Title
Gold as a hedge against inflation : the Vietnamese case Gold as a hedge against inflation : the Vietnamese case
Author
Faculty/Department
Faculty of Applied Economics
Publication type
conferenceObject
Publication
Subject
Economics
Source (journal)
Procedia Economics and Finance
Volume/pages
5(2013) , p. 502-511
ISSN
2212-5671
ISI
000343803500056
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
We investigate the inflation-hedging properties of gold in Vietnam, reaching formidable records in 1980s-1990s. Consistent with conventional belief, we find that gold provides a complete hedge against both the ex post and ex ante inflation. In addition, its return is positively related to unexpected inflation, although the statistical evidence does not strongly support this. However, in general, we cannot reject that gold does provide a complete hedge against inflation. Furthermore, our findings support the Fisher hypothesis that nominal gold returns move in a one-for-one correspondence with expected inflation. The study has implications for both investors and government.
Full text (open access)
https://repository.uantwerpen.be/docman/irua/33fb27/5246.pdf
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