Connectedness between travel & tourism tokens, tourism equity, and other assets

Imran Yousaf, Afsheen Abrar and John W. Goodell

Finance Research Letters, 2023, vol. 53, issue C

Abstract: We examine the return and volatility connectedness between travel & tourism tokens and other financial assets, including travel and tourism stocks, energy (WTI oil), cryptocurrency (bitcoin) and bonds, gold, the US dollar, using a generalized vector autoregressive framework. Findings show, in normal economic periods, only weak static spillovers between travel & tourism tokens and other assets. However, dynamic analysis reveals increased intensity of spillovers between travel & tourism tokens and other assets during COVID-19. Results are consistent with travel & tourism tokens offering diversification, including surprisingly to equity of the travel and tourism industry, during downturns that particularly impact tourism.

Keywords: Travel & tourism tokens; Tokens; Diversification; Hedging; COVID-19 (search for similar items in EconPapers)
JEL-codes: C58 F36 G11 G14 G15 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:53:y:2023:i:c:s1544612322007711

DOI: 10.1016/j.frl.2022.103595

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