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題名 黃金、房地產、比特幣與其他總體經濟因素間關係之研究
The Relation of Gold, Real Estate, Bitcoin, and other Macroeconomic Variables
作者 勞思恩
Lao, Grace Szu-En
貢獻者 林左裕
Lin, Tsoyu Calvin
勞思恩
Grace Szu-En Lao
關鍵詞 共整合
投資組合管理
黃金
房地產市場
比特幣
總 體經濟因素
Cointegration
Portfolio Management
Gold
Real Estate Market
Bitcoin
Macroeconomic Indices
日期 2023
上傳時間 1-Sep-2023 16:12:42 (UTC+8)
摘要 許多研究致力於探討股票、房地產、黃金和總體經濟因素之間的關\r\n係。本研究利用經典的共整合測試和模型，包括 Johansen 共整合測\r\n試、Granger 因果關係測試、向量誤差修正模型以及預測誤差脈衝響\r\n應函數，試圖填補文獻中的空白，引入比特幣作為研究對象。本研\r\n究對黃金、房地產、比特幣、股票和總體經濟因素的月度數據進行\r\n了多個共整合測試的分析。結果顯示，比特幣在長期中對黃金和房\r\n價指數具有單向領先效應，並且房價指數對黃金也具有單向領先效\r\n應。預測誤差脈衝響應顯示，黃金和房價指數的震盪對比特幣具有\r\n積極影響。
Many studies have been dedicated to examining the relationships between stocks, real estate, gold and macroeconomic variables. By utilizing classic cointegration tests and models, including the Johansen Cointegration test,\r\nGranger-Causality test, Vector Error Correction Models, and Forecast Error Impulse Response Function for analysis, this study attempts to fill in the gap in literature by introducing Bitcoin to the mix. Monthly data on gold, real estate, Bitcoin, stock, and macroeconomic variables undergo\r\nanalysis in multiple cointegration tests. Results suggest that Bitcoin has a unidirectional leading effect from both gold and house prices in the longrun and a unidirectional leading effect from house prices to gold. The forecast error impulse response shows that shocks from both gold and house prices are found to have positive impacts on BTC.
參考文獻 References\r\nAiello D., Balyuk T., Maggio M. D., Johnson M. J., Baker S. R., Kotter J. D. (2023)\r\nThe Effects of Cryptocurrency Wealth on Household Consumption and Investment.\r\nAvailable at http://dx.doi.org/10.2139/ssrn.4455756\r\nApergis N., Lamprinidis L. (2011) More Evidence on the Relationship between the\r\nStock and the Real Estate Market. University of Piraes\r\nAye G. C., Chang T., Gupta R. (2016) Is gold an inflation-hedge? Evidence from an\r\ninterrupted Markov-switching cointegration model. Resources Policy, Volume 48,\r\nPages 77-84, ISSN 0301-4207\r\nBhuiyan E. M., Chowdhury M. (2020) Macroeconomic variables and stock market\r\nindices: Asymmetric dynamics in the US and Canada, The Quarterly Review of\r\nEconomics and Finance, Volume 77, Pages 62-74, ISSN 1062-9769\r\nBlau B. M., Griffith T. G., Whitby R. J. (2021) Inflation and Bitcoin: A descriptive\r\ntime-series analysis, Economics Letters, Volume 203, 109848, ISSN 0165-1765\r\nBouri E., Azzi G., Dyhrberg A. H. (2017) \"On the return-volatility relationship in the\r\nBitcoin market around the price crash of 2013\" Economics, vol. 11, no. 1, pp.\r\n2. https://doi.org/10.5018/economics-ejournal.ja.2017-2\r\nBouri, E., Molnár, P., Azzi, G., Roubaud, D. and Hagfors, L. I. (2017) “On the hedge\r\nand safe haven properties of bitcoin: Is it really more than a diversifier?”, Finance\r\nResearch Letters, Vol. 20, pp. 192-198. ISSN 1544-6123\r\nCarroll C. D., Otsuka M., Slacalek J. (2010) How Large Are Housing and Financial\r\nWealth Effects? A New Approach. Journal of Money, Credit and Banking. 43. 55-79.\r\n10.2307/20870039\r\nCase K. E., Quigley J. M., Shiller R. J. (2006) \"Comparing Wealth Effects: The Stock\r\nMarket versus the Housing Market,\" Advances in Macroeconomics, Berkeley\r\nElectronic Press, vol. 5(1), pages 1235-1235\r\nCase K. E., Quigley J. M., Shiller R. J. (2011) Wealth Effects Revisited 1978-2009.\r\nCowles Foundation Discussion Paper No. 1784,\r\nhttp://dx.doi.org/10.2139/ssrn.1766604\r\n37\r\nChodorow-Reich G., Nenov P. T., Simsek, A. (2021) \"Stock Market Wealth and the\r\nReal Economy: A Local Labor Market Approach,\" American Economic Review,\r\nAmerican Economic Association, vol. 111(5), pages 1613-1657\r\nChoi S., Shin J. (2022) Bitcoin: An inflation hedge but not a safe haven. Finance\r\nResearch Letters, Volume 46, Part B, 102379, ISSN 1544-6123\r\nCorbet, S., Larkin, C., Lucey, B., Meegan, A. and Yarovaya, L. (2018) “Exploring the\r\ndynamic relationships between cryptocurrencies and other financial\r\nassets”, Economics Letters, Vol. 165 No. 1, pp. 28-34\r\nDavid A. Dickey, Wayne A. Fuller (1979) Journal of the American Statistical Association,\r\nVol. 74, No. 366, pp. 427-431\r\nDemary M., Voigtländer M. (2009) The Inflation Hedging Properties of Real Estate: A\r\nComparison between Direct Investments and Equity Returns. Research Center for\r\nReal Estate Economics\r\nEngle R. F., Granger C. W. J. (1987) Co-Integration and Error Correction:\r\nRepresentation, Estimation, and Testing. Econometrica, Vol. 55, No. 2 (Mar., 1987),\r\npp. 251-276\r\nGan C., Lee M., Yong H., Zhang J. (2006). Macroeconomic Variables and Stock\r\nMarket Interactions: New Zealand Evidence. Investment Management and Financial\r\nInnovations, Volume 3, Pages 89-101\r\nGhosh D., Levin E. J., Macmillan P., Wright R. E. (2004) Gold as an Inflation Hedge?\r\nStudies in Economics and Finance, ISSN: 1086-7376\r\nGranger, C.W.J. (1969). Investigating causal relations by econometrics models and\r\ncross spectral methods. Econometrica 37, 424–43\r\nHumpe A., Macmillan P. (2009) Can macroeconomic variables explain long-term\r\nstock market movements? A comparison of the US and Japan, Applied Financial\r\nEconomics, 19:2, 111-119, DOI: 10.1080/09603100701748956\r\nIvanov V. and Kilian L. (2001) A practitioner’s guide to lag-order selection for vector\r\nautoregressions. CEPR Discussion Papers, 2685\r\n38\r\nJohansen S. (1995) Likelihood−based inference in cointegrated vector autoregressive\r\nmodels. Oxford University Press, Oxford (United Kingdom)\r\nKaponda, K. Bitcoin the ’Digital Gold’ and Its Regulatory Challenges.\r\nhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3123531 (Accessed June 14th\r\n,\r\n2023)\r\nKogan S., Makarov I., Niessner M., Schoar A. (2023) Are Cryptos Different?\r\nEvidence from Retail Trading. MIT Sloan Research Paper No. 6831-22,\r\nhttp://dx.doi.org/10.2139/ssrn.4289513\r\nKristoufek L. (2015) What Are the Main Drivers of the Bitcoin Price? Evidence from\r\nWavelet Coherence Analysis. PLoS ONE 10(4): e0123923.\r\nhttps://doi.org/10.1371/journal.pone.0123923\r\nLin T. C, Lin Z. H. (2011) Are stock and real estate markets integrated? An empirical\r\nstudy of six Asian economies. Pacific-Basin Finance Journal, Volume 19, Issue 5,\r\nPages 571-585, ISSN 0927-538X\r\nLütkepohl, H. (2007) New introduction to multiple time series analysis (2nd ed.).\r\nBerlin: Springer\r\nMohr F. X. (2020) An Introduction to Impulse Response Analysis of VAR Models. REconomics. Accessed June 19, 2023 at https://www.reconometrics.com/timeseries/irf/\r\nMuckenhaupt J., Hoesli M., Zhu B. (2023) Listed Real Estate as an Inflation Hedge\r\nacross Regimes. Swiss Finance Institute Research Paper No. 23-13.\r\nhttp://dx.doi.org/10.2139/ssrn.4362134\r\nNakamoto S. (2008) “Bitcoin: a peer-to-peer electronic cash system”, found\r\nat: https://bitcoin.org/bitcoin.pdf\r\nNasseh A., Strauss J. (2000) Stock prices and domestic and international\r\nmacroeconomic activity: a cointegration approach, The Quarterly Review of\r\nEconomics and Finance, Volume 40, Issue 2, Pages 229-245, ISSN 1062-9769\r\nPhochanachan P., Pirabun N., Leurcharusmee S., Yamaka W. (2022) Do Bitcoin and\r\nTraditional Financial Assets Act as an Inflation Hedge during Stable and Turbulent\r\nMarkets? Evidence from High Cryptocurrency Adoption Countries. Axioms.\r\n39\r\n11(7):339. https://doi.org/10.3390/axioms11070339\r\nRatanapakorn O., Sharma S. C. (2007) Dynamic analysis between the US stock\r\nreturns and the macroeconomic variables, Applied Financial Economics, 17:5, 369-\r\n377, DOI: 10.1080/09603100600638944\r\nSahu T. (2016) Macroeconomic Variables and Security Prices in India during the\r\nLiberalized Period. 10.1057/9781137492012\r\nShahzad S. J. H., Bouri E., Roubaud D., Kristoufek L., Lucey B. (2019) Is Bitcoin a\r\nbetter safe-haven investment than gold and commodities? International Review of\r\nFinancial Analysis, Volume 63, Pages 322-330, ISSN 1057-5219\r\nSimpson, M.W., Ramchander, S., Webb, J.R. (2007) The Asymmetric Response of\r\nEquity REIT Returns to Inflation. J Real Estate Finan Econ 34, 513–529.\r\nhttps://doi.org/10.1007/s11146-007-9023-0\r\nTarbert H. (1996) Is commercial property a hedge against inflation? A cointegration\r\napproach. Journal of Property Finance, Vol. 7 No. 1, Pages 77-98.\r\nhttps://doi.org/10.1108/09588689610111638\r\nThaker H. M. T., Mand A. A. (2021) Bitcoin and stock markets: a revisit of\r\nrelationship. Journal of Derivatives and Quantitative Studies: 선물연구 Vol. 29 No. 3,\r\n2021 pp. 234-256. ISSN: 1229-988X\r\nTripleA. Global Crypto Ownership Data. Accessed on July 23rd, 2023 at https://triplea.io/crypto-ownership-data/\r\nTulcanaza-Prieto A. B. (2018) Bitcoin: Its influence on the global World and its\r\nrelationship with the stock exchange. Chakiñan Revista de Ciencias Sociales y\r\nHumanidades (pp.54-72). Universidad Nacional de Chimborazo\r\nVirenrehal (2022) Vector Error Correction (VECM) and VAR: Theory.\r\nSpureconomics. Accessed June 16, 2023 at https://spureconomics.com/vector-errorcorrection-vecm-theory/\r\nWang M. L., Wang C. P., Huang T. Y. (2010) Relationships among Oil Price, Gold\r\nPrice, exchange rate and International Stock Markets. International Research Journal\r\nof Finance and Economics, Pages 80-89\r\n40\r\nWang P, Liu X, Wu S. (2022) Dynamic Linkage between Bitcoin and Traditional\r\nFinancial Assets: A Comparative Analysis of Different Time Frequencies. Entropy;\r\n24(11):1565.\r\nYunus N. (2020) Time-varying linkages among gold, stocks, bonds and real estate.\r\nThe Quarterly Review of Economics and Finance, Volume 77, Pages 165-185, ISSN\r\n1062-9769
描述 碩士
國立政治大學
應用經濟與社會發展英語碩士學位學程(IMES)
110266002
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110266002
資料類型 thesis
dc.contributor.advisor 林左裕zh_TW
dc.contributor.advisor Lin, Tsoyu Calvinen_US
dc.contributor.author (Authors) 勞思恩zh_TW
dc.contributor.author (Authors) Grace Szu-En Laoen_US
dc.creator (作者) 勞思恩zh_TW
dc.creator (作者) Lao, Grace Szu-Enen_US
dc.date (日期) 2023en_US
dc.date.accessioned 1-Sep-2023 16:12:42 (UTC+8)-
dc.date.available 1-Sep-2023 16:12:42 (UTC+8)-
dc.date.issued (上傳時間) 1-Sep-2023 16:12:42 (UTC+8)-
dc.identifier (Other Identifiers) G0110266002en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=166708-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 應用經濟與社會發展英語碩士學位學程(IMES)zh_TW
dc.description (描述) 110266002zh_TW
dc.description.abstract (摘要) 許多研究致力於探討股票、房地產、黃金和總體經濟因素之間的關\r\n係。本研究利用經典的共整合測試和模型，包括 Johansen 共整合測\r\n試、Granger 因果關係測試、向量誤差修正模型以及預測誤差脈衝響\r\n應函數，試圖填補文獻中的空白，引入比特幣作為研究對象。本研\r\n究對黃金、房地產、比特幣、股票和總體經濟因素的月度數據進行\r\n了多個共整合測試的分析。結果顯示，比特幣在長期中對黃金和房\r\n價指數具有單向領先效應，並且房價指數對黃金也具有單向領先效\r\n應。預測誤差脈衝響應顯示，黃金和房價指數的震盪對比特幣具有\r\n積極影響。zh_TW
dc.description.abstract (摘要) Many studies have been dedicated to examining the relationships between stocks, real estate, gold and macroeconomic variables. By utilizing classic cointegration tests and models, including the Johansen Cointegration test,\r\nGranger-Causality test, Vector Error Correction Models, and Forecast Error Impulse Response Function for analysis, this study attempts to fill in the gap in literature by introducing Bitcoin to the mix. Monthly data on gold, real estate, Bitcoin, stock, and macroeconomic variables undergo\r\nanalysis in multiple cointegration tests. Results suggest that Bitcoin has a unidirectional leading effect from both gold and house prices in the longrun and a unidirectional leading effect from house prices to gold. The forecast error impulse response shows that shocks from both gold and house prices are found to have positive impacts on BTC.en_US
dc.description.tableofcontents Table of Contents\r\nAcknowledgements iii\r\nAbstract iv\r\nList of Tables vii\r\nList of Figures vii\r\nChapter 1. Introduction 1\r\nChapter 2. Theory and Literature Review 3\r\nChapter 3. Research Method 8\r\n3.1 Unit Root Test 8\r\n3.2 Cointegration Test 9\r\n3.2.1 Lag 9\r\n3.2.2 Johansen Cointegration 9\r\n3.3 Granger-Causality Test 10\r\n3.4 Vector Error Correction Model (VECM) 11\r\n3.5 Forecast Error Impulse Response (FEIR) 12\r\nChapter 4. Data and Empirical Results 13\r\n4.1 Descriptive Statistics 13\r\n4.2 Data 13\r\n4.2.1 Gold 16\r\n4.2.2 Real Estate 16\r\n4.2.3 Bitcoin 16\r\n4.3 Unit Root Test 17\r\n4.4 Cointegration Test 18\r\n4.5 Granger-Causality Test 20\r\n4.6 Vector Error Correction Model (VECM) 23\r\n4.7 Forecast Error Impulse Response (FEIR) 25\r\n5. Conclusion 32\r\n5.1 Gold and Bitcoin 32\r\n5.2 Real Estate and Gold 33\r\n5.3 Bitcoin and Real Estate 33\r\nReferences 36zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110266002en_US
dc.subject (關鍵詞) 共整合zh_TW
dc.subject (關鍵詞) 投資組合管理zh_TW
dc.subject (關鍵詞) 黃金zh_TW
dc.subject (關鍵詞) 房地產市場zh_TW
dc.subject (關鍵詞) 比特幣zh_TW
dc.subject (關鍵詞) 總 體經濟因素zh_TW
dc.subject (關鍵詞) Cointegrationen_US
dc.subject (關鍵詞) Portfolio Managementen_US
dc.subject (關鍵詞) Golden_US
dc.subject (關鍵詞) Real Estate Marketen_US
dc.subject (關鍵詞) Bitcoinen_US
dc.subject (關鍵詞) Macroeconomic Indicesen_US
dc.title (題名) 黃金、房地產、比特幣與其他總體經濟因素間關係之研究zh_TW
dc.title (題名) The Relation of Gold, Real Estate, Bitcoin, and other Macroeconomic Variablesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) References\r\nAiello D., Balyuk T., Maggio M. D., Johnson M. J., Baker S. R., Kotter J. D. (2023)\r\nThe Effects of Cryptocurrency Wealth on Household Consumption and Investment.\r\nAvailable at http://dx.doi.org/10.2139/ssrn.4455756\r\nApergis N., Lamprinidis L. (2011) More Evidence on the Relationship between the\r\nStock and the Real Estate Market. University of Piraes\r\nAye G. C., Chang T., Gupta R. (2016) Is gold an inflation-hedge? Evidence from an\r\ninterrupted Markov-switching cointegration model. Resources Policy, Volume 48,\r\nPages 77-84, ISSN 0301-4207\r\nBhuiyan E. M., Chowdhury M. (2020) Macroeconomic variables and stock market\r\nindices: Asymmetric dynamics in the US and Canada, The Quarterly Review of\r\nEconomics and Finance, Volume 77, Pages 62-74, ISSN 1062-9769\r\nBlau B. M., Griffith T. G., Whitby R. J. (2021) Inflation and Bitcoin: A descriptive\r\ntime-series analysis, Economics Letters, Volume 203, 109848, ISSN 0165-1765\r\nBouri E., Azzi G., Dyhrberg A. H. (2017) \"On the return-volatility relationship in the\r\nBitcoin market around the price crash of 2013\" Economics, vol. 11, no. 1, pp.\r\n2. https://doi.org/10.5018/economics-ejournal.ja.2017-2\r\nBouri, E., Molnár, P., Azzi, G., Roubaud, D. and Hagfors, L. I. (2017) “On the hedge\r\nand safe haven properties of bitcoin: Is it really more than a diversifier?”, Finance\r\nResearch Letters, Vol. 20, pp. 192-198. ISSN 1544-6123\r\nCarroll C. D., Otsuka M., Slacalek J. (2010) How Large Are Housing and Financial\r\nWealth Effects? A New Approach. Journal of Money, Credit and Banking. 43. 55-79.\r\n10.2307/20870039\r\nCase K. E., Quigley J. M., Shiller R. J. (2006) \"Comparing Wealth Effects: The Stock\r\nMarket versus the Housing Market,\" Advances in Macroeconomics, Berkeley\r\nElectronic Press, vol. 5(1), pages 1235-1235\r\nCase K. E., Quigley J. M., Shiller R. J. (2011) Wealth Effects Revisited 1978-2009.\r\nCowles Foundation Discussion Paper No. 1784,\r\nhttp://dx.doi.org/10.2139/ssrn.1766604\r\n37\r\nChodorow-Reich G., Nenov P. T., Simsek, A. (2021) \"Stock Market Wealth and the\r\nReal Economy: A Local Labor Market Approach,\" American Economic Review,\r\nAmerican Economic Association, vol. 111(5), pages 1613-1657\r\nChoi S., Shin J. (2022) Bitcoin: An inflation hedge but not a safe haven. Finance\r\nResearch Letters, Volume 46, Part B, 102379, ISSN 1544-6123\r\nCorbet, S., Larkin, C., Lucey, B., Meegan, A. and Yarovaya, L. (2018) “Exploring the\r\ndynamic relationships between cryptocurrencies and other financial\r\nassets”, Economics Letters, Vol. 165 No. 1, pp. 28-34\r\nDavid A. Dickey, Wayne A. Fuller (1979) Journal of the American Statistical Association,\r\nVol. 74, No. 366, pp. 427-431\r\nDemary M., Voigtländer M. (2009) The Inflation Hedging Properties of Real Estate: A\r\nComparison between Direct Investments and Equity Returns. Research Center for\r\nReal Estate Economics\r\nEngle R. F., Granger C. W. J. (1987) Co-Integration and Error Correction:\r\nRepresentation, Estimation, and Testing. Econometrica, Vol. 55, No. 2 (Mar., 1987),\r\npp. 251-276\r\nGan C., Lee M., Yong H., Zhang J. (2006). Macroeconomic Variables and Stock\r\nMarket Interactions: New Zealand Evidence. Investment Management and Financial\r\nInnovations, Volume 3, Pages 89-101\r\nGhosh D., Levin E. J., Macmillan P., Wright R. E. (2004) Gold as an Inflation Hedge?\r\nStudies in Economics and Finance, ISSN: 1086-7376\r\nGranger, C.W.J. (1969). Investigating causal relations by econometrics models and\r\ncross spectral methods. Econometrica 37, 424–43\r\nHumpe A., Macmillan P. (2009) Can macroeconomic variables explain long-term\r\nstock market movements? A comparison of the US and Japan, Applied Financial\r\nEconomics, 19:2, 111-119, DOI: 10.1080/09603100701748956\r\nIvanov V. and Kilian L. (2001) A practitioner’s guide to lag-order selection for vector\r\nautoregressions. CEPR Discussion Papers, 2685\r\n38\r\nJohansen S. (1995) Likelihood−based inference in cointegrated vector autoregressive\r\nmodels. Oxford University Press, Oxford (United Kingdom)\r\nKaponda, K. Bitcoin the ’Digital Gold’ and Its Regulatory Challenges.\r\nhttps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3123531 (Accessed June 14th\r\n,\r\n2023)\r\nKogan S., Makarov I., Niessner M., Schoar A. (2023) Are Cryptos Different?\r\nEvidence from Retail Trading. MIT Sloan Research Paper No. 6831-22,\r\nhttp://dx.doi.org/10.2139/ssrn.4289513\r\nKristoufek L. (2015) What Are the Main Drivers of the Bitcoin Price? Evidence from\r\nWavelet Coherence Analysis. PLoS ONE 10(4): e0123923.\r\nhttps://doi.org/10.1371/journal.pone.0123923\r\nLin T. C, Lin Z. H. (2011) Are stock and real estate markets integrated? An empirical\r\nstudy of six Asian economies. Pacific-Basin Finance Journal, Volume 19, Issue 5,\r\nPages 571-585, ISSN 0927-538X\r\nLütkepohl, H. (2007) New introduction to multiple time series analysis (2nd ed.).\r\nBerlin: Springer\r\nMohr F. X. (2020) An Introduction to Impulse Response Analysis of VAR Models. REconomics. Accessed June 19, 2023 at https://www.reconometrics.com/timeseries/irf/\r\nMuckenhaupt J., Hoesli M., Zhu B. (2023) Listed Real Estate as an Inflation Hedge\r\nacross Regimes. Swiss Finance Institute Research Paper No. 23-13.\r\nhttp://dx.doi.org/10.2139/ssrn.4362134\r\nNakamoto S. (2008) “Bitcoin: a peer-to-peer electronic cash system”, found\r\nat: https://bitcoin.org/bitcoin.pdf\r\nNasseh A., Strauss J. (2000) Stock prices and domestic and international\r\nmacroeconomic activity: a cointegration approach, The Quarterly Review of\r\nEconomics and Finance, Volume 40, Issue 2, Pages 229-245, ISSN 1062-9769\r\nPhochanachan P., Pirabun N., Leurcharusmee S., Yamaka W. (2022) Do Bitcoin and\r\nTraditional Financial Assets Act as an Inflation Hedge during Stable and Turbulent\r\nMarkets? Evidence from High Cryptocurrency Adoption Countries. Axioms.\r\n39\r\n11(7):339. https://doi.org/10.3390/axioms11070339\r\nRatanapakorn O., Sharma S. C. (2007) Dynamic analysis between the US stock\r\nreturns and the macroeconomic variables, Applied Financial Economics, 17:5, 369-\r\n377, DOI: 10.1080/09603100600638944\r\nSahu T. (2016) Macroeconomic Variables and Security Prices in India during the\r\nLiberalized Period. 10.1057/9781137492012\r\nShahzad S. J. H., Bouri E., Roubaud D., Kristoufek L., Lucey B. (2019) Is Bitcoin a\r\nbetter safe-haven investment than gold and commodities? International Review of\r\nFinancial Analysis, Volume 63, Pages 322-330, ISSN 1057-5219\r\nSimpson, M.W., Ramchander, S., Webb, J.R. (2007) The Asymmetric Response of\r\nEquity REIT Returns to Inflation. J Real Estate Finan Econ 34, 513–529.\r\nhttps://doi.org/10.1007/s11146-007-9023-0\r\nTarbert H. (1996) Is commercial property a hedge against inflation? A cointegration\r\napproach. Journal of Property Finance, Vol. 7 No. 1, Pages 77-98.\r\nhttps://doi.org/10.1108/09588689610111638\r\nThaker H. M. T., Mand A. A. (2021) Bitcoin and stock markets: a revisit of\r\nrelationship. Journal of Derivatives and Quantitative Studies: 선물연구 Vol. 29 No. 3,\r\n2021 pp. 234-256. ISSN: 1229-988X\r\nTripleA. Global Crypto Ownership Data. Accessed on July 23rd, 2023 at https://triplea.io/crypto-ownership-data/\r\nTulcanaza-Prieto A. B. (2018) Bitcoin: Its influence on the global World and its\r\nrelationship with the stock exchange. Chakiñan Revista de Ciencias Sociales y\r\nHumanidades (pp.54-72). 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