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Did COVID-19 change spillover patterns between Fintech and other asset classes?

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.

SUBMITTER: Le LT

PROVIDER: S-EPMC8427904 | biostudies-literature | 2021 Dec

REPOSITORIES: biostudies-literature

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Did COVID-19 change spillover patterns between Fintech and other asset classes?

Le Lan-Tn LT Yarovaya Larisa L Nasir Muhammad Ali MA

Research in international business and finance 20210528

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 t ...[more]

PMID: 34518714

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