Connectedness between travel & tourism tokens, tourism equity, and other assets
Finance Research Letters
; 2023.
Article
in English
| Scopus | ID: covidwho-2246612
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. © 2022 Elsevier Inc.
Full text:
Available
Collection:
Databases of international organizations
Database:
Scopus
Language:
English
Journal:
Finance Research Letters
Year:
2023
Document Type:
Article
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