The hedge or safe haven property of gold, cryptocurrency, and clean energy of China and US economies against the changes in oil prices: Evidence from ARDL approach

Abstract

Using the ARDL technique, this article examines the hedging or safe haven property of gold to oil prices, cryptocurrency, and clean energy in the US and China monthly data from 2013-2018. The findings demonstrate that there are connections between oil, bitcoin, gold, and renewable energy that are both short- and long-term. The investors benefit from this relationship when making hedging decisions. Nonetheless, a negative connection exists between Bitcoin and gold, indicating that the latter might serve as a safe haven for investments. The contradictory findings between the Bound test and the ECM underscore the complexities of analyzing relationships among variables, which might be due to the small sample size. However, legislative support for renewable energy and the choice of technology may be influenced by the effectiveness of clean energy stock markets in the US and China, which can then affect the development of clean energy technology.