| dc.description.abstract | Many people believe that gold is an essential asset in investors' portfolios. It
is said to be a hedge, a diversifier, or a safe haven for financial investment
because of its negative correlation with the stock market. There is an argument
that this characteristic is only applied for the developed stock market, not the
emerging stock market. This research aims to examine this controversy, mainly
focus on Asia's stock market environment during the 2008-2020 period,
following Econometric Model, and using the GARCH (1,1) model and Maximum
Likelihood estimation. Additionally, this paper classifies weak or strong qualities
of gold as a hedge or a haven. The paper shows that gold loses its safe-haven
figure in the emerging stock market. Specifically, I conduct research in five stock
markets - Korea, India, Thailand, Taiwan, and Emerging Market, only Korean
investors consider gold as a strong hedge and safe haven method. The others have
no response. | en_US |
