Is Gold Investment An Effective Hedge Against Inflation and Us Dollar? Evidence From Turkey

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dc.contributor.authorSaraç, Mehmet
dc.contributor.authorZeren, Feyyaz
dc.date.accessioned2022-05-11T14:33:37Z
dc.date.available2022-05-11T14:33:37Z
dc.date.issued2014
dc.departmentFakülteler, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümü
dc.description.abstractGold is regarded as safe haven for most investors due to its stable movement over the long run. This paper examines whether gold is an effective hedge instrument against the inflation and the currency risk of Turkish Lira against U.S. Dollar using the monthly data from February 1986 to June 2013. We in this study employ new generation Kapetanios (2005) unit root and Maki (2012) cointegration tests allowing unknown number of breaks that are determined endogenously. This method is regarded as superior to previous cointegration tests because it considers all economic crises over the long run and all developments that cause the radical changes in the economy. Our findings show that gold is indeed an effective investment tool to hedge against the risks of inflation and currency risks. We therefore conclude that it is always rational to include gold for a well-diversified portfolio.
dc.identifier.endpage330
dc.identifier.issn0424-267X
dc.identifier.issn1842-3264
dc.identifier.issue4en_US
dc.identifier.startpage319
dc.identifier.urihttps://hdl.handle.net/20.500.11776/7835
dc.identifier.volume48
dc.identifier.wosWOS:000346684700019
dc.identifier.wosqualityQ4
dc.indekslendigikaynakWeb of Science
dc.institutionauthorZeren, Feyyaz
dc.language.isoen
dc.publisherAcad Economic Studies
dc.relation.ispartofEconomic Computation and Economic Cybernetics Studies and Research
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectGold
dc.subjectInflation Risk
dc.subjectCurrency Risk
dc.subjectHedging
dc.subjectPortfolio
dc.subjectCointegration
dc.subjectRegime-Shifts
dc.subjectTime-Series
dc.subjectSafe Haven
dc.subjectUnit-Root
dc.subjectCointegration
dc.subjectStocks
dc.subjectTests
dc.subjectBonds
dc.titleIs Gold Investment An Effective Hedge Against Inflation and Us Dollar? Evidence From Turkey
dc.typeArticle

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