International gold prices, gold reserves of central banks and debt stocks relationship: Analysis among G8 countries

  • Yayın Turu [Akademik] Preprint
  • Yayın Tarihi 2023
  • Yayıncı Yeditepe University Academic and Open Access Information System
  • Tek Biçim Adres https://hdl.handle.net/20.500.11831/8061

Gold is a commodity that has been used to protect the wealth of not only people but also organizations and states from past to present. For this reason, countries prefer to keep some of their reserves as gold through their central banks.

At the financial macroeconomic level, the primary goal of countries is to sustain a healthy economic growth. However, when the economies of developed countries are examined, especially when the economic growth rate of the G8 countries, which are called the strongest countries class, is examined, it is seen that the public debt ratio is very high, which increases the risk levels of the countries. Therefore, it is expected that the gold reserve demands of these countries will be in a causal relationship with international gold prices. In this study, the causality relationship between the public debt stock of countries, international gold prices and gold reserve of countries is investigated based on this question.

The country sample is based on the quarter between 2008 and 2020 of the G8 country group. The analysis method has been utilized by econometric methods and the relationship between variables has been examined with panel granger causality analysis.

As a result, a unidirectional causality relationship has been found between the debt stock of countries and international gold prices, and between gold reservoirs and debt stock.

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countries between relationship international prices examined causality public economic growth reserve country analysis granger unidirectional demands result reservoirs expected Therefore methods variables causal question econometric utilized method quarter investigated sample levels increases states prefer reason
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Eser AdıInternational gold prices, gold reserves of central banks and debt stocks relationship: Analysis among G8 countries
Yazar [Asıl]Canözkan, Ergün
Yazar DepartmanıYeditepe University Graduate School of Social Sciences
Yazar DepartmanıYeditepe University Graduate School of Social Sciences Master’s Program in Arts and Culture Management
Yayın Tarihi2023
Yayın Turu [Akademik]preprint
Yayın Türü [Ortam]application/pdf
Konu Başlıkları [Genel]Gold reserves of central banks
Konu Başlıkları [Genel]international gold prices
Konu Başlıkları [Genel]Panel granger causality relationship
Konu Başlıkları [Genel]Public debt stock
Konu Başlıkları [Genel]Merkez bankalarının altın rezervleri
Konu Başlıkları [Genel]Uluslararası altın fiyatları
Konu Başlıkları [Genel]Panel granger nedensellik ilişkisi
Konu Başlıkları [Genel]Kamu borç stoku
YayıncıYeditepe University Academic and Open Access Information System
Dileng
Özet BilgisiGold is a commodity that has been used to protect the wealth of not only people but also organizations and states from past to present. For this reason, countries prefer to keep some of their reserves as gold through their central banks. At the financial macroeconomic level, the primary goal of countries is to sustain a healthy economic growth. However, when the economies of developed countries are examined, especially when the economic growth rate of the G8 countries, which are called the strongest countries class, is examined, it is seen that the public debt ratio is very high, which increases the risk levels of the countries. Therefore, it is expected that the gold reserve demands of these countries will be in a causal relationship with international gold prices. In this study, the causality relationship between the public debt stock of countries, international gold prices and gold reserve of countries is investigated based on this question. The country sample is based on the quarter between 2008 and 2020 of the G8 country group. The analysis method has been utilized by econometric methods and the relationship between variables has been examined with panel granger causality analysis. As a result, a unidirectional causality relationship has been found between the debt stock of countries and international gold prices, and between gold reservoirs and debt stock.
Kayıt Giriş Tarihi2023-11-13
Açık Erişim Tarihi2023-11-13
HaklarYeditepe University Academic and Open Access Information System
Erişim HakkıOpen Access
Telif HakkıUnless otherwise stated, copyrights belong to Yeditepe University. Usage permissions are specified in the Open Access System, and "InC-NC/1.0" and "by-nc-nd/4.0" are as stated.
Telif Hakkı Urlhttp://creativecommons.org/licenses/by-nc-nd/4.0
Telif Hakkı Urlhttps://rightsstatements.org/page/InC-NC/1.0/?language=en
Açıklama [Genel]Final published version
Açıklama [Not]Note: This preprint reports new research that has not been certified by peer review and should not be used as established information without consulting multiple experts in the field.
Tanım Koleksiyon BilgisiThis item is part of the preprint collection made available through Yeditepe University library. For your questions, our contact address is openaccess@yeditepe.edu.tr
Tek Biçim Adreshttps://hdl.handle.net/20.500.11831/8061
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