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Is gold the best hedge and a safe haven under changing stock market volatility?
Hood, Matthew; Malik, Farooq - In: Review of Financial Economics 22 (2013) 2, pp. 47-52
We evaluate the role of gold and other precious metals relative to volatility (Volatility Index (VIX)) as a hedge … from the US stock market. Using daily data from November 1995 to November 2010, we find that gold, unlike other precious … and a strong safe haven during our sample period. We also find that in periods of extremely low or high volatility, gold …
Persistent link: https://www.econbiz.de/10010875040
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Monetary Instability, Lack of Integration and the Curse of a Commodity Money Standard. The German Lands, c.1400–1900 A. D.
Rössner, Philipp Robinson - In: Credit and Capital Markets 47 (2014) 2, pp. 297-340
Currency debasement, defined as a loss of precious metal content (intrinsic value) of the circulating penny currencies over time, was a common feature in the monetary history of Europe, c. 1400–1900. Over the centuries the loss rate was sustained; between 1400 and 1900 A. D. the (south) German...
Persistent link: https://www.econbiz.de/10010927989
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An examination of Australian gold mining firms’ exposure over the collapse of gold price in the late 1990s
Fang, Victor; Lin, Chien-Ting; Poon, Warren - In: Accounting Research Journal 15 (2007) June, pp. 37-49
important and consistent relationship that we find is the impact of firms’ hedging behavior on their respective gold betas. This … less sensitive to movements in gold prices. The finding therefore supports the risk management theory that hedging …Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile …
Persistent link: https://www.econbiz.de/10009643241
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An examination of Australian gold mining firms’ exposure over the collapse of gold price in the late 1990s
Fang, Victor; Lin, Chien-Ting; Poon, Warren - In: International Journal of Accounting and Information … 12 (2007) June, pp. 37-49
important and consistent relationship that we find is the impact of firms’ hedging behavior on their respective gold betas. This … less sensitive to movements in gold prices. The finding therefore supports the risk management theory that hedging …Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile …
Persistent link: https://www.econbiz.de/10008671896
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Gold and exchange rates: Downside risk and hedging at different investment horizons
Reboredo, Juan C.; Rivera-Castro, Miguel A. - In: International Review of Economics & Finance 34 (2014) C, pp. 267-279
This paper assesses the hedging and downside risk benefits of using gold for currency risk management at different … confirms the usefulness of gold in currency hedging and downside risk management at different investment horizons, even though … investment horizons. Using wavelet multi-resolution analysis, we characterized market interdependence between gold and exchange …
Persistent link: https://www.econbiz.de/10011077050
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Warfare, Liquidity Crises, and Coinage Debasements in Burgundian Flanders, 1384 - 1482: Monetary or Fiscal Remedies?
Munro, John H. - University of Toronto, Department of Economics - 2009
benefitting from asymmetric information, were able to spend their new coins before their gains were eroded by inflation. This …, of either the gold or silver coinages, from 1497 to 1686. But they had the luxury of alternative revenues from taxes on …
Persistent link: https://www.econbiz.de/10005248395
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Money, Inflation and the Crisis
Loranger, J.G. - Département de Sciences Économiques, Université de … - 1981
Persistent link: https://www.econbiz.de/10005353387
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The International Monetary System in the (Very) Long Run
Sussman, Nathan; Eichengreen, Barry J. - International Monetary Fund (IMF) - 2000
This paper takes stock of the evolution of the international monetary system over the last thousand years. Several points stand out from the analysis. One is the reluctance of governments to embrace radical changes in international monetary relations. Another is the conflict between external and...
Persistent link: https://www.econbiz.de/10005264089
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The Coinages and Monetary Policies of Henry VIII (r. 1509-1547): Contrasts between Defensive and Aggressive Debasements
Munro, John H. - University of Toronto, Department of Economics - 2010
monetary in their motivations). Finally, this study also presents proof that the extent of inflation during the Great … Debasement (1542-1553) was less than that anticipated by monetary formulae, so that inflation did not nullify the merchants …
Persistent link: https://www.econbiz.de/10008742964
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Gold and Oil Futures Markets: Are Markets Efficient?
Narayan, Paresh Kumar; Narayan, Seema; Zheng, Xinwei - Deakin University, Faculty of Business and Law, School … - 2010
against inflation. We test for the long-run relationship between gold and oil futures prices at different maturity and unravel … evidence of cointegration. This implies that: (a) investors use the gold market as a hedge against inflation, and (b) the oil …In this paper we examine the long-run relationship between gold and oil spot and futures markets. We draw on the …
Persistent link: https://www.econbiz.de/10008460991