03428nas a2200265   4500008004100000022001500041245011100056210006900167260001200236300001200248490000700260520263300267653001202900653001102912653000902923653000802932653001502940653001502955653001402970100002302984700001803007700002303025700003203048856008203080       2020                        eng d  a 1750-616600aLooking for a safe-haven in a crisis-driven Venezuela: The Caracas stock exchange vs gold, oil and bitcoin0 aLooking for a safehaven in a crisisdriven Venezuela The Caracas   c04/2020  a475-4940 v143 aPurpose This paper aims to find, which of the assets: gold, oil or bitcoin can be considered a safe-haven for investors in a crisis-driven Venezuela. The authors look also at the governmental change of approach towards the use and mining of cryptocurrencies being one of the assets and potential applications of bitcoin as (quasi) money. Design/methodology/approach The authors collected the daily data (a period from 01 May 2014 to 31 July 2018) on the development of the following magnitudes: Caracas Stock Exchange main index: Índice Bursátil de Capitalisación (IBC) index; gold price in US dollars, the oil price in US dollars and Bitcoin price in bolivar fuerte (VEF) (LocalBitcoins). The authors estimated a threshold VAR model between IBC and each of the possible safe-haven assets, where the trigger variable was the IBC; then the authors modelled the residuals from the TVAR model using MGARCH model with dynamic conditional correlation. Findings The results show that that gold is a better safe-haven than oil for Venezuelan investors, while bitcoin can be considered a weak safe haven. Still, bitcoin can perform (to a certain extent) money functions in a crisis-driven country. Research limitations/implications Further research after the change of local currency from VEF into bolivar soberano might be looked at on the later stage. Practical implications The authors provide evidence on which of analysed asset is the best safe-haven for the investors acting in the time of the crisis. The evidence goes in line with other authors’ findings, thus, the results might bring implications for investors of more universal character. Additionally, the result might be helpful for governments and/or monetary authorities while projecting institutional frameworks and conducting monetary policy. Social implications The unprecedented economic crisis in Venezuela was one of the factors that fuelled the mining and use of cryptocurrencies in the daily life of its citizens. Nowadays, the country is a leader in terms of the use of bitcoin and other cryptocurrencies in Latin America. The results show a potential application of bitcoin as a store of value or even means of payments in Venezuelan (or in other countries affected by the crisis). Originality/value The paper builds on the original data set collected by the authors and brings evidence from the models the authors constructed to verify, which asset is the best option for investors in hard times of the crisis. The authors add to the existing literature on financial assets, cryptocurrencies and behaviour of investors under different economic conditions.10aBitcoin10acrisis10agold10aoil10asafe-haven10aTVAR-Model10aVenezuela1 aMusiałkowska, Ida1 aKliber, Agata1 aMarszałek, Paweł1 awierczyńska, Katarzyna, Ś  uhttps://www.emerald.com/insight/content/doi/10.1108/TG-01-2020-0009/full/html02386nas a2200217   4500008004100000245015500041210006900196260001200265300001200277490000800289520155500297653001201852653001901864653003901883653001501922100001801937700002301955700002301978700003202001856013502033       2019                        eng d00aBitcoin: Safe haven, hedge or diversifier? Perception of bitcoin in the context of a country’s economic situation - A stochastic volatility approach0 aBitcoin Safe haven hedge or diversifier Perception of bitcoin in  c06/2019  a246-2570 v5243 aThe aim of the article is to verify whether bitcoin can act as a hedge, diversifier or safe haven on various stock markets, depending on the economic situation in the countries. To diversify the sample, we include five very different countries in our study: Japan, Venezuela, China, Estonia, and Sweden. Using daily data over the period 2014–2017, we estimate the dynamic conditional correlation model between main stock indices and bitcoin price in local currencies (Bitflyer – in the case of the yen, Kraken – in the case of the euro, Huobi in the case of yuan and LocalBitcoins in all the remaining cases), as well as between main stock indices and the bitcoin price in the US dollar (Bitfinex exchange). We apply the Stochastic Volatility Model with the Dynamic Conditional Correlation. We add binary variables into the dynamic correlation equation, indicating the occurrence of extreme return on the stock-exchange index in the lower 1%, 5% and 10% quantile. The conclusions vary, depending whether we consider trade on the local bitcoin exchanges or in the global one. We conclude that bitcoin was treated as a safe haven asset only in the case of Venezuela and investments in bolivars. In the case of local investments in Japan and China bitcoin behaved as a diversifier. In the bitcoin-friendly economies of Sweden and Estonia it acted as a weak hedge. In the case of the USD trade, the results suggest that bitcoin is a weak hedge with respect to all of the analyzed markets. Available at: https://authors.elsevier.com/a/1Yz~h1M2-24ENN10aBitcoin10aCryptocurrency10aMultivariate stochastic volatility10aSafe haven1 aKliber, Agata1 aMarszałek, Paweł1 aMusiałkowska, Ida1 awierczyńska, Katarzyna, Ś  uhttps://euro.ue.poznan.pl/pl/content/bitcoin-safe-haven-hedge-or-diversifier-perception-bitcoin-context-country%E2%80%99s-economicno socket