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Investigating the Impact of the Dollar Index and Gold Return Rate on Bitcoin Price: Non-linear and Asymmetric Analysis | ||
| International Journal of Business and Development Studies | ||
| دوره 15، شماره 1، خرداد 2023، صفحه 5-23 اصل مقاله (654.89 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22111/ijbds.2023.46486.2054 | ||
| نویسندگان | ||
| Masoud Mohammadi1؛ MohammadReza Farzin* 2؛ Shamseddin Hosseini3؛ Teymour Mohammadi3 | ||
| 1Department of Management and Economics, Science and Research Branch, Islamic Azad University, Tehran, Iran. | ||
| 2Department of management, Allameh Tabataba'i University, Tehran, Iran, Corresponding Author, Email: b_farzin@yahoo.com. | ||
| 3Department of Economics, Allameh Tabataba'i University, Tehran, Iran. | ||
| چکیده | ||
| Over the past few years, Bitcoin's price has fluctuated significantly, making it a hot topic in finance research. Numerous studies have been conducted to determine whether Bitcoin is a reliable currency. This study aims to investigate how the Dollar Index and Gold Return Rate affect Bitcoin's price, using a non-linear approach with the NARDL method. The findings show that the Gold Return Rate (G) and Dollar Index Return Rate significantly negatively impact Bitcoin's return. Additionally, based on non-linear and asymmetric tests, the assumption of symmetry in the results for all variables, except nominal interest rate and commodity index return, is rejected. This indicates that the impact of the Gold Return Rate, nominal interest rate, fluctuations in the US stock market, and oil price return is asymmetric. These results confirm the non-linear nature of these relationships. They also demonstrate that Bitcoin's return has been able to protect itself to a certain degree against the US dollar or some other investments. | ||
| کلیدواژهها | ||
| Dollar Index؛ Gold Return Rate؛ Bitcoin.Nardl | ||
| مراجع | ||
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