, 69-90.
  • Yarovaya, L., Brzeszczyński, J., Goodell, J. W., Lucey, B., & Lau, C. K. M. (2022), “Rethinking financial contagion: information transmission mechanism during the COVID-19 pandemic”, Journal of International Financial Markets, Institutions and Money, 79, 101589.
  • Yermack, D. (2015), “Is Bitcoin a real currency? An economic appraisal”, Handbook of Digital Currency, In first Publishing (31-43), Academic Press.
There are 61 citations in total.

Details

Primary Language English
Subjects International Finance, Finance
Journal Section Articles
Authors

Erhan Daştan 0000-0001-7498-8910

Hüseyin Dagli 0000-0002-2416-9340

Publication Date April 1, 2024
Submission Date August 3, 2023
Published in Issue Year 2024 Volume: 19 Issue: 1

Cite

APA Daştan, E., & Dagli, H. (2024). Testing Safe Haven Assets for Türkiye in the Covid-19 Period. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 19(1), 181-198. https://doi.org/10.17153/oguiibf.1336982