consistently inverse, suggesting that gold and the U.S. dollar are risk-hedging substitutes for normal market periods. This also … implies that gold is a safe-haven asset against the U.S. dollar exchange rate risk against a broad range of currencies. The …We examine the relationship between gold prices and the U.S. dollar exchange rate, arguing that their interactions are …

positions in foreign currencies. In periods of increased economic uncertainty, institutional investors hedge their international … bond positions, which creates a net hedging demand for dollar assets that depreciates USD rates in both the forward and …-nomic uncertainty and the US net foreign bond position in various currencies. Based on a parsimonious VAR model, we find that changes in …

positions in foreign currencies. In periods of increased economic uncertainty, institutional investors hedge their international … bond positions, which creates a net hedging demand for dollar assets that depreciates USD rates in both the forward and … uncertainty and the US net foreign bond position in various currencies. Based on a parsimonious VAR model, we find that changes in …

currency in the long run; second, gold is unable to hedge against the risk of the exchange rate when considering dynamic … error correction model for testing the hypothesis of dynamic hedging characteristics of gold on exchange rate. As the … existing literature has never considered that the foreign exchange risk hedged by gold is dynamic, this study can fill the …

In light of the recent discussion regarding the measurement of uncertainty and its impact on economic activity, this … paper derives forward-looking measures of uncertainty and directional expectations for the CHF/EUR exchange rate based on … over-the-counter option data and analyses its impact on exports. First, risk-neutral option-implied probability density …

countries. Regarding the volatility spillovers, such spillovers from bond returns to those of stocks are stronger than the other … spillovers mostly run from stocks to bonds and exhibit a time-varying pattern over all three stages of the crisis in most … results show that by considering time-varying return and volatility spillovers when calculating the risk-minimising portfolio …

The paper examines the effect of exchange rate risk on the conditional relationship between beta risk and return in … against exchange rate risk. However, when this risk is controlled and hedged with forward contracts, theconditional … relationship between beta risk and return appears asymmetric and presents a lower beta risk premium than the one takes place under …

and therefore allows to test whether gold acts as a hedge for stocks, the other one accounts for periods characterized by …This study deals with the issue whether gold actually exhibits the function of a hedge or a safe haven as often … extreme market conditions where the volatility of the stock returns is high. The latter state enables us to test whether gold …

cryptocurrencies can be a useful tool for investors to diversify and hedge when required in the case of the US markets. …