Natural log price and returns of the 30 international indices (IMAGE)
Caption
It reports the changes in log prices and returns of 30 international indices over the sample period. From the figure, it is evident that the volatility in both prices and returns remains significant across these indices. In particular, some indices exhibit high-frequency, sharp fluctuations in returns, indicating considerable market volatility during the study period and reflecting the uncertainty and fragility of global financial markets. Against this backdrop of market turbulence, exploring whether stablecoins can serve as a hedge or safe haven for these international indices becomes especially relevant. The unique characteristics of stablecoins may provide investors with a means to maintain asset stability during periods of global market instability, which has practical significance for mitigating market risk and achieving portfolio resilience.
Credit
Congcong Bo and Xiao Li (Nankai University, China) Youwei Li (University of Hull, UK) Xinning Liang (ianjin University, China)
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