Le, L-T, Yarovaya, L and Nasir, MA orcid.org/0000-0003-2779-5854 (2021) Did COVID-19 change spillover patterns between Fintech and other asset classes? Research in International Business and Finance, 58. 101441. ISSN 0275-5319
Abstract
This study examines the spillover effect between financial technology (Fintech) stocks and other financial assets (gold, Bitcoin, a global equity index, crude oil, and the US Dollar) during the COVID-19 crisis. Employing daily data from June 2019 to August 2020, our empirical analysis shows that the outbreak of COVID-19 exacerbated volatility transmission across asset classes, while subsequent decreases in new confirmed cases globally reduced the intensity of these spillovers. The evidence for the USD and gold supports their safe haven properties during catastrophic events, while innovative technology products as represented by a financial technology index (KFTX) and Bitcoin were highly susceptible to external shocks. These results show that when push comes to shove, the buck stops with the USD and gold and that the exorbitant privilege enjoyed by the USD prevailed during the COVID-19 pandemic.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2021 Elsevier B.V. All rights reserved. This is an author produced version of an article, published in Research in International Business and Finance. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Fintech; KFTX; Bitcoin; Global equity index; Oil; Forex; COVID-19 |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 16 May 2022 11:20 |
Last Modified: | 28 Nov 2022 01:13 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.ribaf.2021.101441 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:186852 |