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Commodity dynamism in the COVID-19 crisis: Are gold, oil, and stock commodity prices, symmetrical? | LitMetric

AI Article Synopsis

  • - The research investigates the connection between commodity prices (specifically gold and oil) and stock prices in Asian economies during the COVID-19 crisis, using DCC-GARCH modeling techniques.
  • - Findings show a strong relationship between gold and stock prices, as well as oil prices across all studied Asian markets, with the influence growing over time and lower frequency months playing a significant role.
  • - The study highlights the importance of these commodity-price influences for policy-making and mitigating economic uncertainty, noting that internal markets of the nations were closely linked, particularly in India and China.

Article Abstract

The current research intends to examine the commodities' dynamism connection with stock prices under the COVID-19 crisis. DCC-GARCH modeling was applied to the data of Asian economies, including China, India, Sri Lanka, Bangladesh, and Pakistan to achieve the study objectives. The study's results indicated a significant connection between gold prices with stock prices and oil prices for all Asian stock markets. The results of the study constructs were symmetrical. In general, the connection grows with the frequency. The lowest frequency months contributed the most to the total relationship, followed by more than 12 months. Overall, gold and oil prices influence the Asian stock markets. These research findings can avoid contagion in times of economic uncertainty. This study also suggested policy implications for better decision-making of key stakeholders. Dynamic coefficient values were about 0.8 of β2 because nations' internal markets were more closely linked. There are also dynamic relationship factors between crude oil and foreign currency markets, where the correlations in India and China have always been around 0.

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Source
http://www.ncbi.nlm.nih.gov/pmc/articles/PMC9515350PMC
http://dx.doi.org/10.1016/j.resourpol.2022.103033DOI Listing

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