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Are Gold and Bitcoin a Safe Haven for European Indices?

Author

Listed:
  • Nikola Fabris

    (Central Bank of Montenegro and University of Belgrade, Faculty of Economics and Business, Belgrade, Serbia)

  • Milutin Ješić

    (University of Belgrade, Faculty of Economics and Business, Belgrade, Serbia)

Abstract

Numerous turbulent events in the recent past have raised the issue of an asset that could play the role of safe haven. Although for many years it was considered that gold has the role of a safe haven, an increasing number of recent works challenge such a point of view. The emergence of cryptocurrencies after the Global financial crisis has opened up numerous questions, one of them being whether cryptocurrencies, as an asset (money) independent of governments, can play the role of safe haven. Therefore, the paper examines whether gold and bitcoin, the latter as the best representative of cryptocurrencies, can play the role of safe haven in relation to European indices. In the paper, this hypothesis was confirmed for gold and rejected for bitcoin.

Suggested Citation

  • Nikola Fabris & Milutin Ješić, 2023. "Are Gold and Bitcoin a Safe Haven for European Indices?," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 12(1), pages 27-44.
    • Handle: RePEc:cbk:journl:v:12:y:2023:i:1:p:27-44
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    File URL: http://www.cbcg.me/repec/cbk/journl/vol12no1-2.pdf
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    Citations

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    Cited by:

    1. Álvaro Hernández Sánchez & Beatriz María Sastre-Hernández & Javier Jorge-Vazquez & Sergio Luis Náñez Alonso, 2024. "Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence," Economies, MDPI, vol. 12(3), pages 1-25, March.
    2. Sergio Luis Náñez Alonso & Javier Jorge-Vázquez & Miguel Ángel Echarte Fernández & David Sanz-Bas, 2024. "Bitcoin’s bubbly behaviors: does it resemble other financial bubbles of the past?," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.

    More about this item

    Keywords

    Safe Haven; Gold; Bitcoin; European indices.;
    All these keywords.

    JEL classification:

    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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