The impact of digital finance on the natural resource market: Evidence from DeFi, oil, and gold

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dc.authoridBuğan, Mehmet Fatih/0000-0001-9027-9532
dc.authoridDestek, Mehmet Akif/0000-0002-2514-9405
dc.authoridCevik, Emrah Ismail/0000-0002-8155-1597
dc.authorwosidBuğan, Mehmet Fatih/L-5579-2019
dc.authorwosidDestek, Mehmet Akif/AAG-4936-2020
dc.contributor.authorÇevik, Emrah İsmail
dc.contributor.authorGünay, Samet
dc.contributor.authorZafar, Muhammad Wasif
dc.contributor.authorDestek, Mehmet Akif
dc.contributor.authorBuğan, Mehmet Fatih
dc.contributor.authorTuna, Fatih
dc.date.accessioned2023-05-06T17:19:32Z
dc.date.available2023-05-06T17:19:32Z
dc.date.issued2022
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, Siyaset Bilimi ve Kamu Yönetimi Bölümü
dc.description.abstractThe purpose of this study is to examine the interconnectedness between DeFi and natural resource assets in terms of return and volatility spillovers, as well as the effectiveness of hedging, utilizing the time and frequency domain causality test and the cross-quantilogram approach. To this end, we take into account the ChainLink (LINK) and Maker (MKR) prices for the DeFi market and use crude oil (WTI) and gold prices as proxies for the natural resources market. For this purpose, we observe the daily period from March 14, 2018, to August 15, 2022, in order to evaluate the portfolio diversification benefits during the Covid-19 epidemic. The findings from the time and frequency domain causality test reveal that the price and risk structure of natural resources such as crude oil and gold are influenced by digital finance instruments, particularly during times of crisis. Moreover, the results of the cross-quantilogram approach indicate that the significant cross-correlations between DeFi tokens and natural resource markets during bearish market periods are generally negative therefore DeFi tokens can provide effective hedging for gold and crude oil investors.
dc.identifier.doi10.1016/j.resourpol.2022.103081
dc.identifier.issn0301-4207
dc.identifier.issn1873-7641
dc.identifier.scopus2-s2.0-85140804834
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1016/j.resourpol.2022.103081
dc.identifier.urihttps://hdl.handle.net/20.500.11776/11842
dc.identifier.volume79
dc.identifier.wosWOS:000880090400004
dc.identifier.wosqualityQ1
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorÇevik, Emrah İsmail
dc.institutionauthorTuna, Fatih
dc.language.isoen
dc.publisherElsevier Sci Ltd
dc.relation.ispartofResources Policy
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectDigital finance
dc.subjectDeFi tokens
dc.subjectOil
dc.subjectGold
dc.subjectPortfolio diversification
dc.subjectPrice Fluctuations
dc.subjectStock Markets
dc.subjectVolatility
dc.subjectBitcoin
dc.subjectCryptocurrencies
dc.subjectDecentralization
dc.subjectDependence
dc.subjectMovements
dc.subjectReturns
dc.subjectEnergy
dc.titleThe impact of digital finance on the natural resource market: Evidence from DeFi, oil, and gold
dc.typeArticle

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