The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies

Shaen Corbet, Charles Larkin, Brian Lucey

Research output: Contribution to journalArticlepeer-review

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At the beginning of the 2020 global COVID-2019 pandemic, Chinese financial markets acted as the epicentre of both physical and financial contagion. Our results indicate that a number of characteristics expected during a “flight to safety” were present during the period analysed. The volatility relationship between the main Chinese stock markets and Bitcoin evolved significantly during this period of enormous financial stress. We provide a number of observations as to why this situation occurred. Such dynamic correlations during periods of stress present further evidence to cautiously support the validity of the development of this new financial product within mainstream portfolio design through the diversification benefits provided.

Original languageEnglish
Article number101554
JournalFinance Research Letters
Early online date14 May 2020
Publication statusPublished - 31 Jul 2020


  • Contagion
  • Coronavirus
  • COVID-19
  • Sentiment
  • Stock market

ASJC Scopus subject areas

  • Finance


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