부산대학교 도서관

Gold with special nature has always been regarded as a safe asset. This paper examine whether gold serves as a hedge for stock or/and inflation in China mainland market. Employing improved classic methods, and some new methods, such as quantile regression and binary probit model, our empirical results show, for short-term investors, that gold always cannot hedge stock and inflation risk. But it is actually a good hedge for stock or inflation if you would hold gold for a long time. However, it is regrettable that gold is not a safe haven when investors face with stock and inflation risk in china capital market anyway.