比特币、黄金和美元——一次**和扩展

Finance Research Letters，Volume 25，June 2018，Pages 103-110

 作者：DirkG.Baura，ThomasDimpflb，

Konstantin Kuckc

摘要：戴尔伯格分析了比特币、黄金和美元之间的关系，指出比特币可以被归类为介于黄金和美元之间的某种东西。本文使用相同的样本和计量模来重复研究结果，并证明了精确的**是不可能的，而其他统计方法提供了更可靠的，但非常不同的结果。基于原始样本和较长样本期的研究结果表明，比特币与包括黄金和美元在内的其他资产相比，具有明显不同的回报、波动性和相关性特征。

Bitcoin, gold and the US dollar – A replication and extension

Abstract:Dyhrberg *yzes the relationship between Bitcoin, gold and the US dollar and states that Bitcoin can be classified as somETHing in between gold and the US dollar. This paper uses the same sample and econometric models to replicate the findings and demonstrates that exact replication is not possible and that alternative statistical mETHods provide more reliable, yet very different results. The findings based on the original sample and an extended sample period show that Bitcoin exhibits distinctive different return, volatility and correlation characteristics compared to other assets including gold and the US dollar.

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