Can Cryptocurrency, Gold and Bonds Play a Role as a Safe Haven for the Indonesian Capital Market?
| Main Authors: | Hartono, Paulus, Robiyanto, Robiyanto |
|---|---|
| Format: | Article info Book application/pdf eJournal |
| Bahasa: | eng |
| Terbitan: |
Universitas Udayana
, 2021
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| Online Access: |
https://ojs.unud.ac.id/index.php/jekt/article/view/60856 https://ojs.unud.ac.id/index.php/jekt/article/view/60856/38611 |
Daftar Isi:
- The purpose of this research to test the cryptocurrency, gold and bonds as safe haven assets to Indonesian capital market. The data used in this study is the daily closing data of cryptocurrency, gold (GOLDIDR) and the Indonesian Government Bond Index (IGBI) during the period on August 2015 to December 2018 obtained from Investing, Yahoo Finance, and Spindices. The analysis of the data is used Ordinary Least Square (OLS) and Quantile Regression (QREG). The results found that ethereum can be a safe haven. While bitcoin, ripple, gold, and the Indonesian Government Bond Index (IGBI) cannot be a safe haven for the Indonesian capital market.
- Penelitian ini bertujuan menguji potensi cryptocurrency, emas dan obligasi sebagai safe haven terhadap pasar modal Indonesia. Data yang dipergunakan dalam penelitian ini adalah data penutupan harian cryptocurrency, emas (GOLDIDR) dan Indonesia Government Bond Index (IGBI) selama periode Agustus 2015 hingga Desember 2018 yang diperoleh dari Investing, Yahoo Finance, dan Spindices. Analisis data menggunakan Ordinary Least Square (OLS) dan Quantile Regression (QREG). Hasil penelitian menemukan bahwa ethereum dapat menjadi safe haven. Sementara bitcoin, ripple, emas, dan Indonesia Government Bond Index (IGBI) tidak dapat menjadi safe haven bagi pasar modal Indonesia.