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[{"key": "dc.contributor.advisor", "value": "Junttila, Juha", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "P\u00f6lkki, Aleksi", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2021-05-07T05:38:38Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2021-05-07T05:38:38Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2021", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/75356", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Vuosi 2020 toi mukanaan koronakriisin ja sen aiheuttamat rajoitukset, karanteenit ja muutokset el\u00e4m\u00e4ntyyleihin. Kriisin vaikutukset n\u00e4kyiv\u00e4t my\u00f6s talouden mittareissa. Esimerkiksi p\u00f6rssit ymp\u00e4ri maailman kokivat merkitt\u00e4vi\u00e4 romahduksia, jonka seurauksena useiden sijoittajien omaisuuden m\u00e4\u00e4r\u00e4t pieneniv\u00e4t. T\u00e4ss\u00e4 pro gradu tutkielmassa tarkastellaan kryptovaluuttojen k\u00e4ytett\u00e4vyytt\u00e4 suojautumisk\u00e4yt\u00f6ss\u00e4 talouden n\u00e4k\u00f6kulmasta. \n\nAiemman kirjallisuuden perusteella kryptovaluuttojen k\u00e4ytett\u00e4vyydest\u00e4 suojautumisessa rahoitusmarkkinoiden riskej\u00e4 vastaan on haastavaa tehd\u00e4 yhdenmukaisia johtop\u00e4\u00e4t\u00f6ksi\u00e4. Aiemmat l\u00f6yd\u00f6kset vaihtelevat laajasti k\u00e4ytett\u00e4v\u00e4st\u00e4 mallista, ajankohdasta ja suojattavasta riskist\u00e4 riippuen. Yleisesti ottaen k\u00e4ytett\u00e4vyytt\u00e4 suojautumistarkoituksiin on kuitenkin olemassa, kyll\u00e4kin vaihtelevissa m\u00e4\u00e4rin. \n\nPro Gradu tutkielmassa suoritetaan my\u00f6s empiirinen tutkimus, jossa vertaillaan kryptovaluutoista Bitcoinin, Ethereumin ja Tetherin sek\u00e4 muista sijoituskohteista kullan, Saksan ja Yhdysvaltojen viiden vuoden valtion velkakirjojen k\u00e4ytett\u00e4vyytt\u00e4 suojautumiseen DAXin ja SP500 indeksien hinnan kehittymiseen liittyvi\u00e4 riskej\u00e4 vastaan. Tutkimuksen havainnot ovat p\u00e4ivitt\u00e4isi\u00e4 havaintoja aikav\u00e4lill\u00e4 1/2019\u201312/2020. Tutkimuksessa k\u00e4ytet\u00e4\u00e4n hy\u00f6dyksi sijoituskohteiden aikav\u00e4lin aikaista hinnan kehityst\u00e4, p\u00e4ivitt\u00e4isi\u00e4 palautusprosentteja ja dynaamisten ehdollisten korrelaatioiden GARCH-mallia. Tutkimuksen tulosten mukaan parhaan lyhyen aikav\u00e4lin suojasataman Covid-19 kriisin aikaan tarjosi Tether. Pitk\u00e4n aikav\u00e4lin suojaamisessa puolestaan parhaiten onnistuivat Bitcoin ja Ethereum niiden merkitt\u00e4v\u00e4n arvon kasvamisen ansiosta. Valtioiden velkakirjat menestyv\u00e4t huonoiten suojaamisessa. Eritoten Saksan valtionvelkakirja ep\u00e4onnistui teht\u00e4v\u00e4ss\u00e4, koska sen tuotto on ollut negatiivisella tasolla koko tarkastelujakson ajan.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Year 2020 brought with it the Covid-19 crisis and the restrictions, quarantines and life-style change it caused. Effects of the crisis were also reflected in economic indicators. For example, stock exchanges around the world experienced significant collapses, resulting in a decline in the values of assets of several investors. This master's thesis examines the usability of cryptocurrencies in hedging and safe haven purposes during Covid-19 crisis.\n\nBased on the previous literature, it is challenging to draw consistent conclusions about the usability of cryptocurrencies for hedging against financial market risks. Previous findings vary widely depending on the model used, the time, and the asset risk hedged against. In general usability for hedging purposes does vary.\n\nThe Master's thesis also conducts an empirical study comparing the usability of Bitcoin, Ethereum and Tether, as well as gold, and German-, and US five-year government bonds, in hedging against the risks in the times-series development of DAX and SP500 indices. The data of the study are formed from daily observations from 1/2019 to 12/2020. The study utilizes the timeseries prices of assets examined, daily return percentages, and the Dynamic Contidional Correlations GARCH-model. According to the main results of the study, Tether provided the best short-term safe haven during the Covid-19 crisis. Bitcoin and Ethereum, on the other hand, were the most successful in securing long-term hedging and safe haven characteristics due to their significant in-crease in the value. Government loans performed the worst in hedging. In particular, the German government bond failed in the task because its yields have been at a negative side throughout the period considered.", "language": "en", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Paivi Vuorio (paelvuor@jyu.fi) on 2021-05-07T05:38:38Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2021-05-07T05:38:38Z (GMT). No. of bitstreams: 0\n Previous issue date: 2021", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "53", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.format.mimetype", "value": "application/pdf", "language": null, "element": "format", "qualifier": "mimetype", "schema": "dc"}, {"key": "dc.language.iso", "value": "eng", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": "en", "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "cryptocurrency", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Bitcoin", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Ethereum", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Tether", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "hedge", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Cryptocurrencies as a hedging tool during Covid-19 turmoil", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202105072653", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "virtuaalivaluutta", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "COVID-19", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "virtual currency", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "COVID-19", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.format.content", "value": "fulltext", "language": null, "element": "format", "qualifier": "content", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}, {"key": "dc.type.okm", "value": "G2", "language": null, "element": "type", "qualifier": "okm", "schema": "dc"}]
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