Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/328857 
Authors: 
Year of Publication: 
2023
Citation: 
[Journal:] Economies [ISSN:] 2227-7099 [Volume:] 11 [Issue:] 9 [Article No.:] 232 [Year:] 2023 [Pages:] 1-20
Publisher: 
MDPI, Basel
Abstract: 
This study investigates the co-movement patterns of Asia technology stock indices and cryptocurrencies during the COVID-19 pandemic. The analysis examines Bitcoin and Ethereum, China's Tech index (XA90), and India's Tech index (NSEIT) from 2017 to 2021, representing both before and during COVID-19. To visually explore the co-movement between these variables, a bi-wavelet method is employed. This approach allows for an examination of how these variables move together over time coherently. There were noticeable changes in the co-movement patterns between technology stock indices and cryptocurrencies during COVID-19 compared to before the pandemic. The duration of co-movements decreased significantly after the emergence of COVID 19. The previous financial crisis had a longer time horizon for joint movement, lasting 256 days. However, during the pre-COVID-19 period, XA90 exhibited a strong co-movement with Bitcoin over this extended period but weakened afterward when COVID-19 emerged. Conversely, NSEIT showed a significant co-movement with both Ethereum and Bitcoin in the initial stages of the pandemic. Before that period, NSEIT had muted price movements along with BTC. These changes in price co-movements suggest shifts in herding behavior due to the pandemic. Notably, cryptocurrency markets have demonstrated faster recovery compared to technology stock markets.
Subjects: 
:cryptocurrency
co-movement
technology stock index
herding behavior
wavelet analysis
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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