id	sid	tid	token	lemma	pos
economy-7726	1	1	175	175	NUM
economy-7726	1	2	©	©	PROPN
economy-7726	1	3	2025	2025	NUM
economy-7726	1	4	by	by	ADP
economy-7726	1	5	the	the	DET
economy-7726	1	6	authors	author	NOUN
economy-7726	1	7	;	;	PUNCT
economy-7726	1	8	licensee	licensee	PROPN
economy-7726	1	9	asian	asian	ADJ
economy-7726	1	10	online	online	PROPN
economy-7726	1	11	journal	journal	PROPN
economy-7726	1	12	publishing	publishing	NOUN
economy-7726	1	13	group	group	NOUN
economy-7726	1	14	economy	economy	NOUN
economy-7726	1	15	vol	vol	NOUN
economy-7726	1	16	.	.	PROPN
economy-7726	1	17	12	12	NUM
economy-7726	1	18	,	,	PUNCT
economy-7726	1	19	no	no	INTJ
economy-7726	1	20	.	.	NOUN
economy-7726	1	21	2	2	NUM
economy-7726	1	22	,	,	PUNCT
economy-7726	1	23	175	175	NUM
economy-7726	1	24	-	-	SYM
economy-7726	1	25	181	181	NUM
economy-7726	1	26	,	,	PUNCT
economy-7726	1	27	2025	2025	NUM
economy-7726	1	28	issn(e	issn(e	NOUN
economy-7726	1	29	)	)	PUNCT
economy-7726	1	30	2313	2313	NUM
economy-7726	1	31	-	-	SYM
economy-7726	1	32	8181/	8181/	NUM
economy-7726	1	33	issn(p	issn(p	NOUN
economy-7726	1	34	)	)	PUNCT
economy-7726	1	35	2518	2518	NUM
economy-7726	1	36	-	-	PUNCT
economy-7726	1	37	0118	0118	NUM
economy-7726	1	38	doi	doi	NOUN
economy-7726	1	39	:	:	PUNCT
economy-7726	1	40	10.20448	10.20448	NUM
economy-7726	1	41	/	/	SYM
economy-7726	1	42	economy.v12i2.7726	economy.v12i2.7726	X
economy-7726	1	43	©	©	PROPN
economy-7726	1	44	2025	2025	NUM
economy-7726	1	45	by	by	ADP
economy-7726	1	46	the	the	DET
economy-7726	1	47	authors	author	NOUN
economy-7726	1	48	;	;	PUNCT
economy-7726	1	49	licensee	licensee	PROPN
economy-7726	1	50	asian	asian	ADJ
economy-7726	1	51	online	online	PROPN
economy-7726	1	52	journal	journal	PROPN
economy-7726	1	53	publishing	publishing	NOUN
economy-7726	1	54	group	group	PROPN
economy-7726	1	55	safe	safe	ADJ
economy-7726	1	56	haven	haven	NOUN
economy-7726	1	57	or	or	CCONJ
economy-7726	1	58	risky	risky	ADJ
economy-7726	1	59	bet	bet	NOUN
economy-7726	1	60	?	?	PUNCT
economy-7726	2	1	a	a	DET
economy-7726	2	2	study	study	NOUN
economy-7726	2	3	of	of	ADP
economy-7726	2	4	gold	gold	NOUN
economy-7726	2	5	prices	price	NOUN
economy-7726	2	6	during	during	ADP
economy-7726	2	7	indian	indian	ADJ
economy-7726	2	8	stock	stock	NOUN
economy-7726	2	9	market	market	NOUN
economy-7726	2	10	volatility	volatility	NOUN
economy-7726	2	11	amalendu	amalendu	NOUN
economy-7726	2	12	bhunia1	bhunia1	PROPN
economy-7726	2	13	amit	amit	PROPN
economy-7726	2	14	das2	das2	PROPN
economy-7726	2	15	(	(	PUNCT
economy-7726	2	16			PROPN
economy-7726	2	17	corresponding	correspond	VERB
economy-7726	2	18	author	author	NOUN
economy-7726	2	19	)	)	PUNCT
economy-7726	2	20	1university	1university	NUM
economy-7726	2	21	of	of	ADP
economy-7726	2	22	kalyani	kalyani	PROPN
economy-7726	2	23	,	,	PUNCT
economy-7726	2	24	west	west	PROPN
economy-7726	2	25	bengal	bengal	PROPN
economy-7726	2	26	,	,	PUNCT
economy-7726	2	27	india	india	PROPN
economy-7726	2	28	.	.	PUNCT
economy-7726	3	1	1email	1email	NUM
economy-7726	3	2	:	:	PUNCT
economy-7726	3	3	bhunia.amalendu@gmail.com	bhunia.amalendu@gmail.com	X
economy-7726	3	4	2surendranath	2surendranath	NUM
economy-7726	3	5	evening	evening	NOUN
economy-7726	3	6	college	college	NOUN
economy-7726	3	7	,	,	PUNCT
economy-7726	3	8	kolkata	kolkata	PROPN
economy-7726	3	9	,	,	PUNCT
economy-7726	3	10	india	india	PROPN
economy-7726	3	11	.	.	PUNCT
economy-7726	4	1	2email	2email	NUM
economy-7726	4	2	:	:	PUNCT
economy-7726	4	3	amitdas8121984@gmail.com	amitdas8121984@gmail.com	X
economy-7726	5	1	abstract	abstract	ADJ
economy-7726	5	2	the	the	DET
economy-7726	5	3	purpose	purpose	NOUN
economy-7726	5	4	of	of	ADP
economy-7726	5	5	this	this	DET
economy-7726	5	6	study	study	NOUN
economy-7726	5	7	was	be	AUX
economy-7726	5	8	to	to	PART
economy-7726	5	9	investigate	investigate	VERB
economy-7726	5	10	whether	whether	SCONJ
economy-7726	5	11	gold	gold	NOUN
economy-7726	5	12	served	serve	VERB
economy-7726	5	13	as	as	ADP
economy-7726	5	14	a	a	DET
economy-7726	5	15	safe	safe	ADJ
economy-7726	5	16	haven	haven	NOUN
economy-7726	5	17	or	or	CCONJ
economy-7726	5	18	a	a	DET
economy-7726	5	19	risky	risky	ADJ
economy-7726	5	20	asset	asset	NOUN
economy-7726	5	21	during	during	ADP
economy-7726	5	22	periods	period	NOUN
economy-7726	5	23	of	of	ADP
economy-7726	5	24	heightened	heightened	ADJ
economy-7726	5	25	volatility	volatility	NOUN
economy-7726	5	26	in	in	ADP
economy-7726	5	27	the	the	DET
economy-7726	5	28	indian	indian	ADJ
economy-7726	5	29	stock	stock	NOUN
economy-7726	5	30	market	market	NOUN
economy-7726	5	31	.	.	PUNCT
economy-7726	6	1	given	give	VERB
economy-7726	6	2	india	india	PROPN
economy-7726	6	3	’s	’s	PART
economy-7726	6	4	cultural	cultural	ADJ
economy-7726	6	5	and	and	CCONJ
economy-7726	6	6	economic	economic	ADJ
economy-7726	6	7	attachment	attachment	NOUN
economy-7726	6	8	to	to	ADP
economy-7726	6	9	gold	gold	NOUN
economy-7726	6	10	,	,	PUNCT
economy-7726	6	11	this	this	DET
economy-7726	6	12	study	study	NOUN
economy-7726	6	13	explored	explore	VERB
economy-7726	6	14	the	the	DET
economy-7726	6	15	dynamic	dynamic	ADJ
economy-7726	6	16	relationship	relationship	NOUN
economy-7726	6	17	between	between	ADP
economy-7726	6	18	gold	gold	NOUN
economy-7726	6	19	prices	price	NOUN
economy-7726	6	20	and	and	CCONJ
economy-7726	6	21	stock	stock	NOUN
economy-7726	6	22	market	market	NOUN
economy-7726	6	23	fluctuations	fluctuation	NOUN
economy-7726	6	24	,	,	PUNCT
economy-7726	6	25	particularly	particularly	ADV
economy-7726	6	26	during	during	ADP
economy-7726	6	27	times	time	NOUN
economy-7726	6	28	of	of	ADP
economy-7726	6	29	financial	financial	ADJ
economy-7726	6	30	uncertainty	uncertainty	NOUN
economy-7726	6	31	.	.	PUNCT
economy-7726	7	1	using	use	VERB
economy-7726	7	2	daily	daily	ADJ
economy-7726	7	3	data	datum	NOUN
economy-7726	7	4	from	from	ADP
economy-7726	7	5	2005	2005	NUM
economy-7726	7	6	to	to	ADP
economy-7726	7	7	2023	2023	NUM
economy-7726	7	8	,	,	PUNCT
economy-7726	7	9	the	the	DET
economy-7726	7	10	research	research	NOUN
economy-7726	7	11	employed	employ	VERB
economy-7726	7	12	garch	garch	NOUN
economy-7726	7	13	(	(	PUNCT
economy-7726	7	14	1,1	1,1	NUM
economy-7726	7	15	)	)	PUNCT
economy-7726	7	16	,	,	PUNCT
economy-7726	7	17	egarch	egarch	NOUN
economy-7726	7	18	(	(	PUNCT
economy-7726	7	19	1,1	1,1	NUM
economy-7726	7	20	)	)	PUNCT
economy-7726	7	21	,	,	PUNCT
economy-7726	7	22	and	and	CCONJ
economy-7726	7	23	dcc	dcc	PROPN
economy-7726	7	24	-	-	PUNCT
economy-7726	7	25	garch	garch	NOUN
economy-7726	7	26	models	model	NOUN
economy-7726	7	27	to	to	PART
economy-7726	7	28	analyze	analyze	VERB
economy-7726	7	29	both	both	CCONJ
economy-7726	7	30	the	the	DET
economy-7726	7	31	unconditional	unconditional	ADJ
economy-7726	7	32	and	and	CCONJ
economy-7726	7	33	time	time	NOUN
economy-7726	7	34	-	-	PUNCT
economy-7726	7	35	varying	vary	VERB
economy-7726	7	36	correlations	correlation	NOUN
economy-7726	7	37	between	between	ADP
economy-7726	7	38	gold	gold	NOUN
economy-7726	7	39	returns	return	NOUN
economy-7726	7	40	and	and	CCONJ
economy-7726	7	41	nifty	nifty	ADJ
economy-7726	7	42	50	50	NUM
economy-7726	7	43	returns	return	NOUN
economy-7726	7	44	.	.	PUNCT
economy-7726	8	1	the	the	DET
economy-7726	8	2	findings	finding	NOUN
economy-7726	8	3	revealed	reveal	VERB
economy-7726	8	4	that	that	SCONJ
economy-7726	8	5	gold	gold	NOUN
economy-7726	8	6	exhibited	exhibit	VERB
economy-7726	8	7	significant	significant	ADJ
economy-7726	8	8	safe	safe	ADJ
economy-7726	8	9	-	-	PUNCT
economy-7726	8	10	haven	haven	NOUN
economy-7726	8	11	characteristics	characteristic	NOUN
economy-7726	8	12	during	during	ADP
economy-7726	8	13	extreme	extreme	ADJ
economy-7726	8	14	market	market	NOUN
economy-7726	8	15	downturns	downturn	NOUN
economy-7726	8	16	,	,	PUNCT
economy-7726	8	17	offering	offer	VERB
economy-7726	8	18	protection	protection	NOUN
economy-7726	8	19	to	to	ADP
economy-7726	8	20	investors	investor	NOUN
economy-7726	8	21	against	against	ADP
economy-7726	8	22	stock	stock	NOUN
economy-7726	8	23	market	market	NOUN
economy-7726	8	24	losses	loss	NOUN
economy-7726	8	25	,	,	PUNCT
economy-7726	8	26	with	with	ADP
economy-7726	8	27	strong	strong	ADJ
economy-7726	8	28	volatility	volatility	NOUN
economy-7726	8	29	persistence	persistence	NOUN
economy-7726	8	30	in	in	ADP
economy-7726	8	31	both	both	DET
economy-7726	8	32	markets	market	NOUN
economy-7726	8	33	and	and	CCONJ
economy-7726	8	34	significant	significant	ADJ
economy-7726	8	35	leverage	leverage	NOUN
economy-7726	8	36	effects	effect	NOUN
economy-7726	8	37	in	in	ADP
economy-7726	8	38	the	the	DET
economy-7726	8	39	stock	stock	NOUN
economy-7726	8	40	market	market	NOUN
economy-7726	8	41	.	.	PUNCT
economy-7726	9	1	the	the	DET
economy-7726	9	2	dcc	dcc	PROPN
economy-7726	9	3	-	-	PUNCT
economy-7726	9	4	garch	garch	NOUN
economy-7726	9	5	model	model	NOUN
economy-7726	9	6	showed	show	VERB
economy-7726	9	7	that	that	SCONJ
economy-7726	9	8	gold	gold	NOUN
economy-7726	9	9	exhibited	exhibit	VERB
economy-7726	9	10	a	a	DET
economy-7726	9	11	negative	negative	ADJ
economy-7726	9	12	correlation	correlation	NOUN
economy-7726	9	13	with	with	ADP
economy-7726	9	14	equities	equity	NOUN
economy-7726	9	15	,	,	PUNCT
economy-7726	9	16	particularly	particularly	ADV
economy-7726	9	17	during	during	ADP
economy-7726	9	18	periods	period	NOUN
economy-7726	9	19	of	of	ADP
economy-7726	9	20	global	global	ADJ
economy-7726	9	21	financial	financial	ADJ
economy-7726	9	22	crisis	crisis	NOUN
economy-7726	9	23	(	(	PUNCT
economy-7726	9	24	2008–09	2008–09	NUM
economy-7726	9	25	)	)	PUNCT
economy-7726	9	26	,	,	PUNCT
economy-7726	9	27	covid-19	covid-19	PROPN
economy-7726	9	28	crash	crash	NOUN
economy-7726	9	29	(	(	PUNCT
economy-7726	9	30	2020	2020	NUM
economy-7726	9	31	)	)	PUNCT
economy-7726	9	32	,	,	PUNCT
economy-7726	9	33	and	and	CCONJ
economy-7726	9	34	russia	russia	PROPN
economy-7726	9	35	-	-	PUNCT
economy-7726	9	36	ukraine	ukraine	PROPN
economy-7726	9	37	conflict	conflict	NOUN
economy-7726	9	38	(	(	PUNCT
economy-7726	9	39	2022	2022	NUM
economy-7726	9	40	)	)	PUNCT
economy-7726	9	41	,	,	PUNCT
economy-7726	9	42	confirming	confirm	VERB
economy-7726	9	43	its	its	PRON
economy-7726	9	44	role	role	NOUN
economy-7726	9	45	as	as	ADP
economy-7726	9	46	a	a	DET
economy-7726	9	47	safe	safe	ADJ
economy-7726	9	48	haven	haven	NOUN
economy-7726	9	49	.	.	PUNCT
economy-7726	10	1	the	the	DET
economy-7726	10	2	practical	practical	ADJ
economy-7726	10	3	implications	implication	NOUN
economy-7726	10	4	of	of	ADP
economy-7726	10	5	this	this	DET
economy-7726	10	6	study	study	NOUN
economy-7726	10	7	are	be	AUX
economy-7726	10	8	particularly	particularly	ADV
economy-7726	10	9	relevant	relevant	ADJ
economy-7726	10	10	for	for	ADP
economy-7726	10	11	investors	investor	NOUN
economy-7726	10	12	,	,	PUNCT
economy-7726	10	13	portfolio	portfolio	NOUN
economy-7726	10	14	managers	manager	NOUN
economy-7726	10	15	,	,	PUNCT
economy-7726	10	16	and	and	CCONJ
economy-7726	10	17	policymakers	policymaker	NOUN
economy-7726	10	18	.	.	PUNCT
economy-7726	11	1	investors	investor	NOUN
economy-7726	11	2	can	can	AUX
economy-7726	11	3	use	use	VERB
economy-7726	11	4	gold	gold	NOUN
economy-7726	11	5	as	as	ADP
economy-7726	11	6	an	an	DET
economy-7726	11	7	effective	effective	ADJ
economy-7726	11	8	diversification	diversification	NOUN
economy-7726	11	9	tool	tool	NOUN
economy-7726	11	10	to	to	PART
economy-7726	11	11	mitigate	mitigate	VERB
economy-7726	11	12	stock	stock	NOUN
economy-7726	11	13	market	market	NOUN
economy-7726	11	14	risk	risk	NOUN
economy-7726	11	15	,	,	PUNCT
economy-7726	11	16	while	while	SCONJ
economy-7726	11	17	policymakers	policymaker	NOUN
economy-7726	11	18	can	can	AUX
economy-7726	11	19	monitor	monitor	VERB
economy-7726	11	20	gold	gold	ADJ
economy-7726	11	21	price	price	NOUN
economy-7726	11	22	movements	movement	NOUN
economy-7726	11	23	as	as	ADP
economy-7726	11	24	indicators	indicator	NOUN
economy-7726	11	25	of	of	ADP
economy-7726	11	26	investor	investor	NOUN
economy-7726	11	27	sentiment	sentiment	NOUN
economy-7726	11	28	and	and	CCONJ
economy-7726	11	29	financial	financial	ADJ
economy-7726	11	30	stability	stability	NOUN
economy-7726	11	31	.	.	PUNCT
economy-7726	12	1	the	the	DET
economy-7726	12	2	study	study	NOUN
economy-7726	12	3	contributed	contribute	VERB
economy-7726	12	4	to	to	ADP
economy-7726	12	5	the	the	DET
economy-7726	12	6	understanding	understanding	NOUN
economy-7726	12	7	of	of	ADP
economy-7726	12	8	gold	gold	NOUN
economy-7726	12	9	’s	’s	PART
economy-7726	12	10	dual	dual	ADJ
economy-7726	12	11	role	role	NOUN
economy-7726	12	12	in	in	ADP
economy-7726	12	13	the	the	DET
economy-7726	12	14	indian	indian	ADJ
economy-7726	12	15	financial	financial	ADJ
economy-7726	12	16	system	system	NOUN
economy-7726	12	17	as	as	ADP
economy-7726	12	18	both	both	CCONJ
economy-7726	12	19	a	a	DET
economy-7726	12	20	safe	safe	ADJ
economy-7726	12	21	-	-	PUNCT
economy-7726	12	22	haven	haven	NOUN
economy-7726	12	23	asset	asset	NOUN
economy-7726	12	24	and	and	CCONJ
economy-7726	12	25	a	a	DET
economy-7726	12	26	speculative	speculative	ADJ
economy-7726	12	27	instrument	instrument	NOUN
economy-7726	12	28	,	,	PUNCT
economy-7726	12	29	depending	depend	VERB
economy-7726	12	30	on	on	ADP
economy-7726	12	31	market	market	NOUN
economy-7726	12	32	conditions	condition	NOUN
economy-7726	12	33	.	.	PUNCT
economy-7726	13	1	keywords	keyword	NOUN
economy-7726	13	2	:	:	PUNCT
economy-7726	13	3	crisis	crisis	NOUN
economy-7726	13	4	period	period	NOUN
economy-7726	13	5	,	,	PUNCT
economy-7726	13	6	garch	garch	NOUN
economy-7726	13	7	models	model	NOUN
economy-7726	13	8	,	,	PUNCT
economy-7726	13	9	gold	gold	NOUN
economy-7726	13	10	prices	price	NOUN
economy-7726	13	11	,	,	PUNCT
economy-7726	13	12	safe	safe	ADJ
economy-7726	13	13	haven	haven	NOUN
economy-7726	13	14	,	,	PUNCT
economy-7726	13	15	stock	stock	NOUN
economy-7726	13	16	market	market	NOUN
economy-7726	13	17	volatility	volatility	NOUN
economy-7726	13	18	.	.	PUNCT
economy-7726	14	1	citation	citation	NOUN
economy-7726	14	2	|	|	CCONJ
economy-7726	14	3	bhunia	bhunia	PROPN
economy-7726	14	4	,	,	PUNCT
economy-7726	14	5	a.	a.	PROPN
economy-7726	14	6	,	,	PUNCT
economy-7726	14	7	&	&	CCONJ
economy-7726	14	8	das	das	PROPN
economy-7726	14	9	,	,	PUNCT
economy-7726	14	10	a.	a.	NOUN
economy-7726	14	11	(	(	PUNCT
economy-7726	14	12	2025	2025	NUM
economy-7726	14	13	)	)	PUNCT
economy-7726	14	14	.	.	PUNCT
economy-7726	15	1	safe	safe	ADJ
economy-7726	15	2	haven	haven	NOUN
economy-7726	15	3	or	or	CCONJ
economy-7726	15	4	risky	risky	ADJ
economy-7726	15	5	bet	bet	NOUN
economy-7726	15	6	?	?	PUNCT
economy-7726	16	1	a	a	DET
economy-7726	16	2	study	study	NOUN
economy-7726	16	3	of	of	ADP
economy-7726	16	4	gold	gold	NOUN
economy-7726	16	5	prices	price	NOUN
economy-7726	16	6	during	during	ADP
economy-7726	16	7	indian	indian	ADJ
economy-7726	16	8	stock	stock	NOUN
economy-7726	16	9	market	market	NOUN
economy-7726	16	10	volatility	volatility	NOUN
economy-7726	16	11	.	.	PUNCT
economy-7726	17	1	economy	economy	NOUN
economy-7726	17	2	,	,	PUNCT
economy-7726	17	3	12(2	12(2	NUM
economy-7726	17	4	)	)	PUNCT
economy-7726	17	5	,	,	PUNCT
economy-7726	17	6	175–181	175–181	NUM
economy-7726	17	7	.	.	PUNCT
economy-7726	18	1	10.20448	10.20448	NUM
economy-7726	18	2	/	/	SYM
economy-7726	18	3	economy.v12i2.7726	economy.v12i2.7726	X
economy-7726	18	4	.	.	PUNCT
economy-7726	18	5	history	history	NOUN
economy-7726	18	6	:	:	PUNCT
economy-7726	18	7	received	receive	VERB
economy-7726	18	8	:	:	PUNCT
economy-7726	18	9	9	9	NUM
economy-7726	18	10	october	october	NOUN
economy-7726	18	11	2025	2025	NUM
economy-7726	18	12	revised	revise	VERB
economy-7726	18	13	:	:	PUNCT
economy-7726	18	14	27	27	NUM
economy-7726	18	15	october	october	NOUN
economy-7726	18	16	2025	2025	NUM
economy-7726	18	17	accepted	accept	VERB
economy-7726	18	18	:	:	PUNCT
economy-7726	18	19	3	3	NUM
economy-7726	18	20	november	november	PROPN
economy-7726	18	21	2025	2025	NUM
economy-7726	18	22	published	publish	VERB
economy-7726	18	23	:	:	PUNCT
economy-7726	18	24	18	18	NUM
economy-7726	18	25	november	november	PROPN
economy-7726	18	26	2025	2025	NUM
economy-7726	18	27	licensed	license	VERB
economy-7726	18	28	:	:	PUNCT
economy-7726	18	29	this	this	DET
economy-7726	18	30	work	work	NOUN
economy-7726	18	31	is	be	AUX
economy-7726	18	32	licensed	license	VERB
economy-7726	18	33	under	under	ADP
economy-7726	18	34	a	a	DET
economy-7726	18	35	creative	creative	ADJ
economy-7726	18	36	commons	common	NOUN
economy-7726	18	37	attribution	attribution	NOUN
economy-7726	18	38	4.0	4.0	NUM
economy-7726	18	39	license	license	NOUN
economy-7726	18	40	publisher	publisher	NOUN
economy-7726	18	41	:	:	PUNCT
economy-7726	18	42	asian	asian	ADJ
economy-7726	18	43	online	online	PROPN
economy-7726	18	44	journal	journal	PROPN
economy-7726	18	45	publishing	publishing	PROPN
economy-7726	18	46	group	group	PROPN
economy-7726	18	47	funding	funding	NOUN
economy-7726	18	48	:	:	PUNCT
economy-7726	18	49	this	this	DET
economy-7726	18	50	study	study	NOUN
economy-7726	18	51	received	receive	VERB
economy-7726	18	52	no	no	DET
economy-7726	18	53	specific	specific	ADJ
economy-7726	18	54	financial	financial	ADJ
economy-7726	18	55	support	support	NOUN
economy-7726	18	56	.	.	PUNCT
economy-7726	19	1	institutional	institutional	ADJ
economy-7726	19	2	review	review	PROPN
economy-7726	19	3	board	board	NOUN
economy-7726	19	4	statement	statement	NOUN
economy-7726	19	5	:	:	PUNCT
economy-7726	19	6	not	not	PART
economy-7726	19	7	applicable	applicable	ADJ
economy-7726	19	8	.	.	PUNCT
economy-7726	20	1	transparency	transparency	NOUN
economy-7726	20	2	:	:	PUNCT
economy-7726	20	3	the	the	DET
economy-7726	20	4	authors	author	NOUN
economy-7726	20	5	confirm	confirm	VERB
economy-7726	20	6	that	that	SCONJ
economy-7726	20	7	the	the	DET
economy-7726	20	8	manuscript	manuscript	NOUN
economy-7726	20	9	is	be	AUX
economy-7726	20	10	an	an	DET
economy-7726	20	11	honest	honest	ADJ
economy-7726	20	12	,	,	PUNCT
economy-7726	20	13	accurate	accurate	ADJ
economy-7726	20	14	,	,	PUNCT
economy-7726	20	15	and	and	CCONJ
economy-7726	20	16	transparent	transparent	ADJ
economy-7726	20	17	account	account	NOUN
economy-7726	20	18	of	of	ADP
economy-7726	20	19	the	the	DET
economy-7726	20	20	study	study	NOUN
economy-7726	20	21	;	;	PUNCT
economy-7726	20	22	that	that	SCONJ
economy-7726	20	23	no	no	DET
economy-7726	20	24	vital	vital	ADJ
economy-7726	20	25	features	feature	NOUN
economy-7726	20	26	of	of	ADP
economy-7726	20	27	the	the	DET
economy-7726	20	28	study	study	NOUN
economy-7726	20	29	have	have	AUX
economy-7726	20	30	been	be	AUX
economy-7726	20	31	omitted	omit	VERB
economy-7726	20	32	;	;	PUNCT
economy-7726	20	33	and	and	CCONJ
economy-7726	20	34	that	that	SCONJ
economy-7726	20	35	any	any	DET
economy-7726	20	36	discrepancies	discrepancy	NOUN
economy-7726	20	37	from	from	ADP
economy-7726	20	38	the	the	DET
economy-7726	20	39	study	study	NOUN
economy-7726	20	40	as	as	SCONJ
economy-7726	20	41	planned	plan	VERB
economy-7726	20	42	have	have	AUX
economy-7726	20	43	been	be	AUX
economy-7726	20	44	explained	explain	VERB
economy-7726	20	45	.	.	PUNCT
economy-7726	21	1	this	this	DET
economy-7726	21	2	study	study	NOUN
economy-7726	21	3	followed	follow	VERB
economy-7726	21	4	all	all	DET
economy-7726	21	5	ethical	ethical	ADJ
economy-7726	21	6	practices	practice	NOUN
economy-7726	21	7	during	during	ADP
economy-7726	21	8	writing	writing	NOUN
economy-7726	21	9	.	.	PUNCT
economy-7726	22	1	competing	compete	VERB
economy-7726	22	2	interests	interest	NOUN
economy-7726	22	3	:	:	PUNCT
economy-7726	22	4	the	the	DET
economy-7726	22	5	authors	author	NOUN
economy-7726	22	6	declare	declare	VERB
economy-7726	22	7	that	that	SCONJ
economy-7726	22	8	they	they	PRON
economy-7726	22	9	have	have	VERB
economy-7726	22	10	no	no	DET
economy-7726	22	11	competing	compete	VERB
economy-7726	22	12	interests	interest	NOUN
economy-7726	22	13	.	.	PUNCT
economy-7726	23	1	authors	author	NOUN
economy-7726	23	2	’	'	PUNCT
economy-7726	23	3	contributions	contribution	NOUN
economy-7726	23	4	:	:	PUNCT
economy-7726	23	5	both	both	DET
economy-7726	23	6	authors	author	NOUN
economy-7726	23	7	contributed	contribute	VERB
economy-7726	23	8	equally	equally	ADV
economy-7726	23	9	to	to	ADP
economy-7726	23	10	the	the	DET
economy-7726	23	11	conception	conception	NOUN
economy-7726	23	12	and	and	CCONJ
economy-7726	23	13	design	design	NOUN
economy-7726	23	14	of	of	ADP
economy-7726	23	15	the	the	DET
economy-7726	23	16	study	study	NOUN
economy-7726	23	17	.	.	PUNCT
economy-7726	24	1	both	both	DET
economy-7726	24	2	authors	author	NOUN
economy-7726	24	3	have	have	AUX
economy-7726	24	4	read	read	VERB
economy-7726	24	5	and	and	CCONJ
economy-7726	24	6	agreed	agree	VERB
economy-7726	24	7	to	to	ADP
economy-7726	24	8	the	the	DET
economy-7726	24	9	published	publish	VERB
economy-7726	24	10	version	version	NOUN
economy-7726	24	11	of	of	ADP
economy-7726	24	12	the	the	DET
economy-7726	24	13	manuscript	manuscript	NOUN
economy-7726	24	14	.	.	PUNCT
economy-7726	25	1	contents	content	NOUN
economy-7726	25	2	1	1	NUM
economy-7726	25	3	.	.	PUNCT
economy-7726	26	1	introduction	introduction	NOUN
economy-7726	26	2	....................................................................................................................................................................................	....................................................................................................................................................................................	VERB
economy-7726	26	3	176	176	NUM
economy-7726	26	4	2	2	NUM
economy-7726	26	5	.	.	PUNCT
economy-7726	26	6	literature	literature	PROPN
economy-7726	26	7	review	review	PROPN
economy-7726	26	8	..........................................................................................................................................................................	..........................................................................................................................................................................	PUNCT
economy-7726	27	1	177	177	NUM
economy-7726	27	2	3	3	NUM
economy-7726	27	3	.	.	PUNCT
economy-7726	27	4	data	datum	NOUN
economy-7726	27	5	and	and	CCONJ
economy-7726	27	6	methodology	methodology	NOUN
economy-7726	27	7	.................................................................................................................................................................	.................................................................................................................................................................	PUNCT
economy-7726	28	1	177	177	NUM
economy-7726	28	2	4	4	NUM
economy-7726	28	3	.	.	PUNCT
economy-7726	28	4	empirical	empirical	ADJ
economy-7726	28	5	results	result	NOUN
economy-7726	28	6	and	and	CCONJ
economy-7726	28	7	analysis	analysis	NOUN
economy-7726	28	8	...................................................................................................................................................	...................................................................................................................................................	PUNCT
economy-7726	28	9	178	178	NUM
economy-7726	28	10	5	5	NUM
economy-7726	28	11	.	.	PUNCT
economy-7726	28	12	conclusion	conclusion	NOUN
economy-7726	28	13	.......................................................................................................................................................................................	.......................................................................................................................................................................................	PUNCT
economy-7726	28	14	180	180	NUM
economy-7726	28	15	references	reference	NOUN
economy-7726	28	16	............................................................................................................................................................................................	............................................................................................................................................................................................	VERB
economy-7726	28	17	180	180	NUM
economy-7726	28	18	mailto:bhunia.amalendu@gmail.com	mailto:bhunia.amalendu@gmail.com	PROPN
economy-7726	28	19	mailto:amitdas8121984@gmail.com	mailto:amitdas8121984@gmail.com	PROPN
economy-7726	28	20	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
economy-7726	28	21	https://creativecommons.org/licenses/by/4.0/	https://creativecommons.org/licenses/by/4.0/	PROPN
economy-7726	28	22	https://www.doi.org/10.20448/economy.v12i2.7726	https://www.doi.org/10.20448/economy.v12i2.7726	PROPN
economy-7726	28	23	https://orcid.org/0009-0005-3142-1822	https://orcid.org/0009-0005-3142-1822	PROPN
economy-7726	28	24	economy	economy	NOUN
economy-7726	28	25	,	,	PUNCT
economy-7726	28	26	2025	2025	NUM
economy-7726	28	27	,	,	PUNCT
economy-7726	28	28	12(2	12(2	NUM
economy-7726	28	29	):	):	PUNCT
economy-7726	28	30	175	175	NUM
economy-7726	28	31	-	-	SYM
economy-7726	28	32	181	181	NUM
economy-7726	28	33	176	176	NUM
economy-7726	28	34	©	©	ADP
economy-7726	28	35	2025	2025	NUM
economy-7726	28	36	by	by	ADP
economy-7726	28	37	the	the	DET
economy-7726	28	38	authors	author	NOUN
economy-7726	28	39	;	;	PUNCT
economy-7726	28	40	licensee	licensee	PROPN
economy-7726	28	41	asian	asian	ADJ
economy-7726	28	42	online	online	PROPN
economy-7726	28	43	journal	journal	PROPN
economy-7726	28	44	publishing	publishing	NOUN
economy-7726	28	45	group	group	NOUN
economy-7726	28	46	contribution	contribution	NOUN
economy-7726	28	47	of	of	ADP
economy-7726	28	48	this	this	DET
economy-7726	28	49	paper	paper	NOUN
economy-7726	28	50	to	to	ADP
economy-7726	28	51	the	the	DET
economy-7726	28	52	literature	literature	NOUN
economy-7726	28	53	this	this	DET
economy-7726	28	54	study	study	NOUN
economy-7726	28	55	documents	document	NOUN
economy-7726	28	56	that	that	PRON
economy-7726	28	57	its	its	PRON
economy-7726	28	58	originality	originality	NOUN
economy-7726	28	59	lies	lie	VERB
economy-7726	28	60	in	in	ADP
economy-7726	28	61	the	the	DET
economy-7726	28	62	application	application	NOUN
economy-7726	28	63	of	of	ADP
economy-7726	28	64	advanced	advanced	ADJ
economy-7726	28	65	volatility	volatility	NOUN
economy-7726	28	66	models	model	NOUN
economy-7726	28	67	(	(	PUNCT
economy-7726	28	68	garch	garch	NOUN
economy-7726	28	69	,	,	PUNCT
economy-7726	28	70	egarch	egarch	NOUN
economy-7726	28	71	,	,	PUNCT
economy-7726	28	72	and	and	CCONJ
economy-7726	28	73	dcc	dcc	PROPN
economy-7726	28	74	-	-	PUNCT
economy-7726	28	75	garch	garch	NOUN
economy-7726	28	76	)	)	PUNCT
economy-7726	28	77	to	to	ADP
economy-7726	28	78	indian	indian	ADJ
economy-7726	28	79	market	market	NOUN
economy-7726	28	80	data	datum	NOUN
economy-7726	28	81	.	.	PUNCT
economy-7726	29	1	it	it	PRON
economy-7726	29	2	focuses	focus	VERB
economy-7726	29	3	on	on	ADP
economy-7726	29	4	the	the	DET
economy-7726	29	5	time	time	NOUN
economy-7726	29	6	-	-	PUNCT
economy-7726	29	7	varying	vary	VERB
economy-7726	29	8	safe	safe	ADJ
economy-7726	29	9	-	-	PUNCT
economy-7726	29	10	haven	haven	NOUN
economy-7726	29	11	behavior	behavior	NOUN
economy-7726	29	12	of	of	ADP
economy-7726	29	13	gold	gold	NOUN
economy-7726	29	14	during	during	ADP
economy-7726	29	15	different	different	ADJ
economy-7726	29	16	phases	phase	NOUN
economy-7726	29	17	of	of	ADP
economy-7726	29	18	market	market	NOUN
economy-7726	29	19	stress	stress	NOUN
economy-7726	29	20	,	,	PUNCT
economy-7726	29	21	thereby	thereby	ADV
economy-7726	29	22	providing	provide	VERB
economy-7726	29	23	a	a	DET
economy-7726	29	24	nuanced	nuanced	ADJ
economy-7726	29	25	,	,	PUNCT
economy-7726	29	26	crisis	crisis	NOUN
economy-7726	29	27	-	-	PUNCT
economy-7726	29	28	specific	specific	ADJ
economy-7726	29	29	perspective	perspective	NOUN
economy-7726	29	30	that	that	PRON
economy-7726	29	31	was	be	AUX
economy-7726	29	32	absent	absent	ADJ
economy-7726	29	33	in	in	ADP
economy-7726	29	34	prior	prior	ADJ
economy-7726	29	35	indian	indian	ADJ
economy-7726	29	36	empirical	empirical	ADJ
economy-7726	29	37	research	research	NOUN
economy-7726	29	38	.	.	PUNCT
economy-7726	30	1	1	1	X
economy-7726	30	2	.	.	X
economy-7726	30	3	introduction	introduction	NOUN
economy-7726	30	4	in	in	ADP
economy-7726	30	5	the	the	DET
economy-7726	30	6	complex	complex	ADJ
economy-7726	30	7	design	design	NOUN
economy-7726	30	8	of	of	ADP
economy-7726	30	9	global	global	ADJ
economy-7726	30	10	financial	financial	ADJ
economy-7726	30	11	markets	market	NOUN
economy-7726	30	12	,	,	PUNCT
economy-7726	30	13	investors	investor	NOUN
economy-7726	30	14	constantly	constantly	ADV
economy-7726	30	15	seek	seek	VERB
economy-7726	30	16	assets	asset	NOUN
economy-7726	30	17	that	that	PRON
economy-7726	30	18	can	can	AUX
economy-7726	30	19	preserve	preserve	VERB
economy-7726	30	20	value	value	NOUN
economy-7726	30	21	during	during	ADP
economy-7726	30	22	turbulent	turbulent	ADJ
economy-7726	30	23	times	time	NOUN
economy-7726	30	24	.	.	PUNCT
economy-7726	31	1	among	among	ADP
economy-7726	31	2	the	the	DET
economy-7726	31	3	wide	wide	ADJ
economy-7726	31	4	array	array	NOUN
economy-7726	31	5	of	of	ADP
economy-7726	31	6	financial	financial	ADJ
economy-7726	31	7	instruments	instrument	NOUN
economy-7726	31	8	,	,	PUNCT
economy-7726	31	9	gold	gold	NOUN
economy-7726	31	10	has	have	AUX
economy-7726	31	11	historically	historically	ADV
economy-7726	31	12	maintained	maintain	VERB
economy-7726	31	13	a	a	DET
economy-7726	31	14	reputation	reputation	NOUN
economy-7726	31	15	as	as	ADP
economy-7726	31	16	a	a	DET
economy-7726	31	17	“	"	PUNCT
economy-7726	31	18	safe	safe	ADJ
economy-7726	31	19	haven	haven	NOUN
economy-7726	31	20	”	"	PUNCT
economy-7726	31	21	asset	asset	NOUN
economy-7726	31	22	.	.	PUNCT
economy-7726	32	1	this	this	DET
economy-7726	32	2	perception	perception	NOUN
economy-7726	32	3	is	be	AUX
economy-7726	32	4	largely	largely	ADV
economy-7726	32	5	rooted	root	VERB
economy-7726	32	6	in	in	ADP
economy-7726	32	7	its	its	PRON
economy-7726	32	8	historical	historical	ADJ
economy-7726	32	9	performance	performance	NOUN
economy-7726	32	10	,	,	PUNCT
economy-7726	32	11	intrinsic	intrinsic	ADJ
economy-7726	32	12	value	value	NOUN
economy-7726	32	13	,	,	PUNCT
economy-7726	32	14	limited	limited	ADJ
economy-7726	32	15	supply	supply	NOUN
economy-7726	32	16	,	,	PUNCT
economy-7726	32	17	and	and	CCONJ
economy-7726	32	18	psychological	psychological	ADJ
economy-7726	32	19	appeal	appeal	NOUN
economy-7726	32	20	as	as	ADP
economy-7726	32	21	a	a	DET
economy-7726	32	22	store	store	NOUN
economy-7726	32	23	of	of	ADP
economy-7726	32	24	wealth	wealth	NOUN
economy-7726	32	25	during	during	ADP
economy-7726	32	26	times	time	NOUN
economy-7726	32	27	of	of	ADP
economy-7726	32	28	uncertainty	uncertainty	NOUN
economy-7726	32	29	and	and	CCONJ
economy-7726	32	30	economic	economic	ADJ
economy-7726	32	31	distress	distress	NOUN
economy-7726	32	32	(	(	PUNCT
economy-7726	32	33	baur	baur	PROPN
economy-7726	32	34	&	&	CCONJ
economy-7726	32	35	lucey	lucey	PROPN
economy-7726	32	36	,	,	PUNCT
economy-7726	32	37	2010	2010	NUM
economy-7726	32	38	)	)	PUNCT
economy-7726	32	39	.	.	PUNCT
economy-7726	33	1	as	as	SCONJ
economy-7726	33	2	global	global	ADJ
economy-7726	33	3	markets	market	NOUN
economy-7726	33	4	become	become	VERB
economy-7726	33	5	increasingly	increasingly	ADV
economy-7726	33	6	integrated	integrate	VERB
economy-7726	33	7	and	and	CCONJ
economy-7726	33	8	volatile	volatile	ADJ
economy-7726	33	9	,	,	PUNCT
economy-7726	33	10	the	the	DET
economy-7726	33	11	need	need	NOUN
economy-7726	33	12	to	to	PART
economy-7726	33	13	understand	understand	VERB
economy-7726	33	14	the	the	DET
economy-7726	33	15	role	role	NOUN
economy-7726	33	16	of	of	ADP
economy-7726	33	17	gold	gold	NOUN
economy-7726	33	18	in	in	ADP
economy-7726	33	19	relation	relation	NOUN
economy-7726	33	20	to	to	ADP
economy-7726	33	21	stock	stock	NOUN
economy-7726	33	22	markets	market	NOUN
economy-7726	33	23	becomes	become	VERB
economy-7726	33	24	more	more	ADV
economy-7726	33	25	relevant	relevant	ADJ
economy-7726	33	26	than	than	ADP
economy-7726	33	27	ever	ever	ADV
economy-7726	33	28	,	,	PUNCT
economy-7726	33	29	especially	especially	ADV
economy-7726	33	30	in	in	ADP
economy-7726	33	31	emerging	emerge	VERB
economy-7726	33	32	economies	economy	NOUN
economy-7726	33	33	like	like	ADP
economy-7726	33	34	india	india	PROPN
economy-7726	33	35	.	.	PUNCT
economy-7726	34	1	india	india	PROPN
economy-7726	34	2	is	be	AUX
economy-7726	34	3	among	among	ADP
economy-7726	34	4	the	the	DET
economy-7726	34	5	world	world	NOUN
economy-7726	34	6	's	's	PART
economy-7726	34	7	largest	large	ADJ
economy-7726	34	8	consumers	consumer	NOUN
economy-7726	34	9	of	of	ADP
economy-7726	34	10	gold	gold	NOUN
economy-7726	34	11	,	,	PUNCT
economy-7726	34	12	both	both	CCONJ
economy-7726	34	13	in	in	ADP
economy-7726	34	14	physical	physical	ADJ
economy-7726	34	15	and	and	CCONJ
economy-7726	34	16	financial	financial	ADJ
economy-7726	34	17	forms	form	NOUN
economy-7726	34	18	.	.	PUNCT
economy-7726	35	1	culturally	culturally	ADV
economy-7726	35	2	embedded	embed	VERB
economy-7726	35	3	in	in	ADP
economy-7726	35	4	the	the	DET
economy-7726	35	5	traditions	tradition	NOUN
economy-7726	35	6	,	,	PUNCT
economy-7726	35	7	rituals	ritual	NOUN
economy-7726	35	8	,	,	PUNCT
economy-7726	35	9	and	and	CCONJ
economy-7726	35	10	personal	personal	ADJ
economy-7726	35	11	finance	finance	NOUN
economy-7726	35	12	of	of	ADP
economy-7726	35	13	indian	indian	ADJ
economy-7726	35	14	households	household	NOUN
economy-7726	35	15	,	,	PUNCT
economy-7726	35	16	gold	gold	NOUN
economy-7726	35	17	has	have	AUX
economy-7726	35	18	been	be	AUX
economy-7726	35	19	more	more	ADJ
economy-7726	35	20	than	than	ADP
economy-7726	35	21	just	just	ADV
economy-7726	35	22	a	a	DET
economy-7726	35	23	commodity	commodity	NOUN
economy-7726	35	24	;	;	PUNCT
economy-7726	35	25	it	it	PRON
economy-7726	35	26	serves	serve	VERB
economy-7726	35	27	as	as	ADP
economy-7726	35	28	a	a	DET
economy-7726	35	29	form	form	NOUN
economy-7726	35	30	of	of	ADP
economy-7726	35	31	informal	informal	ADJ
economy-7726	35	32	savings	saving	NOUN
economy-7726	35	33	and	and	CCONJ
economy-7726	35	34	wealth	wealth	NOUN
economy-7726	35	35	preservation	preservation	NOUN
economy-7726	35	36	tool	tool	NOUN
economy-7726	35	37	across	across	ADP
economy-7726	35	38	generations	generation	NOUN
economy-7726	35	39	.	.	PUNCT
economy-7726	36	1	this	this	DET
economy-7726	36	2	longstanding	longstanding	ADJ
economy-7726	36	3	relationship	relationship	NOUN
economy-7726	36	4	with	with	ADP
economy-7726	36	5	gold	gold	NOUN
economy-7726	36	6	sets	set	VERB
economy-7726	36	7	india	india	PROPN
economy-7726	36	8	apart	apart	ADV
economy-7726	36	9	from	from	ADP
economy-7726	36	10	many	many	ADJ
economy-7726	36	11	other	other	ADJ
economy-7726	36	12	countries	country	NOUN
economy-7726	36	13	in	in	ADP
economy-7726	36	14	terms	term	NOUN
economy-7726	36	15	of	of	ADP
economy-7726	36	16	investor	investor	NOUN
economy-7726	36	17	behavior	behavior	NOUN
economy-7726	36	18	and	and	CCONJ
economy-7726	36	19	asset	asset	NOUN
economy-7726	36	20	preferences	preference	NOUN
economy-7726	36	21	(	(	PUNCT
economy-7726	36	22	world	world	NOUN
economy-7726	36	23	gold	gold	NOUN
economy-7726	36	24	council	council	NOUN
economy-7726	36	25	,	,	PUNCT
economy-7726	36	26	2022	2022	NUM
economy-7726	36	27	)	)	PUNCT
economy-7726	36	28	.	.	PUNCT
economy-7726	37	1	as	as	ADP
economy-7726	37	2	a	a	DET
economy-7726	37	3	result	result	NOUN
economy-7726	37	4	,	,	PUNCT
economy-7726	37	5	any	any	DET
economy-7726	37	6	shifts	shift	NOUN
economy-7726	37	7	in	in	ADP
economy-7726	37	8	global	global	ADJ
economy-7726	37	9	or	or	CCONJ
economy-7726	37	10	domestic	domestic	ADJ
economy-7726	37	11	financial	financial	ADJ
economy-7726	37	12	markets	market	NOUN
economy-7726	37	13	may	may	AUX
economy-7726	37	14	significantly	significantly	ADV
economy-7726	37	15	influence	influence	VERB
economy-7726	37	16	gold	gold	NOUN
economy-7726	37	17	investment	investment	NOUN
economy-7726	37	18	behavior	behavior	NOUN
economy-7726	37	19	in	in	ADP
economy-7726	37	20	india	india	PROPN
economy-7726	37	21	.	.	PUNCT
economy-7726	38	1	the	the	DET
economy-7726	38	2	indian	indian	ADJ
economy-7726	38	3	stock	stock	NOUN
economy-7726	38	4	market	market	NOUN
economy-7726	38	5	,	,	PUNCT
economy-7726	38	6	comprising	comprise	VERB
economy-7726	38	7	major	major	ADJ
economy-7726	38	8	indices	index	NOUN
economy-7726	38	9	such	such	ADJ
economy-7726	38	10	as	as	ADP
economy-7726	38	11	the	the	DET
economy-7726	38	12	bse	bse	NOUN
economy-7726	38	13	sensex	sensex	NOUN
economy-7726	38	14	and	and	CCONJ
economy-7726	38	15	nse	nse	NOUN
economy-7726	38	16	nifty	nifty	ADJ
economy-7726	38	17	50	50	NUM
economy-7726	38	18	,	,	PUNCT
economy-7726	38	19	is	be	AUX
economy-7726	38	20	known	know	VERB
economy-7726	38	21	for	for	ADP
economy-7726	38	22	its	its	PRON
economy-7726	38	23	rapid	rapid	ADJ
economy-7726	38	24	growth	growth	NOUN
economy-7726	38	25	,	,	PUNCT
economy-7726	38	26	diversity	diversity	NOUN
economy-7726	38	27	,	,	PUNCT
economy-7726	38	28	and	and	CCONJ
economy-7726	38	29	exposure	exposure	NOUN
economy-7726	38	30	to	to	ADP
economy-7726	38	31	both	both	CCONJ
economy-7726	38	32	domestic	domestic	ADJ
economy-7726	38	33	and	and	CCONJ
economy-7726	38	34	international	international	ADJ
economy-7726	38	35	shocks	shock	NOUN
economy-7726	38	36	.	.	PUNCT
economy-7726	39	1	events	event	NOUN
economy-7726	39	2	such	such	ADJ
economy-7726	39	3	as	as	ADP
economy-7726	39	4	the	the	DET
economy-7726	39	5	global	global	ADJ
economy-7726	39	6	financial	financial	ADJ
economy-7726	39	7	crisis	crisis	NOUN
economy-7726	39	8	of	of	ADP
economy-7726	39	9	2008	2008	NUM
economy-7726	39	10	,	,	PUNCT
economy-7726	39	11	the	the	DET
economy-7726	39	12	covid-19	covid-19	PROPN
economy-7726	39	13	pandemic	pandemic	NOUN
economy-7726	39	14	,	,	PUNCT
economy-7726	39	15	the	the	DET
economy-7726	39	16	russia	russia	PROPN
economy-7726	39	17	-	-	PUNCT
economy-7726	39	18	ukraine	ukraine	PROPN
economy-7726	39	19	conflict	conflict	NOUN
economy-7726	39	20	,	,	PUNCT
economy-7726	39	21	and	and	CCONJ
economy-7726	39	22	frequent	frequent	ADJ
economy-7726	39	23	changes	change	NOUN
economy-7726	39	24	in	in	ADP
economy-7726	39	25	global	global	ADJ
economy-7726	39	26	interest	interest	NOUN
economy-7726	39	27	rates	rate	NOUN
economy-7726	39	28	have	have	AUX
economy-7726	39	29	all	all	PRON
economy-7726	39	30	triggered	trigger	VERB
economy-7726	39	31	sharp	sharp	ADJ
economy-7726	39	32	fluctuations	fluctuation	NOUN
economy-7726	39	33	in	in	ADP
economy-7726	39	34	the	the	DET
economy-7726	39	35	indian	indian	ADJ
economy-7726	39	36	equity	equity	NOUN
economy-7726	39	37	market	market	NOUN
economy-7726	39	38	.	.	PUNCT
economy-7726	40	1	during	during	ADP
economy-7726	40	2	such	such	ADJ
economy-7726	40	3	turbulent	turbulent	ADJ
economy-7726	40	4	times	time	NOUN
economy-7726	40	5	,	,	PUNCT
economy-7726	40	6	riskaverse	riskaverse	NOUN
economy-7726	40	7	investors	investor	NOUN
economy-7726	40	8	reassess	reassess	VERB
economy-7726	40	9	their	their	PRON
economy-7726	40	10	portfolios	portfolio	NOUN
economy-7726	40	11	,	,	PUNCT
economy-7726	40	12	reallocating	reallocate	VERB
economy-7726	40	13	capital	capital	NOUN
economy-7726	40	14	to	to	PART
economy-7726	40	15	perceived	perceive	VERB
economy-7726	40	16	safer	safe	ADJ
economy-7726	40	17	assets	asset	NOUN
economy-7726	40	18	like	like	ADP
economy-7726	40	19	gold	gold	NOUN
economy-7726	40	20	.	.	PUNCT
economy-7726	41	1	for	for	ADP
economy-7726	41	2	example	example	NOUN
economy-7726	41	3	,	,	PUNCT
economy-7726	41	4	during	during	ADP
economy-7726	41	5	the	the	DET
economy-7726	41	6	covid-19	covid-19	PROPN
economy-7726	41	7	pandemic	pandemic	NOUN
economy-7726	41	8	in	in	ADP
economy-7726	41	9	2020	2020	NUM
economy-7726	41	10	,	,	PUNCT
economy-7726	41	11	while	while	SCONJ
economy-7726	41	12	indian	indian	ADJ
economy-7726	41	13	stock	stock	NOUN
economy-7726	41	14	indices	index	NOUN
economy-7726	41	15	plunged	plunge	VERB
economy-7726	41	16	in	in	ADP
economy-7726	41	17	march	march	PROPN
economy-7726	41	18	due	due	ADP
economy-7726	41	19	to	to	ADP
economy-7726	41	20	panic	panic	NOUN
economy-7726	41	21	and	and	CCONJ
economy-7726	41	22	uncertainty	uncertainty	NOUN
economy-7726	41	23	,	,	PUNCT
economy-7726	41	24	gold	gold	NOUN
economy-7726	41	25	prices	price	NOUN
economy-7726	41	26	surged	surge	VERB
economy-7726	41	27	sharply	sharply	ADV
economy-7726	41	28	,	,	PUNCT
economy-7726	41	29	reinforcing	reinforce	VERB
economy-7726	41	30	its	its	PRON
economy-7726	41	31	reputation	reputation	NOUN
economy-7726	41	32	as	as	ADP
economy-7726	41	33	a	a	DET
economy-7726	41	34	safe	safe	ADJ
economy-7726	41	35	haven	haven	NOUN
economy-7726	41	36	.	.	PUNCT
economy-7726	42	1	however	however	ADV
economy-7726	42	2	,	,	PUNCT
economy-7726	42	3	the	the	DET
economy-7726	42	4	behavior	behavior	NOUN
economy-7726	42	5	of	of	ADP
economy-7726	42	6	gold	gold	NOUN
economy-7726	42	7	is	be	AUX
economy-7726	42	8	not	not	PART
economy-7726	42	9	always	always	ADV
economy-7726	42	10	consistent	consistent	ADJ
economy-7726	42	11	.	.	PUNCT
economy-7726	43	1	there	there	PRON
economy-7726	43	2	have	have	AUX
economy-7726	43	3	been	be	AUX
economy-7726	43	4	periods	period	NOUN
economy-7726	43	5	when	when	SCONJ
economy-7726	43	6	gold	gold	NOUN
economy-7726	43	7	has	have	AUX
economy-7726	43	8	shown	show	VERB
economy-7726	43	9	high	high	ADJ
economy-7726	43	10	volatility	volatility	NOUN
economy-7726	43	11	itself	itself	PRON
economy-7726	43	12	,	,	PUNCT
economy-7726	43	13	reducing	reduce	VERB
economy-7726	43	14	its	its	PRON
economy-7726	43	15	efficacy	efficacy	NOUN
economy-7726	43	16	as	as	ADP
economy-7726	43	17	a	a	DET
economy-7726	43	18	safety	safety	NOUN
economy-7726	43	19	asset	asset	NOUN
economy-7726	43	20	.	.	PUNCT
economy-7726	44	1	this	this	PRON
economy-7726	44	2	has	have	AUX
economy-7726	44	3	led	lead	VERB
economy-7726	44	4	to	to	ADP
economy-7726	44	5	a	a	DET
economy-7726	44	6	growing	grow	VERB
economy-7726	44	7	academic	academic	ADJ
economy-7726	44	8	and	and	CCONJ
economy-7726	44	9	practical	practical	ADJ
economy-7726	44	10	interest	interest	NOUN
economy-7726	44	11	in	in	ADP
economy-7726	44	12	evaluating	evaluate	VERB
economy-7726	44	13	whether	whether	SCONJ
economy-7726	44	14	gold	gold	NOUN
economy-7726	44	15	is	be	AUX
economy-7726	44	16	truly	truly	ADV
economy-7726	44	17	a	a	DET
economy-7726	44	18	safe	safe	ADJ
economy-7726	44	19	haven	haven	NOUN
economy-7726	44	20	or	or	CCONJ
economy-7726	44	21	merely	merely	ADV
economy-7726	44	22	a	a	DET
economy-7726	44	23	risky	risky	ADJ
economy-7726	44	24	bet	bet	NOUN
economy-7726	44	25	during	during	ADP
economy-7726	44	26	times	time	NOUN
economy-7726	44	27	of	of	ADP
economy-7726	44	28	financial	financial	ADJ
economy-7726	44	29	instability	instability	NOUN
economy-7726	44	30	in	in	ADP
economy-7726	44	31	india	india	PROPN
economy-7726	44	32	.	.	PUNCT
economy-7726	45	1	the	the	DET
economy-7726	45	2	concept	concept	NOUN
economy-7726	45	3	of	of	ADP
economy-7726	45	4	a	a	DET
economy-7726	45	5	“	"	PUNCT
economy-7726	45	6	safe	safe	ADJ
economy-7726	45	7	haven	haven	NOUN
economy-7726	45	8	”	"	PUNCT
economy-7726	45	9	asset	asset	NOUN
economy-7726	45	10	is	be	AUX
economy-7726	45	11	distinct	distinct	ADJ
economy-7726	45	12	from	from	ADP
economy-7726	45	13	that	that	PRON
economy-7726	45	14	of	of	ADP
economy-7726	45	15	a	a	DET
economy-7726	45	16	“	"	PUNCT
economy-7726	45	17	hedge	hedge	NOUN
economy-7726	45	18	.	.	PUNCT
economy-7726	45	19	”	"	PUNCT
economy-7726	46	1	as	as	SCONJ
economy-7726	46	2	baur	baur	NOUN
economy-7726	46	3	and	and	CCONJ
economy-7726	46	4	lucey	lucey	PROPN
economy-7726	46	5	(	(	PUNCT
economy-7726	46	6	2010	2010	NUM
economy-7726	46	7	)	)	PUNCT
economy-7726	46	8	clarify	clarify	NOUN
economy-7726	46	9	,	,	PUNCT
economy-7726	46	10	while	while	SCONJ
economy-7726	46	11	a	a	DET
economy-7726	46	12	hedge	hedge	NOUN
economy-7726	46	13	is	be	AUX
economy-7726	46	14	negatively	negatively	ADV
economy-7726	46	15	correlated	correlate	VERB
economy-7726	46	16	with	with	ADP
economy-7726	46	17	another	another	DET
economy-7726	46	18	asset	asset	NOUN
economy-7726	46	19	on	on	ADP
economy-7726	46	20	average	average	ADJ
economy-7726	46	21	,	,	PUNCT
economy-7726	46	22	a	a	DET
economy-7726	46	23	safe	safe	ADJ
economy-7726	46	24	haven	haven	NOUN
economy-7726	46	25	is	be	AUX
economy-7726	46	26	negatively	negatively	ADV
economy-7726	46	27	correlated	correlate	VERB
economy-7726	46	28	specifically	specifically	ADV
economy-7726	46	29	during	during	ADP
economy-7726	46	30	times	time	NOUN
economy-7726	46	31	of	of	ADP
economy-7726	46	32	extreme	extreme	ADJ
economy-7726	46	33	market	market	NOUN
economy-7726	46	34	stress	stress	NOUN
economy-7726	46	35	.	.	PUNCT
economy-7726	47	1	in	in	ADP
economy-7726	47	2	other	other	ADJ
economy-7726	47	3	words	word	NOUN
economy-7726	47	4	,	,	PUNCT
economy-7726	47	5	a	a	DET
economy-7726	47	6	safe	safe	ADJ
economy-7726	47	7	haven	haven	NOUN
economy-7726	47	8	provides	provide	VERB
economy-7726	47	9	protection	protection	NOUN
economy-7726	47	10	during	during	ADP
economy-7726	47	11	adverse	adverse	ADJ
economy-7726	47	12	market	market	NOUN
economy-7726	47	13	conditions	condition	NOUN
economy-7726	47	14	but	but	CCONJ
economy-7726	47	15	may	may	AUX
economy-7726	47	16	not	not	PART
economy-7726	47	17	necessarily	necessarily	ADV
economy-7726	47	18	offer	offer	VERB
economy-7726	47	19	negative	negative	ADJ
economy-7726	47	20	correlation	correlation	NOUN
economy-7726	47	21	during	during	ADP
economy-7726	47	22	stable	stable	ADJ
economy-7726	47	23	periods	period	NOUN
economy-7726	47	24	.	.	PUNCT
economy-7726	48	1	gold	gold	NOUN
economy-7726	48	2	,	,	PUNCT
economy-7726	48	3	due	due	ADP
economy-7726	48	4	to	to	ADP
economy-7726	48	5	its	its	PRON
economy-7726	48	6	liquidity	liquidity	NOUN
economy-7726	48	7	,	,	PUNCT
economy-7726	48	8	lack	lack	NOUN
economy-7726	48	9	of	of	ADP
economy-7726	48	10	default	default	NOUN
economy-7726	48	11	risk	risk	NOUN
economy-7726	48	12	,	,	PUNCT
economy-7726	48	13	and	and	CCONJ
economy-7726	48	14	historical	historical	ADJ
economy-7726	48	15	performance	performance	NOUN
economy-7726	48	16	,	,	PUNCT
economy-7726	48	17	is	be	AUX
economy-7726	48	18	considered	consider	VERB
economy-7726	48	19	one	one	NUM
economy-7726	48	20	of	of	ADP
economy-7726	48	21	the	the	DET
economy-7726	48	22	few	few	ADJ
economy-7726	48	23	assets	asset	NOUN
economy-7726	48	24	with	with	ADP
economy-7726	48	25	potential	potential	ADJ
economy-7726	48	26	safe	safe	ADJ
economy-7726	48	27	-	-	PUNCT
economy-7726	48	28	haven	haven	NOUN
economy-7726	48	29	characteristics	characteristic	NOUN
economy-7726	48	30	.	.	PUNCT
economy-7726	49	1	various	various	ADJ
economy-7726	49	2	international	international	ADJ
economy-7726	49	3	studies	study	NOUN
economy-7726	49	4	have	have	AUX
economy-7726	49	5	sought	seek	VERB
economy-7726	49	6	to	to	PART
economy-7726	49	7	validate	validate	VERB
economy-7726	49	8	gold	gold	NOUN
economy-7726	49	9	’s	’s	PART
economy-7726	49	10	role	role	NOUN
economy-7726	49	11	as	as	ADP
economy-7726	49	12	a	a	DET
economy-7726	49	13	safe	safe	ADJ
economy-7726	49	14	haven	haven	NOUN
economy-7726	49	15	.	.	PUNCT
economy-7726	50	1	for	for	ADP
economy-7726	50	2	instance	instance	NOUN
economy-7726	50	3	,	,	PUNCT
economy-7726	50	4	baur	baur	PROPN
economy-7726	50	5	and	and	CCONJ
economy-7726	50	6	mcdermott	mcdermott	PROPN
economy-7726	50	7	(	(	PUNCT
economy-7726	50	8	2010	2010	NUM
economy-7726	50	9	)	)	PUNCT
economy-7726	50	10	found	find	VERB
economy-7726	50	11	that	that	SCONJ
economy-7726	50	12	gold	gold	NOUN
economy-7726	50	13	acts	act	VERB
economy-7726	50	14	as	as	ADP
economy-7726	50	15	a	a	DET
economy-7726	50	16	safe	safe	ADJ
economy-7726	50	17	haven	haven	NOUN
economy-7726	50	18	in	in	ADP
economy-7726	50	19	major	major	ADJ
economy-7726	50	20	economies	economy	NOUN
economy-7726	50	21	like	like	ADP
economy-7726	50	22	the	the	DET
economy-7726	50	23	united	united	PROPN
economy-7726	50	24	states	states	PROPN
economy-7726	50	25	,	,	PUNCT
economy-7726	50	26	united	united	ADJ
economy-7726	50	27	kingdom	kingdom	PROPN
economy-7726	50	28	,	,	PUNCT
economy-7726	50	29	and	and	CCONJ
economy-7726	50	30	germany	germany	PROPN
economy-7726	50	31	.	.	PUNCT
economy-7726	51	1	however	however	ADV
economy-7726	51	2	,	,	PUNCT
economy-7726	51	3	they	they	PRON
economy-7726	51	4	also	also	ADV
economy-7726	51	5	pointed	point	VERB
economy-7726	51	6	out	out	ADP
economy-7726	51	7	that	that	SCONJ
economy-7726	51	8	gold	gold	NOUN
economy-7726	51	9	's	's	PART
economy-7726	51	10	safe	safe	ADJ
economy-7726	51	11	-	-	PUNCT
economy-7726	51	12	haven	haven	NOUN
economy-7726	51	13	role	role	NOUN
economy-7726	51	14	varies	vary	VERB
economy-7726	51	15	across	across	ADP
economy-7726	51	16	time	time	NOUN
economy-7726	51	17	and	and	CCONJ
economy-7726	51	18	markets	market	NOUN
economy-7726	51	19	.	.	PUNCT
economy-7726	52	1	in	in	ADP
economy-7726	52	2	emerging	emerge	VERB
economy-7726	52	3	economies	economy	NOUN
economy-7726	52	4	,	,	PUNCT
economy-7726	52	5	including	include	VERB
economy-7726	52	6	india	india	PROPN
economy-7726	52	7	,	,	PUNCT
economy-7726	52	8	the	the	DET
economy-7726	52	9	relationship	relationship	NOUN
economy-7726	52	10	between	between	ADP
economy-7726	52	11	gold	gold	NOUN
economy-7726	52	12	and	and	CCONJ
economy-7726	52	13	equity	equity	NOUN
economy-7726	52	14	returns	return	NOUN
economy-7726	52	15	may	may	AUX
economy-7726	52	16	be	be	AUX
economy-7726	52	17	influenced	influence	VERB
economy-7726	52	18	by	by	ADP
economy-7726	52	19	additional	additional	ADJ
economy-7726	52	20	factors	factor	NOUN
economy-7726	52	21	such	such	ADJ
economy-7726	52	22	as	as	ADP
economy-7726	52	23	currency	currency	NOUN
economy-7726	52	24	fluctuations	fluctuation	NOUN
economy-7726	52	25	,	,	PUNCT
economy-7726	52	26	inflation	inflation	NOUN
economy-7726	52	27	expectations	expectation	NOUN
economy-7726	52	28	,	,	PUNCT
economy-7726	52	29	government	government	NOUN
economy-7726	52	30	import	import	NOUN
economy-7726	52	31	duties	duty	NOUN
economy-7726	52	32	,	,	PUNCT
economy-7726	52	33	and	and	CCONJ
economy-7726	52	34	global	global	ADJ
economy-7726	52	35	commodity	commodity	NOUN
economy-7726	52	36	market	market	NOUN
economy-7726	52	37	dynamics	dynamic	NOUN
economy-7726	52	38	(	(	PUNCT
economy-7726	52	39	sadorsky	sadorsky	ADJ
economy-7726	52	40	,	,	PUNCT
economy-7726	52	41	2014	2014	NUM
economy-7726	52	42	)	)	PUNCT
economy-7726	52	43	.	.	PUNCT
economy-7726	53	1	india	india	PROPN
economy-7726	53	2	’s	’s	PART
economy-7726	53	3	relationship	relationship	NOUN
economy-7726	53	4	with	with	ADP
economy-7726	53	5	gold	gold	NOUN
economy-7726	53	6	is	be	AUX
economy-7726	53	7	multifaceted	multifacete	VERB
economy-7726	53	8	.	.	PUNCT
economy-7726	54	1	beyond	beyond	ADP
economy-7726	54	2	its	its	PRON
economy-7726	54	3	financial	financial	ADJ
economy-7726	54	4	attributes	attribute	NOUN
economy-7726	54	5	,	,	PUNCT
economy-7726	54	6	gold	gold	NOUN
economy-7726	54	7	is	be	AUX
economy-7726	54	8	deeply	deeply	ADV
economy-7726	54	9	intertwined	intertwine	VERB
economy-7726	54	10	with	with	ADP
economy-7726	54	11	social	social	ADJ
economy-7726	54	12	customs	custom	NOUN
economy-7726	54	13	and	and	CCONJ
economy-7726	54	14	is	be	AUX
economy-7726	54	15	considered	consider	VERB
economy-7726	54	16	a	a	DET
economy-7726	54	17	symbol	symbol	NOUN
economy-7726	54	18	of	of	ADP
economy-7726	54	19	wealth	wealth	NOUN
economy-7726	54	20	and	and	CCONJ
economy-7726	54	21	security	security	NOUN
economy-7726	54	22	.	.	PUNCT
economy-7726	55	1	this	this	DET
economy-7726	55	2	dual	dual	ADJ
economy-7726	55	3	nature	nature	NOUN
economy-7726	55	4	of	of	ADP
economy-7726	55	5	gold	gold	NOUN
economy-7726	55	6	,	,	PUNCT
economy-7726	55	7	both	both	CCONJ
economy-7726	55	8	as	as	ADP
economy-7726	55	9	a	a	DET
economy-7726	55	10	consumption	consumption	NOUN
economy-7726	55	11	good	good	NOUN
economy-7726	55	12	and	and	CCONJ
economy-7726	55	13	an	an	DET
economy-7726	55	14	investment	investment	NOUN
economy-7726	55	15	vehicle	vehicle	NOUN
economy-7726	55	16	,	,	PUNCT
economy-7726	55	17	complicates	complicate	VERB
economy-7726	55	18	its	its	PRON
economy-7726	55	19	behavior	behavior	NOUN
economy-7726	55	20	in	in	ADP
economy-7726	55	21	financial	financial	ADJ
economy-7726	55	22	models	model	NOUN
economy-7726	55	23	.	.	PUNCT
economy-7726	56	1	moreover	moreover	ADV
economy-7726	56	2	,	,	PUNCT
economy-7726	56	3	india	india	PROPN
economy-7726	56	4	’s	’s	PART
economy-7726	56	5	gold	gold	NOUN
economy-7726	56	6	market	market	NOUN
economy-7726	56	7	is	be	AUX
economy-7726	56	8	heavily	heavily	ADV
economy-7726	56	9	influenced	influence	VERB
economy-7726	56	10	by	by	ADP
economy-7726	56	11	policy	policy	NOUN
economy-7726	56	12	measures	measure	NOUN
economy-7726	56	13	such	such	ADJ
economy-7726	56	14	as	as	ADP
economy-7726	56	15	gold	gold	NOUN
economy-7726	56	16	import	import	NOUN
economy-7726	56	17	duties	duty	NOUN
economy-7726	56	18	,	,	PUNCT
economy-7726	56	19	the	the	DET
economy-7726	56	20	goods	good	NOUN
economy-7726	56	21	and	and	CCONJ
economy-7726	56	22	services	service	NOUN
economy-7726	56	23	tax	tax	NOUN
economy-7726	56	24	(	(	PUNCT
economy-7726	56	25	gst	gst	NOUN
economy-7726	56	26	)	)	PUNCT
economy-7726	56	27	,	,	PUNCT
economy-7726	56	28	and	and	CCONJ
economy-7726	56	29	the	the	DET
economy-7726	56	30	reserve	reserve	PROPN
economy-7726	56	31	bank	bank	PROPN
economy-7726	56	32	of	of	ADP
economy-7726	56	33	india	india	PROPN
economy-7726	56	34	’s	’s	PART
economy-7726	56	35	gold	gold	NOUN
economy-7726	56	36	monetization	monetization	NOUN
economy-7726	56	37	scheme	scheme	NOUN
economy-7726	56	38	(	(	PUNCT
economy-7726	56	39	choudhry	choudhry	NOUN
economy-7726	56	40	,	,	PUNCT
economy-7726	56	41	hassan	hassan	PROPN
economy-7726	56	42	,	,	PUNCT
economy-7726	56	43	&	&	CCONJ
economy-7726	56	44	shabi	shabi	PROPN
economy-7726	56	45	,	,	PUNCT
economy-7726	56	46	2015	2015	NUM
economy-7726	56	47	)	)	PUNCT
economy-7726	56	48	.	.	PUNCT
economy-7726	57	1	all	all	DET
economy-7726	57	2	these	these	DET
economy-7726	57	3	factors	factor	NOUN
economy-7726	57	4	impact	impact	VERB
economy-7726	57	5	the	the	DET
economy-7726	57	6	investment	investment	NOUN
economy-7726	57	7	decisions	decision	NOUN
economy-7726	57	8	of	of	ADP
economy-7726	57	9	retail	retail	ADJ
economy-7726	57	10	and	and	CCONJ
economy-7726	57	11	institutional	institutional	ADJ
economy-7726	57	12	investors	investor	NOUN
economy-7726	57	13	.	.	PUNCT
economy-7726	58	1	additionally	additionally	ADV
economy-7726	58	2	,	,	PUNCT
economy-7726	58	3	india	india	PROPN
economy-7726	58	4	's	's	PART
economy-7726	58	5	high	high	ADJ
economy-7726	58	6	dependence	dependence	NOUN
economy-7726	58	7	on	on	ADP
economy-7726	58	8	imported	import	VERB
economy-7726	58	9	gold	gold	NOUN
economy-7726	58	10	exposes	expose	VERB
economy-7726	58	11	domestic	domestic	ADJ
economy-7726	58	12	prices	price	NOUN
economy-7726	58	13	to	to	ADP
economy-7726	58	14	global	global	ADJ
economy-7726	58	15	gold	gold	NOUN
economy-7726	58	16	price	price	NOUN
economy-7726	58	17	trends	trend	NOUN
economy-7726	58	18	and	and	CCONJ
economy-7726	58	19	usd	usd	NOUN
economy-7726	58	20	-	-	PUNCT
economy-7726	58	21	inr	inr	NOUN
economy-7726	58	22	exchange	exchange	NOUN
economy-7726	58	23	rate	rate	NOUN
economy-7726	58	24	fluctuations	fluctuation	NOUN
economy-7726	58	25	.	.	PUNCT
economy-7726	59	1	hence	hence	ADV
economy-7726	59	2	,	,	PUNCT
economy-7726	59	3	any	any	DET
economy-7726	59	4	attempt	attempt	NOUN
economy-7726	59	5	to	to	PART
economy-7726	59	6	evaluate	evaluate	VERB
economy-7726	59	7	gold	gold	NOUN
economy-7726	59	8	’s	’s	PART
economy-7726	59	9	safe	safe	ADJ
economy-7726	59	10	-	-	PUNCT
economy-7726	59	11	haven	haven	NOUN
economy-7726	59	12	status	status	NOUN
economy-7726	59	13	in	in	ADP
economy-7726	59	14	india	india	PROPN
economy-7726	59	15	must	must	AUX
economy-7726	59	16	consider	consider	VERB
economy-7726	59	17	these	these	DET
economy-7726	59	18	external	external	ADJ
economy-7726	59	19	influences	influence	NOUN
economy-7726	59	20	,	,	PUNCT
economy-7726	59	21	alongside	alongside	ADP
economy-7726	59	22	domestic	domestic	ADJ
economy-7726	59	23	market	market	NOUN
economy-7726	59	24	volatility	volatility	NOUN
economy-7726	59	25	.	.	PUNCT
economy-7726	60	1	empirical	empirical	ADJ
economy-7726	60	2	studies	study	NOUN
economy-7726	60	3	focusing	focus	VERB
economy-7726	60	4	on	on	ADP
economy-7726	60	5	india	india	PROPN
economy-7726	60	6	have	have	AUX
economy-7726	60	7	yielded	yield	VERB
economy-7726	60	8	mixed	mixed	ADJ
economy-7726	60	9	results	result	NOUN
economy-7726	60	10	.	.	PUNCT
economy-7726	61	1	jain	jain	PROPN
economy-7726	61	2	and	and	CCONJ
economy-7726	61	3	ghosh	ghosh	PROPN
economy-7726	61	4	(	(	PUNCT
economy-7726	61	5	2013	2013	NUM
economy-7726	61	6	)	)	PUNCT
economy-7726	61	7	observed	observe	VERB
economy-7726	61	8	that	that	SCONJ
economy-7726	61	9	gold	gold	NOUN
economy-7726	61	10	acted	act	VERB
economy-7726	61	11	as	as	ADP
economy-7726	61	12	a	a	DET
economy-7726	61	13	hedge	hedge	NOUN
economy-7726	61	14	but	but	CCONJ
economy-7726	61	15	did	do	AUX
economy-7726	61	16	not	not	PART
economy-7726	61	17	exhibit	exhibit	VERB
economy-7726	61	18	strong	strong	ADJ
economy-7726	61	19	safe	safe	ADJ
economy-7726	61	20	-	-	PUNCT
economy-7726	61	21	haven	haven	NOUN
economy-7726	61	22	properties	property	NOUN
economy-7726	61	23	in	in	ADP
economy-7726	61	24	the	the	DET
economy-7726	61	25	indian	indian	ADJ
economy-7726	61	26	context	context	NOUN
economy-7726	61	27	.	.	PUNCT
economy-7726	62	1	conversely	conversely	ADV
economy-7726	62	2	,	,	PUNCT
economy-7726	62	3	kumar	kumar	PROPN
economy-7726	62	4	(	(	PUNCT
economy-7726	62	5	2014	2014	NUM
economy-7726	62	6	)	)	PUNCT
economy-7726	62	7	found	find	VERB
economy-7726	62	8	evidence	evidence	NOUN
economy-7726	62	9	supporting	support	VERB
economy-7726	62	10	gold	gold	NOUN
economy-7726	62	11	’s	’s	PART
economy-7726	62	12	role	role	NOUN
economy-7726	62	13	as	as	ADP
economy-7726	62	14	a	a	DET
economy-7726	62	15	refuge	refuge	NOUN
economy-7726	62	16	during	during	ADP
economy-7726	62	17	periods	period	NOUN
economy-7726	62	18	of	of	ADP
economy-7726	62	19	intense	intense	ADJ
economy-7726	62	20	equity	equity	NOUN
economy-7726	62	21	market	market	NOUN
economy-7726	62	22	stress	stress	NOUN
economy-7726	62	23	.	.	PUNCT
economy-7726	63	1	these	these	DET
economy-7726	63	2	conflicting	conflicting	ADJ
economy-7726	63	3	results	result	NOUN
economy-7726	63	4	indicate	indicate	VERB
economy-7726	63	5	the	the	DET
economy-7726	63	6	need	need	NOUN
economy-7726	63	7	for	for	ADP
economy-7726	63	8	a	a	DET
economy-7726	63	9	more	more	ADV
economy-7726	63	10	nuanced	nuanced	ADJ
economy-7726	63	11	and	and	CCONJ
economy-7726	63	12	data	data	NOUN
economy-7726	63	13	-	-	PUNCT
economy-7726	63	14	driven	drive	VERB
economy-7726	63	15	exploration	exploration	NOUN
economy-7726	63	16	using	use	VERB
economy-7726	63	17	advanced	advanced	ADJ
economy-7726	63	18	timeseries	timeserie	NOUN
economy-7726	63	19	econometric	econometric	ADJ
economy-7726	63	20	tools	tool	NOUN
economy-7726	63	21	such	such	ADJ
economy-7726	63	22	as	as	ADP
economy-7726	63	23	garch	garch	NOUN
economy-7726	63	24	and	and	CCONJ
economy-7726	63	25	dcc	dcc	PROPN
economy-7726	63	26	-	-	PUNCT
economy-7726	63	27	garch	garch	NOUN
economy-7726	63	28	models	model	NOUN
economy-7726	63	29	,	,	PUNCT
economy-7726	63	30	which	which	PRON
economy-7726	63	31	can	can	AUX
economy-7726	63	32	account	account	VERB
economy-7726	63	33	for	for	ADP
economy-7726	63	34	time	time	NOUN
economy-7726	63	35	-	-	PUNCT
economy-7726	63	36	varying	vary	VERB
economy-7726	63	37	correlations	correlation	NOUN
economy-7726	63	38	and	and	CCONJ
economy-7726	63	39	volatility	volatility	NOUN
economy-7726	63	40	spillovers	spillover	NOUN
economy-7726	63	41	.	.	PUNCT
economy-7726	64	1	the	the	DET
economy-7726	64	2	covid-19	covid-19	PROPN
economy-7726	64	3	pandemic	pandemic	NOUN
economy-7726	64	4	dramatically	dramatically	ADV
economy-7726	64	5	reshaped	reshape	VERB
economy-7726	64	6	global	global	ADJ
economy-7726	64	7	and	and	CCONJ
economy-7726	64	8	indian	indian	ADJ
economy-7726	64	9	financial	financial	ADJ
economy-7726	64	10	markets	market	NOUN
economy-7726	64	11	.	.	PUNCT
economy-7726	65	1	during	during	ADP
economy-7726	65	2	2020	2020	NUM
economy-7726	65	3	,	,	PUNCT
economy-7726	65	4	investors	investor	NOUN
economy-7726	65	5	flocked	flock	VERB
economy-7726	65	6	to	to	ADP
economy-7726	65	7	gold	gold	NOUN
economy-7726	65	8	as	as	SCONJ
economy-7726	65	9	uncertainty	uncertainty	NOUN
economy-7726	65	10	loomed	loom	VERB
economy-7726	65	11	,	,	PUNCT
economy-7726	65	12	and	and	CCONJ
economy-7726	65	13	global	global	ADJ
economy-7726	65	14	central	central	ADJ
economy-7726	65	15	banks	bank	NOUN
economy-7726	65	16	unleashed	unleashed	ADJ
economy-7726	65	17	record	record	NOUN
economy-7726	65	18	levels	level	NOUN
economy-7726	65	19	of	of	ADP
economy-7726	65	20	stimulus	stimulus	NOUN
economy-7726	65	21	.	.	PUNCT
economy-7726	66	1	however	however	ADV
economy-7726	66	2	,	,	PUNCT
economy-7726	66	3	the	the	DET
economy-7726	66	4	situation	situation	NOUN
economy-7726	66	5	reversed	reverse	VERB
economy-7726	66	6	in	in	ADP
economy-7726	66	7	2021–2022	2021–2022	NOUN
economy-7726	66	8	as	as	SCONJ
economy-7726	66	9	global	global	ADJ
economy-7726	66	10	interest	interest	NOUN
economy-7726	66	11	rates	rate	NOUN
economy-7726	66	12	began	begin	VERB
economy-7726	66	13	rising	rise	VERB
economy-7726	66	14	,	,	PUNCT
economy-7726	66	15	inflation	inflation	NOUN
economy-7726	66	16	surged	surge	VERB
economy-7726	66	17	,	,	PUNCT
economy-7726	66	18	and	and	CCONJ
economy-7726	66	19	equity	equity	NOUN
economy-7726	66	20	markets	market	NOUN
economy-7726	66	21	regained	regain	VERB
economy-7726	66	22	momentum	momentum	NOUN
economy-7726	66	23	.	.	PUNCT
economy-7726	67	1	these	these	DET
economy-7726	67	2	rapid	rapid	ADJ
economy-7726	67	3	changes	change	NOUN
economy-7726	67	4	have	have	AUX
economy-7726	67	5	reignited	reignite	VERB
economy-7726	67	6	debates	debate	NOUN
economy-7726	67	7	over	over	ADP
economy-7726	67	8	the	the	DET
economy-7726	67	9	reliability	reliability	NOUN
economy-7726	67	10	of	of	ADP
economy-7726	67	11	gold	gold	NOUN
economy-7726	67	12	as	as	ADP
economy-7726	67	13	a	a	DET
economy-7726	67	14	safe	safe	ADJ
economy-7726	67	15	haven	haven	NOUN
economy-7726	67	16	.	.	PUNCT
economy-7726	68	1	in	in	ADP
economy-7726	68	2	india	india	PROPN
economy-7726	68	3	,	,	PUNCT
economy-7726	68	4	retail	retail	ADJ
economy-7726	68	5	participation	participation	NOUN
economy-7726	68	6	in	in	ADP
economy-7726	68	7	the	the	DET
economy-7726	68	8	stock	stock	NOUN
economy-7726	68	9	market	market	NOUN
economy-7726	68	10	has	have	AUX
economy-7726	68	11	grown	grow	VERB
economy-7726	68	12	significantly	significantly	ADV
economy-7726	68	13	over	over	ADP
economy-7726	68	14	the	the	DET
economy-7726	68	15	past	past	ADJ
economy-7726	68	16	five	five	NUM
economy-7726	68	17	years	year	NOUN
economy-7726	68	18	,	,	PUNCT
economy-7726	68	19	facilitated	facilitate	VERB
economy-7726	68	20	by	by	ADP
economy-7726	68	21	digital	digital	ADJ
economy-7726	68	22	trading	trading	NOUN
economy-7726	68	23	platforms	platform	NOUN
economy-7726	68	24	,	,	PUNCT
economy-7726	68	25	low	low	ADJ
economy-7726	68	26	brokerage	brokerage	NOUN
economy-7726	68	27	costs	cost	NOUN
economy-7726	68	28	,	,	PUNCT
economy-7726	68	29	and	and	CCONJ
economy-7726	68	30	financial	financial	ADJ
economy-7726	68	31	literacy	literacy	NOUN
economy-7726	68	32	campaigns	campaign	NOUN
economy-7726	68	33	.	.	PUNCT
economy-7726	69	1	simultaneously	simultaneously	ADV
economy-7726	69	2	,	,	PUNCT
economy-7726	69	3	gold	gold	ADJ
economy-7726	69	4	investment	investment	NOUN
economy-7726	69	5	has	have	AUX
economy-7726	69	6	evolved	evolve	VERB
economy-7726	69	7	beyond	beyond	ADP
economy-7726	69	8	traditional	traditional	ADJ
economy-7726	69	9	jewelry	jewelry	NOUN
economy-7726	69	10	purchases	purchase	NOUN
economy-7726	69	11	,	,	PUNCT
economy-7726	69	12	with	with	ADP
economy-7726	69	13	increasing	increase	VERB
economy-7726	69	14	adoption	adoption	NOUN
economy-7726	69	15	of	of	ADP
economy-7726	69	16	gold	gold	ADJ
economy-7726	69	17	exchange	exchange	NOUN
economy-7726	69	18	-	-	PUNCT
economy-7726	69	19	traded	trade	VERB
economy-7726	69	20	funds	fund	NOUN
economy-7726	69	21	(	(	PUNCT
economy-7726	69	22	etfs	etfs	PROPN
economy-7726	69	23	)	)	PUNCT
economy-7726	69	24	,	,	PUNCT
economy-7726	69	25	sovereign	sovereign	ADJ
economy-7726	69	26	gold	gold	NOUN
economy-7726	69	27	bonds	bond	NOUN
economy-7726	69	28	(	(	PUNCT
economy-7726	69	29	sgbs	sgbs	NOUN
economy-7726	69	30	)	)	PUNCT
economy-7726	69	31	,	,	PUNCT
economy-7726	69	32	and	and	CCONJ
economy-7726	69	33	digital	digital	ADJ
economy-7726	69	34	gold	gold	NOUN
economy-7726	69	35	products	product	NOUN
economy-7726	69	36	.	.	PUNCT
economy-7726	70	1	these	these	DET
economy-7726	70	2	shifts	shift	NOUN
economy-7726	70	3	make	make	VERB
economy-7726	70	4	it	it	PRON
economy-7726	70	5	timely	timely	ADJ
economy-7726	70	6	and	and	CCONJ
economy-7726	70	7	relevant	relevant	ADJ
economy-7726	70	8	to	to	PART
economy-7726	70	9	reassess	reassess	VERB
economy-7726	70	10	gold	gold	NOUN
economy-7726	70	11	’s	’s	PART
economy-7726	70	12	role	role	NOUN
economy-7726	70	13	during	during	ADP
economy-7726	70	14	equity	equity	NOUN
economy-7726	70	15	market	market	NOUN
economy-7726	70	16	volatility	volatility	NOUN
economy-7726	70	17	from	from	ADP
economy-7726	70	18	both	both	CCONJ
economy-7726	70	19	a	a	DET
economy-7726	70	20	behavioral	behavioral	ADJ
economy-7726	70	21	and	and	CCONJ
economy-7726	70	22	empirical	empirical	ADJ
economy-7726	70	23	perspective	perspective	NOUN
economy-7726	70	24	.	.	PUNCT
economy-7726	71	1	this	this	DET
economy-7726	71	2	study	study	NOUN
economy-7726	71	3	is	be	AUX
economy-7726	71	4	grounded	ground	VERB
economy-7726	71	5	in	in	ADP
economy-7726	71	6	modern	modern	ADJ
economy-7726	71	7	portfolio	portfolio	NOUN
economy-7726	71	8	theory	theory	NOUN
economy-7726	71	9	(	(	PUNCT
economy-7726	71	10	mpt	mpt	PROPN
economy-7726	71	11	)	)	PUNCT
economy-7726	71	12	,	,	PUNCT
economy-7726	71	13	which	which	PRON
economy-7726	71	14	emphasizes	emphasize	VERB
economy-7726	71	15	diversification	diversification	NOUN
economy-7726	71	16	to	to	PART
economy-7726	71	17	minimize	minimize	VERB
economy-7726	71	18	risk	risk	NOUN
economy-7726	71	19	.	.	PUNCT
economy-7726	72	1	according	accord	VERB
economy-7726	72	2	to	to	ADP
economy-7726	72	3	mpt	mpt	PROPN
economy-7726	72	4	,	,	PUNCT
economy-7726	72	5	assets	asset	NOUN
economy-7726	72	6	that	that	PRON
economy-7726	72	7	are	be	AUX
economy-7726	72	8	uncorrelated	uncorrelated	ADJ
economy-7726	72	9	or	or	CCONJ
economy-7726	72	10	negatively	negatively	ADV
economy-7726	72	11	correlated	correlate	VERB
economy-7726	72	12	,	,	PUNCT
economy-7726	72	13	during	during	ADP
economy-7726	72	14	times	time	NOUN
economy-7726	72	15	of	of	ADP
economy-7726	72	16	crisis	crisis	NOUN
economy-7726	72	17	,	,	PUNCT
economy-7726	72	18	can	can	AUX
economy-7726	72	19	help	help	VERB
economy-7726	72	20	investors	investor	NOUN
economy-7726	72	21	achieve	achieve	VERB
economy-7726	72	22	optimal	optimal	ADJ
economy-7726	72	23	risk	risk	NOUN
economy-7726	72	24	-	-	PUNCT
economy-7726	72	25	return	return	NOUN
economy-7726	72	26	tradeoffs	tradeoff	NOUN
economy-7726	72	27	.	.	PUNCT
economy-7726	73	1	gold	gold	NOUN
economy-7726	73	2	is	be	AUX
economy-7726	73	3	recommended	recommend	VERB
economy-7726	73	4	for	for	ADP
economy-7726	73	5	inclusion	inclusion	NOUN
economy-7726	73	6	in	in	ADP
economy-7726	73	7	diversified	diversified	ADJ
economy-7726	73	8	portfolios	portfolio	NOUN
economy-7726	73	9	due	due	ADP
economy-7726	73	10	to	to	ADP
economy-7726	73	11	its	its	PRON
economy-7726	73	12	perceived	perceive	VERB
economy-7726	73	13	counter	counter	ADJ
economy-7726	73	14	-	-	ADJ
economy-7726	73	15	cyclical	cyclical	ADJ
economy-7726	73	16	nature	nature	NOUN
economy-7726	73	17	.	.	PUNCT
economy-7726	74	1	additionally	additionally	ADV
economy-7726	74	2	,	,	PUNCT
economy-7726	74	3	behavioral	behavioral	ADJ
economy-7726	74	4	finance	finance	NOUN
economy-7726	74	5	theory	theory	NOUN
economy-7726	74	6	is	be	AUX
economy-7726	74	7	also	also	ADV
economy-7726	74	8	relevant	relevant	ADJ
economy-7726	74	9	,	,	PUNCT
economy-7726	74	10	as	as	SCONJ
economy-7726	74	11	investor	investor	NOUN
economy-7726	74	12	psychology	psychology	NOUN
economy-7726	74	13	,	,	PUNCT
economy-7726	74	14	fear	fear	NOUN
economy-7726	74	15	,	,	PUNCT
economy-7726	74	16	and	and	CCONJ
economy-7726	74	17	herd	herd	NOUN
economy-7726	74	18	behavior	behavior	NOUN
economy-7726	74	19	drive	drive	VERB
economy-7726	74	20	movements	movement	NOUN
economy-7726	74	21	toward	toward	ADP
economy-7726	74	22	safe	safe	ADJ
economy-7726	74	23	-	-	PUNCT
economy-7726	74	24	haven	haven	NOUN
economy-7726	74	25	assets	asset	NOUN
economy-7726	74	26	in	in	ADP
economy-7726	74	27	volatile	volatile	ADJ
economy-7726	74	28	times	time	NOUN
economy-7726	74	29	(	(	PUNCT
economy-7726	74	30	tversky	tversky	PROPN
economy-7726	74	31	&	&	CCONJ
economy-7726	74	32	kahneman	kahneman	PROPN
economy-7726	74	33	,	,	PUNCT
economy-7726	74	34	1974	1974	NUM
economy-7726	74	35	)	)	PUNCT
economy-7726	74	36	.	.	PUNCT
economy-7726	75	1	by	by	ADP
economy-7726	75	2	testing	test	VERB
economy-7726	75	3	these	these	DET
economy-7726	75	4	assumptions	assumption	NOUN
economy-7726	75	5	in	in	ADP
economy-7726	75	6	the	the	DET
economy-7726	75	7	indian	indian	ADJ
economy-7726	75	8	context	context	NOUN
economy-7726	75	9	,	,	PUNCT
economy-7726	75	10	this	this	DET
economy-7726	75	11	study	study	NOUN
economy-7726	75	12	aims	aim	VERB
economy-7726	75	13	to	to	PART
economy-7726	75	14	add	add	VERB
economy-7726	75	15	empirical	empirical	ADJ
economy-7726	75	16	weight	weight	NOUN
economy-7726	75	17	to	to	ADP
economy-7726	75	18	theoretical	theoretical	ADJ
economy-7726	75	19	propositions	proposition	NOUN
economy-7726	75	20	and	and	CCONJ
economy-7726	75	21	provide	provide	VERB
economy-7726	75	22	practical	practical	ADJ
economy-7726	75	23	insights	insight	NOUN
economy-7726	75	24	for	for	ADP
economy-7726	75	25	investors	investor	NOUN
economy-7726	75	26	,	,	PUNCT
economy-7726	75	27	policymakers	policymaker	NOUN
economy-7726	75	28	,	,	PUNCT
economy-7726	75	29	and	and	CCONJ
economy-7726	75	30	financial	financial	ADJ
economy-7726	75	31	advisors	advisor	NOUN
economy-7726	75	32	.	.	PUNCT
economy-7726	76	1	economy	economy	NOUN
economy-7726	76	2	,	,	PUNCT
economy-7726	76	3	2025	2025	NUM
economy-7726	76	4	,	,	PUNCT
economy-7726	76	5	12(2	12(2	NUM
economy-7726	76	6	):	):	PUNCT
economy-7726	76	7	175	175	NUM
economy-7726	76	8	-	-	SYM
economy-7726	76	9	181	181	NUM
economy-7726	76	10	177	177	NUM
economy-7726	76	11	©	©	PROPN
economy-7726	76	12	2025	2025	NUM
economy-7726	76	13	by	by	ADP
economy-7726	76	14	the	the	DET
economy-7726	76	15	authors	author	NOUN
economy-7726	76	16	;	;	PUNCT
economy-7726	76	17	licensee	licensee	PROPN
economy-7726	76	18	asian	asian	ADJ
economy-7726	76	19	online	online	PROPN
economy-7726	76	20	journal	journal	PROPN
economy-7726	76	21	publishing	publishing	NOUN
economy-7726	76	22	group	group	NOUN
economy-7726	76	23	2	2	NUM
economy-7726	76	24	.	.	PUNCT
economy-7726	76	25	literature	literature	NOUN
economy-7726	76	26	review	review	VERB
economy-7726	76	27	the	the	DET
economy-7726	76	28	role	role	NOUN
economy-7726	76	29	of	of	ADP
economy-7726	76	30	gold	gold	NOUN
economy-7726	76	31	as	as	ADP
economy-7726	76	32	a	a	DET
economy-7726	76	33	safe	safe	ADJ
economy-7726	76	34	-	-	PUNCT
economy-7726	76	35	haven	haven	NOUN
economy-7726	76	36	asset	asset	NOUN
economy-7726	76	37	has	have	AUX
economy-7726	76	38	garnered	garner	VERB
economy-7726	76	39	widespread	widespread	ADJ
economy-7726	76	40	academic	academic	ADJ
economy-7726	76	41	interest	interest	NOUN
economy-7726	76	42	,	,	PUNCT
economy-7726	76	43	especially	especially	ADV
economy-7726	76	44	during	during	ADP
economy-7726	76	45	periods	period	NOUN
economy-7726	76	46	of	of	ADP
economy-7726	76	47	financial	financial	ADJ
economy-7726	76	48	turmoil	turmoil	NOUN
economy-7726	76	49	.	.	PUNCT
economy-7726	77	1	a	a	DET
economy-7726	77	2	substantial	substantial	ADJ
economy-7726	77	3	body	body	NOUN
economy-7726	77	4	of	of	ADP
economy-7726	77	5	literature	literature	NOUN
economy-7726	77	6	has	have	AUX
economy-7726	77	7	sought	seek	VERB
economy-7726	77	8	to	to	PART
economy-7726	77	9	assess	assess	VERB
economy-7726	77	10	whether	whether	SCONJ
economy-7726	77	11	gold	gold	NOUN
economy-7726	77	12	provides	provide	VERB
economy-7726	77	13	a	a	DET
economy-7726	77	14	cushion	cushion	NOUN
economy-7726	77	15	against	against	ADP
economy-7726	77	16	equity	equity	NOUN
economy-7726	77	17	market	market	NOUN
economy-7726	77	18	volatility	volatility	NOUN
economy-7726	77	19	,	,	PUNCT
economy-7726	77	20	acts	act	VERB
economy-7726	77	21	as	as	ADP
economy-7726	77	22	a	a	DET
economy-7726	77	23	hedge	hedge	NOUN
economy-7726	77	24	in	in	ADP
economy-7726	77	25	normal	normal	ADJ
economy-7726	77	26	times	time	NOUN
economy-7726	77	27	,	,	PUNCT
economy-7726	77	28	or	or	CCONJ
economy-7726	77	29	simply	simply	ADV
economy-7726	77	30	performs	perform	VERB
economy-7726	77	31	as	as	ADP
economy-7726	77	32	another	another	DET
economy-7726	77	33	risky	risky	ADJ
economy-7726	77	34	asset	asset	NOUN
economy-7726	77	35	in	in	ADP
economy-7726	77	36	a	a	DET
economy-7726	77	37	dynamic	dynamic	ADJ
economy-7726	77	38	market	market	NOUN
economy-7726	77	39	environment	environment	NOUN
economy-7726	77	40	.	.	PUNCT
economy-7726	78	1	this	this	DET
economy-7726	78	2	review	review	NOUN
economy-7726	78	3	synthesizes	synthesize	VERB
economy-7726	78	4	the	the	DET
economy-7726	78	5	global	global	ADJ
economy-7726	78	6	and	and	CCONJ
economy-7726	78	7	india	india	PROPN
economy-7726	78	8	-	-	PUNCT
economy-7726	78	9	specific	specific	ADJ
economy-7726	78	10	empirical	empirical	ADJ
economy-7726	78	11	evidence	evidence	NOUN
economy-7726	78	12	on	on	ADP
economy-7726	78	13	the	the	DET
economy-7726	78	14	subject	subject	NOUN
economy-7726	78	15	,	,	PUNCT
economy-7726	78	16	while	while	SCONJ
economy-7726	78	17	identifying	identify	VERB
economy-7726	78	18	methodological	methodological	ADJ
economy-7726	78	19	gaps	gap	NOUN
economy-7726	78	20	that	that	PRON
economy-7726	78	21	justify	justify	VERB
economy-7726	78	22	further	further	ADJ
economy-7726	78	23	exploration	exploration	NOUN
economy-7726	78	24	in	in	ADP
economy-7726	78	25	the	the	DET
economy-7726	78	26	indian	indian	ADJ
economy-7726	78	27	context	context	NOUN
economy-7726	78	28	.	.	PUNCT
economy-7726	79	1	the	the	DET
economy-7726	79	2	foundational	foundational	ADJ
economy-7726	79	3	work	work	NOUN
economy-7726	79	4	of	of	ADP
economy-7726	79	5	baur	baur	PROPN
economy-7726	79	6	and	and	CCONJ
economy-7726	79	7	lucey	lucey	PROPN
economy-7726	79	8	(	(	PUNCT
economy-7726	79	9	2010	2010	NUM
economy-7726	79	10	)	)	PUNCT
economy-7726	79	11	distinguished	distinguish	VERB
economy-7726	79	12	between	between	ADP
economy-7726	79	13	a	a	DET
economy-7726	79	14	hedge	hedge	NOUN
economy-7726	79	15	,	,	PUNCT
economy-7726	79	16	which	which	PRON
economy-7726	79	17	is	be	AUX
economy-7726	79	18	negatively	negatively	ADV
economy-7726	79	19	correlated	correlate	VERB
economy-7726	79	20	with	with	ADP
economy-7726	79	21	another	another	DET
economy-7726	79	22	asset	asset	NOUN
economy-7726	79	23	on	on	ADP
economy-7726	79	24	average	average	ADJ
economy-7726	79	25	,	,	PUNCT
economy-7726	79	26	and	and	CCONJ
economy-7726	79	27	a	a	DET
economy-7726	79	28	safe	safe	ADJ
economy-7726	79	29	haven	haven	NOUN
economy-7726	79	30	,	,	PUNCT
economy-7726	79	31	which	which	PRON
economy-7726	79	32	is	be	AUX
economy-7726	79	33	uncorrelated	uncorrelate	VERB
economy-7726	79	34	or	or	CCONJ
economy-7726	79	35	negatively	negatively	ADV
economy-7726	79	36	correlated	correlate	VERB
economy-7726	79	37	specifically	specifically	ADV
economy-7726	79	38	during	during	ADP
economy-7726	79	39	periods	period	NOUN
economy-7726	79	40	of	of	ADP
economy-7726	79	41	market	market	NOUN
economy-7726	79	42	stress	stress	NOUN
economy-7726	79	43	.	.	PUNCT
economy-7726	80	1	their	their	PRON
economy-7726	80	2	empirical	empirical	ADJ
economy-7726	80	3	analysis	analysis	NOUN
economy-7726	80	4	across	across	ADP
economy-7726	80	5	major	major	ADJ
economy-7726	80	6	developed	develop	VERB
economy-7726	80	7	markets	market	NOUN
economy-7726	80	8	found	find	VERB
economy-7726	80	9	that	that	SCONJ
economy-7726	80	10	gold	gold	NOUN
economy-7726	80	11	acted	act	VERB
economy-7726	80	12	as	as	ADP
economy-7726	80	13	both	both	CCONJ
economy-7726	80	14	a	a	DET
economy-7726	80	15	hedge	hedge	NOUN
economy-7726	80	16	and	and	CCONJ
economy-7726	80	17	a	a	DET
economy-7726	80	18	safe	safe	ADJ
economy-7726	80	19	haven	haven	NOUN
economy-7726	80	20	,	,	PUNCT
economy-7726	80	21	depending	depend	VERB
economy-7726	80	22	on	on	ADP
economy-7726	80	23	market	market	NOUN
economy-7726	80	24	conditions	condition	NOUN
economy-7726	80	25	.	.	PUNCT
economy-7726	81	1	extending	extend	VERB
economy-7726	81	2	this	this	DET
economy-7726	81	3	framework	framework	NOUN
economy-7726	81	4	,	,	PUNCT
economy-7726	81	5	baur	baur	NOUN
economy-7726	81	6	and	and	CCONJ
economy-7726	81	7	mcdermott	mcdermott	PROPN
economy-7726	81	8	(	(	PUNCT
economy-7726	81	9	2010	2010	NUM
economy-7726	81	10	)	)	PUNCT
economy-7726	81	11	confirmed	confirm	VERB
economy-7726	81	12	the	the	DET
economy-7726	81	13	safe	safe	ADJ
economy-7726	81	14	-	-	PUNCT
economy-7726	81	15	haven	haven	NOUN
economy-7726	81	16	behavior	behavior	NOUN
economy-7726	81	17	of	of	ADP
economy-7726	81	18	gold	gold	NOUN
economy-7726	81	19	during	during	ADP
economy-7726	81	20	global	global	ADJ
economy-7726	81	21	stock	stock	NOUN
economy-7726	81	22	market	market	NOUN
economy-7726	81	23	crises	crisis	NOUN
economy-7726	81	24	but	but	CCONJ
economy-7726	81	25	also	also	ADV
economy-7726	81	26	highlighted	highlight	VERB
economy-7726	81	27	significant	significant	ADJ
economy-7726	81	28	regional	regional	ADJ
economy-7726	81	29	variations	variation	NOUN
economy-7726	81	30	.	.	PUNCT
economy-7726	82	1	the	the	DET
economy-7726	82	2	findings	finding	NOUN
economy-7726	82	3	from	from	ADP
economy-7726	82	4	these	these	DET
economy-7726	82	5	seminal	seminal	ADJ
economy-7726	82	6	studies	study	NOUN
economy-7726	82	7	laid	lay	VERB
economy-7726	82	8	the	the	DET
economy-7726	82	9	groundwork	groundwork	NOUN
economy-7726	82	10	for	for	ADP
economy-7726	82	11	subsequent	subsequent	ADJ
economy-7726	82	12	research	research	NOUN
economy-7726	82	13	using	use	VERB
economy-7726	82	14	both	both	CCONJ
economy-7726	82	15	static	static	ADJ
economy-7726	82	16	and	and	CCONJ
economy-7726	82	17	time	time	NOUN
economy-7726	82	18	-	-	PUNCT
economy-7726	82	19	varying	vary	VERB
economy-7726	82	20	econometric	econometric	ADJ
economy-7726	82	21	models	model	NOUN
economy-7726	82	22	to	to	PART
economy-7726	82	23	test	test	VERB
economy-7726	82	24	gold	gold	NOUN
economy-7726	82	25	’s	’s	PART
economy-7726	82	26	safe	safe	ADJ
economy-7726	82	27	-	-	PUNCT
economy-7726	82	28	haven	haven	NOUN
economy-7726	82	29	role	role	NOUN
economy-7726	82	30	across	across	ADP
economy-7726	82	31	markets	market	NOUN
economy-7726	82	32	and	and	CCONJ
economy-7726	82	33	time	time	NOUN
economy-7726	82	34	horizons	horizon	NOUN
economy-7726	82	35	.	.	PUNCT
economy-7726	83	1	several	several	ADJ
economy-7726	83	2	international	international	ADJ
economy-7726	83	3	studies	study	NOUN
economy-7726	83	4	examined	examine	VERB
economy-7726	83	5	gold	gold	NOUN
economy-7726	83	6	's	's	PART
economy-7726	83	7	behavior	behavior	NOUN
economy-7726	83	8	across	across	ADP
economy-7726	83	9	different	different	ADJ
economy-7726	83	10	asset	asset	NOUN
economy-7726	83	11	classes	class	NOUN
economy-7726	83	12	and	and	CCONJ
economy-7726	83	13	economic	economic	ADJ
economy-7726	83	14	scenarios	scenario	NOUN
economy-7726	83	15	.	.	PUNCT
economy-7726	84	1	capie	capie	NOUN
economy-7726	84	2	,	,	PUNCT
economy-7726	84	3	mills	mill	NOUN
economy-7726	84	4	,	,	PUNCT
economy-7726	84	5	and	and	CCONJ
economy-7726	84	6	wood	wood	NOUN
economy-7726	84	7	(	(	PUNCT
economy-7726	84	8	2005	2005	NUM
economy-7726	84	9	)	)	PUNCT
economy-7726	84	10	found	find	VERB
economy-7726	84	11	that	that	SCONJ
economy-7726	84	12	gold	gold	NOUN
economy-7726	84	13	acts	act	VERB
economy-7726	84	14	as	as	ADP
economy-7726	84	15	a	a	DET
economy-7726	84	16	hedge	hedge	NOUN
economy-7726	84	17	against	against	ADP
economy-7726	84	18	exchange	exchange	NOUN
economy-7726	84	19	rate	rate	NOUN
economy-7726	84	20	fluctuations	fluctuation	NOUN
economy-7726	84	21	,	,	PUNCT
economy-7726	84	22	especially	especially	ADV
economy-7726	84	23	against	against	ADP
economy-7726	84	24	the	the	DET
economy-7726	84	25	u.s	u.s	PROPN
economy-7726	84	26	.	.	PROPN
economy-7726	84	27	dollar	dollar	NOUN
economy-7726	84	28	.	.	PUNCT
economy-7726	85	1	ciner	ciner	PROPN
economy-7726	85	2	,	,	PUNCT
economy-7726	85	3	gurdgiev	gurdgiev	PROPN
economy-7726	85	4	,	,	PUNCT
economy-7726	85	5	and	and	CCONJ
economy-7726	85	6	lucey	lucey	PROPN
economy-7726	85	7	(	(	PUNCT
economy-7726	85	8	2013	2013	NUM
economy-7726	85	9	)	)	PUNCT
economy-7726	85	10	,	,	PUNCT
economy-7726	85	11	analyzing	analyze	VERB
economy-7726	85	12	shortand	shortand	NOUN
economy-7726	85	13	long	long	ADV
economy-7726	85	14	-	-	PUNCT
economy-7726	85	15	run	run	NOUN
economy-7726	85	16	relationships	relationship	NOUN
economy-7726	85	17	,	,	PUNCT
economy-7726	85	18	revealed	reveal	VERB
economy-7726	85	19	that	that	SCONJ
economy-7726	85	20	gold	gold	NOUN
economy-7726	85	21	's	's	PART
economy-7726	85	22	hedge	hedge	NOUN
economy-7726	85	23	and	and	CCONJ
economy-7726	85	24	safe	safe	ADJ
economy-7726	85	25	-	-	PUNCT
economy-7726	85	26	haven	haven	NOUN
economy-7726	85	27	properties	property	NOUN
economy-7726	85	28	were	be	AUX
economy-7726	85	29	unstable	unstable	ADJ
economy-7726	85	30	and	and	CCONJ
economy-7726	85	31	time	time	NOUN
economy-7726	85	32	-	-	PUNCT
economy-7726	85	33	dependent	dependent	ADJ
economy-7726	85	34	.	.	PUNCT
economy-7726	86	1	sadorsky	sadorsky	NOUN
economy-7726	86	2	(	(	PUNCT
economy-7726	86	3	2014	2014	NUM
economy-7726	86	4	)	)	PUNCT
economy-7726	86	5	emphasized	emphasize	VERB
economy-7726	86	6	the	the	DET
economy-7726	86	7	importance	importance	NOUN
economy-7726	86	8	of	of	ADP
economy-7726	86	9	modeling	model	VERB
economy-7726	86	10	dynamic	dynamic	ADJ
economy-7726	86	11	correlations	correlation	NOUN
economy-7726	86	12	and	and	CCONJ
economy-7726	86	13	demonstrated	demonstrate	VERB
economy-7726	86	14	that	that	SCONJ
economy-7726	86	15	gold	gold	NOUN
economy-7726	86	16	’s	’s	PART
economy-7726	86	17	behavior	behavior	NOUN
economy-7726	86	18	relative	relative	ADJ
economy-7726	86	19	to	to	ADP
economy-7726	86	20	stock	stock	NOUN
economy-7726	86	21	markets	market	NOUN
economy-7726	86	22	can	can	AUX
economy-7726	86	23	be	be	AUX
economy-7726	86	24	significantly	significantly	ADV
economy-7726	86	25	influenced	influence	VERB
economy-7726	86	26	by	by	ADP
economy-7726	86	27	commodity	commodity	NOUN
economy-7726	86	28	price	price	NOUN
economy-7726	86	29	shocks	shock	NOUN
economy-7726	86	30	and	and	CCONJ
economy-7726	86	31	macroeconomic	macroeconomic	ADJ
economy-7726	86	32	events	event	NOUN
economy-7726	86	33	.	.	PUNCT
economy-7726	87	1	al	al	PROPN
economy-7726	87	2	-	-	PUNCT
economy-7726	87	3	yahyaee	yahyaee	PROPN
economy-7726	87	4	,	,	PUNCT
economy-7726	87	5	rehman	rehman	PROPN
economy-7726	87	6	,	,	PUNCT
economy-7726	87	7	mensi	mensi	NOUN
economy-7726	87	8	,	,	PUNCT
economy-7726	87	9	and	and	CCONJ
economy-7726	87	10	al	al	PROPN
economy-7726	87	11	-	-	PUNCT
economy-7726	87	12	jarrah	jarrah	PROPN
economy-7726	87	13	(	(	PUNCT
economy-7726	87	14	2019	2019	NUM
economy-7726	87	15	)	)	PUNCT
economy-7726	87	16	used	use	VERB
economy-7726	87	17	multifractal	multifractal	ADJ
economy-7726	87	18	analysis	analysis	NOUN
economy-7726	87	19	to	to	PART
economy-7726	87	20	show	show	VERB
economy-7726	87	21	that	that	SCONJ
economy-7726	87	22	gold	gold	NOUN
economy-7726	87	23	exhibited	exhibit	VERB
economy-7726	87	24	non	non	ADJ
economy-7726	87	25	-	-	ADJ
economy-7726	87	26	linear	linear	ADJ
economy-7726	87	27	safe	safe	ADJ
economy-7726	87	28	-	-	PUNCT
economy-7726	87	29	haven	haven	NOUN
economy-7726	87	30	characteristics	characteristic	NOUN
economy-7726	87	31	during	during	ADP
economy-7726	87	32	turbulent	turbulent	ADJ
economy-7726	87	33	financial	financial	ADJ
economy-7726	87	34	periods	period	NOUN
economy-7726	87	35	in	in	ADP
economy-7726	87	36	both	both	PRON
economy-7726	87	37	emerging	emerge	VERB
economy-7726	87	38	and	and	CCONJ
economy-7726	87	39	developed	developed	ADJ
economy-7726	87	40	markets	market	NOUN
economy-7726	87	41	.	.	PUNCT
economy-7726	88	1	while	while	SCONJ
economy-7726	88	2	the	the	DET
economy-7726	88	3	consensus	consensus	NOUN
economy-7726	88	4	among	among	ADP
economy-7726	88	5	global	global	ADJ
economy-7726	88	6	studies	study	NOUN
economy-7726	88	7	supports	support	VERB
economy-7726	88	8	gold	gold	NOUN
economy-7726	88	9	’s	’s	PART
economy-7726	88	10	potential	potential	NOUN
economy-7726	88	11	as	as	ADP
economy-7726	88	12	a	a	DET
economy-7726	88	13	safe	safe	ADJ
economy-7726	88	14	haven	haven	NOUN
economy-7726	88	15	,	,	PUNCT
economy-7726	88	16	it	it	PRON
economy-7726	88	17	also	also	ADV
economy-7726	88	18	warns	warn	VERB
economy-7726	88	19	against	against	ADP
economy-7726	88	20	assuming	assume	VERB
economy-7726	88	21	a	a	DET
economy-7726	88	22	universal	universal	ADJ
economy-7726	88	23	,	,	PUNCT
economy-7726	88	24	static	static	ADJ
economy-7726	88	25	relationship	relationship	NOUN
economy-7726	88	26	across	across	ADP
economy-7726	88	27	markets	market	NOUN
economy-7726	88	28	and	and	CCONJ
economy-7726	88	29	time	time	NOUN
economy-7726	88	30	periods	period	NOUN
economy-7726	88	31	.	.	PUNCT
economy-7726	89	1	india	india	PROPN
economy-7726	89	2	’s	’s	PART
economy-7726	89	3	unique	unique	ADJ
economy-7726	89	4	socio	socio	NOUN
economy-7726	89	5	-	-	PUNCT
economy-7726	89	6	economic	economic	ADJ
economy-7726	89	7	affinity	affinity	NOUN
economy-7726	89	8	for	for	ADP
economy-7726	89	9	gold	gold	NOUN
economy-7726	89	10	provided	provide	VERB
economy-7726	89	11	fertile	fertile	ADJ
economy-7726	89	12	ground	ground	NOUN
economy-7726	89	13	for	for	ADP
economy-7726	89	14	evaluating	evaluate	VERB
economy-7726	89	15	its	its	PRON
economy-7726	89	16	performance	performance	NOUN
economy-7726	89	17	during	during	ADP
economy-7726	89	18	stock	stock	NOUN
economy-7726	89	19	market	market	NOUN
economy-7726	89	20	volatility	volatility	NOUN
economy-7726	89	21	.	.	PUNCT
economy-7726	90	1	however	however	ADV
economy-7726	90	2	,	,	PUNCT
economy-7726	90	3	the	the	DET
economy-7726	90	4	number	number	NOUN
economy-7726	90	5	of	of	ADP
economy-7726	90	6	rigorous	rigorous	ADJ
economy-7726	90	7	studies	study	NOUN
economy-7726	90	8	focusing	focus	VERB
economy-7726	90	9	solely	solely	ADV
economy-7726	90	10	on	on	ADP
economy-7726	90	11	india	india	PROPN
economy-7726	90	12	remains	remain	VERB
economy-7726	90	13	limited	limited	ADJ
economy-7726	90	14	compared	compare	VERB
economy-7726	90	15	to	to	ADP
economy-7726	90	16	developed	develop	VERB
economy-7726	90	17	markets	market	NOUN
economy-7726	90	18	.	.	PUNCT
economy-7726	91	1	jain	jain	PROPN
economy-7726	91	2	and	and	CCONJ
economy-7726	91	3	ghosh	ghosh	PROPN
economy-7726	91	4	(	(	PUNCT
economy-7726	91	5	2013	2013	NUM
economy-7726	91	6	)	)	PUNCT
economy-7726	91	7	examined	examine	VERB
economy-7726	91	8	the	the	DET
economy-7726	91	9	dynamic	dynamic	ADJ
economy-7726	91	10	interrelationship	interrelationship	NOUN
economy-7726	91	11	between	between	ADP
economy-7726	91	12	gold	gold	NOUN
economy-7726	91	13	prices	price	NOUN
economy-7726	91	14	,	,	PUNCT
economy-7726	91	15	stock	stock	NOUN
economy-7726	91	16	market	market	NOUN
economy-7726	91	17	indices	index	NOUN
economy-7726	91	18	,	,	PUNCT
economy-7726	91	19	and	and	CCONJ
economy-7726	91	20	exchange	exchange	NOUN
economy-7726	91	21	rates	rate	NOUN
economy-7726	91	22	in	in	ADP
economy-7726	91	23	india	india	PROPN
economy-7726	91	24	using	use	VERB
economy-7726	91	25	co	co	NOUN
economy-7726	91	26	-	-	NOUN
economy-7726	91	27	integration	integration	NOUN
economy-7726	91	28	and	and	CCONJ
economy-7726	91	29	granger	granger	NOUN
economy-7726	91	30	causality	causality	NOUN
economy-7726	91	31	tests	test	NOUN
economy-7726	91	32	.	.	PUNCT
economy-7726	92	1	they	they	PRON
economy-7726	92	2	found	find	VERB
economy-7726	92	3	that	that	SCONJ
economy-7726	92	4	while	while	SCONJ
economy-7726	92	5	gold	gold	NOUN
economy-7726	92	6	served	serve	VERB
economy-7726	92	7	as	as	ADP
economy-7726	92	8	a	a	DET
economy-7726	92	9	hedge	hedge	NOUN
economy-7726	92	10	over	over	ADP
economy-7726	92	11	the	the	DET
economy-7726	92	12	long	long	ADJ
economy-7726	92	13	term	term	NOUN
economy-7726	92	14	,	,	PUNCT
economy-7726	92	15	it	it	PRON
economy-7726	92	16	did	do	AUX
economy-7726	92	17	not	not	PART
economy-7726	92	18	exhibit	exhibit	VERB
economy-7726	92	19	robust	robust	ADJ
economy-7726	92	20	safe	safe	ADJ
economy-7726	92	21	-	-	PUNCT
economy-7726	92	22	haven	haven	NOUN
economy-7726	92	23	characteristics	characteristic	NOUN
economy-7726	92	24	during	during	ADP
economy-7726	92	25	short	short	ADJ
economy-7726	92	26	-	-	PUNCT
economy-7726	92	27	term	term	NOUN
economy-7726	92	28	equity	equity	NOUN
economy-7726	92	29	market	market	NOUN
economy-7726	92	30	turbulence	turbulence	NOUN
economy-7726	92	31	.	.	PUNCT
economy-7726	93	1	in	in	ADP
economy-7726	93	2	contrast	contrast	NOUN
economy-7726	93	3	,	,	PUNCT
economy-7726	93	4	kumar	kumar	PROPN
economy-7726	93	5	(	(	PUNCT
economy-7726	93	6	2014	2014	NUM
economy-7726	93	7	)	)	PUNCT
economy-7726	93	8	analyzed	analyze	VERB
economy-7726	93	9	the	the	DET
economy-7726	93	10	return	return	NOUN
economy-7726	93	11	and	and	CCONJ
economy-7726	93	12	volatility	volatility	NOUN
economy-7726	93	13	transmission	transmission	NOUN
economy-7726	93	14	between	between	ADP
economy-7726	93	15	gold	gold	NOUN
economy-7726	93	16	and	and	CCONJ
economy-7726	93	17	indian	indian	ADJ
economy-7726	93	18	equities	equity	NOUN
economy-7726	93	19	using	use	VERB
economy-7726	93	20	garch	garch	NOUN
economy-7726	93	21	models	model	NOUN
economy-7726	93	22	and	and	CCONJ
economy-7726	93	23	reported	report	VERB
economy-7726	93	24	evidence	evidence	NOUN
economy-7726	93	25	that	that	SCONJ
economy-7726	93	26	gold	gold	NOUN
economy-7726	93	27	served	serve	VERB
economy-7726	93	28	as	as	ADP
economy-7726	93	29	a	a	DET
economy-7726	93	30	volatility	volatility	NOUN
economy-7726	93	31	buffer	buffer	NOUN
economy-7726	93	32	during	during	ADP
economy-7726	93	33	major	major	ADJ
economy-7726	93	34	market	market	NOUN
economy-7726	93	35	downturns	downturn	NOUN
economy-7726	93	36	,	,	PUNCT
economy-7726	93	37	thus	thus	ADV
economy-7726	93	38	supporting	support	VERB
economy-7726	93	39	the	the	DET
economy-7726	93	40	safe	safe	ADJ
economy-7726	93	41	-	-	PUNCT
economy-7726	93	42	haven	haven	NOUN
economy-7726	93	43	hypothesis	hypothesis	NOUN
economy-7726	93	44	.	.	PUNCT
economy-7726	94	1	sharma	sharma	PROPN
economy-7726	94	2	and	and	CCONJ
economy-7726	94	3	mahendru	mahendru	PROPN
economy-7726	94	4	(	(	PUNCT
economy-7726	94	5	2010	2010	NUM
economy-7726	94	6	)	)	PUNCT
economy-7726	94	7	focused	focus	VERB
economy-7726	94	8	on	on	ADP
economy-7726	94	9	the	the	DET
economy-7726	94	10	co	co	NOUN
economy-7726	94	11	-	-	NOUN
economy-7726	94	12	movement	movement	NOUN
economy-7726	94	13	of	of	ADP
economy-7726	94	14	gold	gold	NOUN
economy-7726	94	15	and	and	CCONJ
economy-7726	94	16	equity	equity	NOUN
economy-7726	94	17	markets	market	NOUN
economy-7726	94	18	during	during	ADP
economy-7726	94	19	financial	financial	ADJ
economy-7726	94	20	crises	crisis	NOUN
economy-7726	94	21	and	and	CCONJ
economy-7726	94	22	found	find	VERB
economy-7726	94	23	significant	significant	ADJ
economy-7726	94	24	negative	negative	ADJ
economy-7726	94	25	correlation	correlation	NOUN
economy-7726	94	26	during	during	ADP
economy-7726	94	27	periods	period	NOUN
economy-7726	94	28	of	of	ADP
economy-7726	94	29	uncertainty	uncertainty	NOUN
economy-7726	94	30	.	.	PUNCT
economy-7726	95	1	however	however	ADV
economy-7726	95	2	,	,	PUNCT
economy-7726	95	3	they	they	PRON
economy-7726	95	4	cautioned	caution	VERB
economy-7726	95	5	that	that	SCONJ
economy-7726	95	6	gold	gold	NOUN
economy-7726	95	7	’s	’s	PART
economy-7726	95	8	performance	performance	NOUN
economy-7726	95	9	was	be	AUX
economy-7726	95	10	also	also	ADV
economy-7726	95	11	influenced	influence	VERB
economy-7726	95	12	by	by	ADP
economy-7726	95	13	inflation	inflation	NOUN
economy-7726	95	14	,	,	PUNCT
economy-7726	95	15	interest	interest	NOUN
economy-7726	95	16	rates	rate	NOUN
economy-7726	95	17	,	,	PUNCT
economy-7726	95	18	and	and	CCONJ
economy-7726	95	19	currency	currency	NOUN
economy-7726	95	20	values	value	NOUN
economy-7726	95	21	.	.	PUNCT
economy-7726	96	1	a	a	DET
economy-7726	96	2	variety	variety	NOUN
economy-7726	96	3	of	of	ADP
economy-7726	96	4	econometric	econometric	ADJ
economy-7726	96	5	techniques	technique	NOUN
economy-7726	96	6	were	be	AUX
economy-7726	96	7	applied	apply	VERB
economy-7726	96	8	to	to	PART
economy-7726	96	9	examine	examine	VERB
economy-7726	96	10	the	the	DET
economy-7726	96	11	gold	gold	NOUN
economy-7726	96	12	-	-	PUNCT
economy-7726	96	13	equity	equity	NOUN
economy-7726	96	14	relationship	relationship	NOUN
economy-7726	96	15	.	.	PUNCT
economy-7726	97	1	while	while	SCONJ
economy-7726	97	2	early	early	ADJ
economy-7726	97	3	studies	study	NOUN
economy-7726	97	4	relied	rely	VERB
economy-7726	97	5	on	on	ADP
economy-7726	97	6	basic	basic	ADJ
economy-7726	97	7	regression	regression	NOUN
economy-7726	97	8	,	,	PUNCT
economy-7726	97	9	co	co	NOUN
economy-7726	97	10	-	-	NOUN
economy-7726	97	11	integration	integration	NOUN
economy-7726	97	12	,	,	PUNCT
economy-7726	97	13	and	and	CCONJ
economy-7726	97	14	causality	causality	NOUN
economy-7726	97	15	analysis	analysis	NOUN
economy-7726	97	16	,	,	PUNCT
economy-7726	97	17	more	more	ADV
economy-7726	97	18	recent	recent	ADJ
economy-7726	97	19	works	work	NOUN
economy-7726	97	20	adopt	adopt	VERB
economy-7726	97	21	time	time	NOUN
economy-7726	97	22	-	-	PUNCT
economy-7726	97	23	varying	vary	VERB
economy-7726	97	24	volatility	volatility	NOUN
economy-7726	97	25	models	model	NOUN
economy-7726	97	26	such	such	ADJ
economy-7726	97	27	as	as	ADP
economy-7726	97	28	garch	garch	NOUN
economy-7726	97	29	,	,	PUNCT
economy-7726	97	30	egarch	egarch	NOUN
economy-7726	97	31	,	,	PUNCT
economy-7726	97	32	and	and	CCONJ
economy-7726	97	33	dcc	dcc	PROPN
economy-7726	97	34	-	-	PUNCT
economy-7726	97	35	garch	garch	NOUN
economy-7726	97	36	frameworks	framework	NOUN
economy-7726	97	37	to	to	PART
economy-7726	97	38	better	well	ADV
economy-7726	97	39	capture	capture	VERB
economy-7726	97	40	dynamic	dynamic	ADJ
economy-7726	97	41	interactions	interaction	NOUN
economy-7726	97	42	.	.	PUNCT
economy-7726	98	1	bouri	bouri	PROPN
economy-7726	98	2	,	,	PUNCT
economy-7726	98	3	jain	jain	PROPN
economy-7726	98	4	,	,	PUNCT
economy-7726	98	5	roubaud	roubaud	NOUN
economy-7726	98	6	,	,	PUNCT
economy-7726	98	7	and	and	CCONJ
economy-7726	98	8	kristoufek	kristoufek	NOUN
economy-7726	98	9	(	(	PUNCT
economy-7726	98	10	2017	2017	NUM
economy-7726	98	11	)	)	PUNCT
economy-7726	98	12	used	use	VERB
economy-7726	98	13	a	a	DET
economy-7726	98	14	dcc	dcc	PROPN
economy-7726	98	15	-	-	PUNCT
economy-7726	98	16	garch	garch	NOUN
economy-7726	98	17	model	model	NOUN
economy-7726	98	18	to	to	PART
economy-7726	98	19	explore	explore	VERB
economy-7726	98	20	volatility	volatility	NOUN
economy-7726	98	21	spillover	spillover	VERB
economy-7726	98	22	between	between	ADP
economy-7726	98	23	gold	gold	NOUN
economy-7726	98	24	and	and	CCONJ
economy-7726	98	25	oil	oil	NOUN
economy-7726	98	26	markets	market	NOUN
economy-7726	98	27	and	and	CCONJ
economy-7726	98	28	showed	show	VERB
economy-7726	98	29	that	that	SCONJ
economy-7726	98	30	the	the	DET
economy-7726	98	31	co	co	NOUN
economy-7726	98	32	-	-	NOUN
economy-7726	98	33	movement	movement	NOUN
economy-7726	98	34	increased	increase	VERB
economy-7726	98	35	significantly	significantly	ADV
economy-7726	98	36	during	during	ADP
economy-7726	98	37	periods	period	NOUN
economy-7726	98	38	of	of	ADP
economy-7726	98	39	global	global	ADJ
economy-7726	98	40	economic	economic	ADJ
economy-7726	98	41	stress	stress	NOUN
economy-7726	98	42	.	.	PUNCT
economy-7726	99	1	applying	apply	VERB
economy-7726	99	2	such	such	ADJ
economy-7726	99	3	models	model	NOUN
economy-7726	99	4	to	to	ADP
economy-7726	99	5	the	the	DET
economy-7726	99	6	indian	indian	ADJ
economy-7726	99	7	gold	gold	NOUN
economy-7726	99	8	-	-	PUNCT
economy-7726	99	9	equity	equity	NOUN
economy-7726	99	10	relationship	relationship	NOUN
economy-7726	99	11	would	would	AUX
economy-7726	99	12	enable	enable	VERB
economy-7726	99	13	more	more	ADV
economy-7726	99	14	precise	precise	ADJ
economy-7726	99	15	analysis	analysis	NOUN
economy-7726	99	16	of	of	ADP
economy-7726	99	17	time	time	NOUN
economy-7726	99	18	-	-	PUNCT
economy-7726	99	19	varying	vary	VERB
economy-7726	99	20	correlations	correlation	NOUN
economy-7726	99	21	during	during	ADP
economy-7726	99	22	periods	period	NOUN
economy-7726	99	23	of	of	ADP
economy-7726	99	24	market	market	NOUN
economy-7726	99	25	volatility	volatility	NOUN
economy-7726	99	26	.	.	PUNCT
economy-7726	100	1	patra	patra	PROPN
economy-7726	100	2	and	and	CCONJ
economy-7726	100	3	patnaik	patnaik	PROPN
economy-7726	100	4	(	(	PUNCT
economy-7726	100	5	2020	2020	NUM
economy-7726	100	6	)	)	PUNCT
economy-7726	100	7	employed	employ	VERB
economy-7726	100	8	a	a	DET
economy-7726	100	9	combination	combination	NOUN
economy-7726	100	10	of	of	ADP
economy-7726	100	11	arch	arch	ADJ
economy-7726	100	12	-	-	PUNCT
economy-7726	100	13	type	type	NOUN
economy-7726	100	14	models	model	NOUN
economy-7726	100	15	and	and	CCONJ
economy-7726	100	16	rolling	roll	VERB
economy-7726	100	17	correlation	correlation	NOUN
economy-7726	100	18	techniques	technique	NOUN
economy-7726	100	19	to	to	PART
economy-7726	100	20	demonstrate	demonstrate	VERB
economy-7726	100	21	that	that	SCONJ
economy-7726	100	22	gold	gold	NOUN
economy-7726	100	23	’s	’s	PART
economy-7726	100	24	role	role	NOUN
economy-7726	100	25	in	in	ADP
economy-7726	100	26	indian	indian	ADJ
economy-7726	100	27	portfolios	portfolio	NOUN
economy-7726	100	28	strengthened	strengthen	VERB
economy-7726	100	29	during	during	ADP
economy-7726	100	30	periods	period	NOUN
economy-7726	100	31	of	of	ADP
economy-7726	100	32	sharp	sharp	ADJ
economy-7726	100	33	equity	equity	NOUN
economy-7726	100	34	corrections	correction	NOUN
economy-7726	100	35	.	.	PUNCT
economy-7726	101	1	however	however	ADV
economy-7726	101	2	,	,	PUNCT
economy-7726	101	3	their	their	PRON
economy-7726	101	4	study	study	NOUN
economy-7726	101	5	called	call	VERB
economy-7726	101	6	for	for	ADP
economy-7726	101	7	deeper	deep	ADJ
economy-7726	101	8	exploration	exploration	NOUN
economy-7726	101	9	of	of	ADP
economy-7726	101	10	causality	causality	NOUN
economy-7726	101	11	and	and	CCONJ
economy-7726	101	12	cross	cross	ADJ
economy-7726	101	13	-	-	ADJ
economy-7726	101	14	asset	asset	ADJ
economy-7726	101	15	volatility	volatility	NOUN
economy-7726	101	16	effects	effect	NOUN
economy-7726	101	17	using	use	VERB
economy-7726	101	18	multivariate	multivariate	NOUN
economy-7726	101	19	models	model	NOUN
economy-7726	101	20	.	.	PUNCT
economy-7726	102	1	furthermore	furthermore	ADV
economy-7726	102	2	,	,	PUNCT
economy-7726	102	3	most	most	ADJ
economy-7726	102	4	indian	indian	ADJ
economy-7726	102	5	studies	study	NOUN
economy-7726	102	6	to	to	ADP
economy-7726	102	7	date	date	NOUN
economy-7726	102	8	have	have	AUX
economy-7726	102	9	focused	focus	VERB
economy-7726	102	10	primarily	primarily	ADV
economy-7726	102	11	on	on	ADP
economy-7726	102	12	physical	physical	ADJ
economy-7726	102	13	gold	gold	NOUN
economy-7726	102	14	or	or	CCONJ
economy-7726	102	15	spot	spot	NOUN
economy-7726	102	16	prices	price	NOUN
economy-7726	102	17	.	.	PUNCT
economy-7726	103	1	with	with	ADP
economy-7726	103	2	the	the	DET
economy-7726	103	3	rise	rise	NOUN
economy-7726	103	4	in	in	ADP
economy-7726	103	5	popularity	popularity	NOUN
economy-7726	103	6	of	of	ADP
economy-7726	103	7	gold	gold	ADJ
economy-7726	103	8	etfs	etfs	NOUN
economy-7726	103	9	,	,	PUNCT
economy-7726	103	10	sovereign	sovereign	ADJ
economy-7726	103	11	gold	gold	NOUN
economy-7726	103	12	bonds	bond	NOUN
economy-7726	103	13	,	,	PUNCT
economy-7726	103	14	and	and	CCONJ
economy-7726	103	15	digital	digital	ADJ
economy-7726	103	16	gold	gold	NOUN
economy-7726	103	17	,	,	PUNCT
economy-7726	103	18	there	there	PRON
economy-7726	103	19	is	be	VERB
economy-7726	103	20	a	a	DET
economy-7726	103	21	need	need	NOUN
economy-7726	103	22	to	to	PART
economy-7726	103	23	explore	explore	VERB
economy-7726	103	24	whether	whether	SCONJ
economy-7726	103	25	these	these	DET
economy-7726	103	26	instruments	instrument	NOUN
economy-7726	103	27	mirror	mirror	VERB
economy-7726	103	28	the	the	DET
economy-7726	103	29	safe	safe	ADJ
economy-7726	103	30	-	-	PUNCT
economy-7726	103	31	haven	haven	NOUN
economy-7726	103	32	behavior	behavior	NOUN
economy-7726	103	33	of	of	ADP
economy-7726	103	34	physical	physical	ADJ
economy-7726	103	35	gold	gold	NOUN
economy-7726	103	36	,	,	PUNCT
economy-7726	103	37	particularly	particularly	ADV
economy-7726	103	38	during	during	ADP
economy-7726	103	39	market	market	NOUN
economy-7726	103	40	stress	stress	NOUN
economy-7726	103	41	.	.	PUNCT
economy-7726	104	1	while	while	SCONJ
economy-7726	104	2	existing	exist	VERB
economy-7726	104	3	literature	literature	NOUN
economy-7726	104	4	offers	offer	VERB
economy-7726	104	5	useful	useful	ADJ
economy-7726	104	6	insights	insight	NOUN
economy-7726	104	7	into	into	ADP
economy-7726	104	8	gold	gold	NOUN
economy-7726	104	9	’s	’s	PART
economy-7726	104	10	potential	potential	ADJ
economy-7726	104	11	role	role	NOUN
economy-7726	104	12	as	as	ADP
economy-7726	104	13	a	a	DET
economy-7726	104	14	hedge	hedge	NOUN
economy-7726	104	15	or	or	CCONJ
economy-7726	104	16	safe	safe	ADJ
economy-7726	104	17	haven	haven	NOUN
economy-7726	104	18	,	,	PUNCT
economy-7726	104	19	especially	especially	ADV
economy-7726	104	20	in	in	ADP
economy-7726	104	21	developed	develop	VERB
economy-7726	104	22	markets	market	NOUN
economy-7726	104	23	,	,	PUNCT
economy-7726	104	24	there	there	PRON
economy-7726	104	25	remains	remain	VERB
economy-7726	104	26	a	a	DET
economy-7726	104	27	clear	clear	ADJ
economy-7726	104	28	research	research	NOUN
economy-7726	104	29	gap	gap	NOUN
economy-7726	104	30	in	in	ADP
economy-7726	104	31	understanding	understand	VERB
economy-7726	104	32	the	the	DET
economy-7726	104	33	time	time	NOUN
economy-7726	104	34	-	-	PUNCT
economy-7726	104	35	varying	vary	VERB
economy-7726	104	36	,	,	PUNCT
economy-7726	104	37	crisis	crisis	NOUN
economy-7726	104	38	-	-	PUNCT
economy-7726	104	39	specific	specific	ADJ
economy-7726	104	40	,	,	PUNCT
economy-7726	104	41	and	and	CCONJ
economy-7726	104	42	behaviorally	behaviorally	ADV
economy-7726	104	43	influenced	influence	VERB
economy-7726	104	44	relationship	relationship	NOUN
economy-7726	104	45	between	between	ADP
economy-7726	104	46	gold	gold	NOUN
economy-7726	104	47	and	and	CCONJ
economy-7726	104	48	indian	indian	ADJ
economy-7726	104	49	equity	equity	NOUN
economy-7726	104	50	markets	market	NOUN
economy-7726	104	51	.	.	PUNCT
economy-7726	105	1	most	most	ADJ
economy-7726	105	2	indian	indian	ADJ
economy-7726	105	3	studies	study	NOUN
economy-7726	105	4	either	either	CCONJ
economy-7726	105	5	rely	rely	VERB
economy-7726	105	6	on	on	ADP
economy-7726	105	7	static	static	ADJ
economy-7726	105	8	models	model	NOUN
economy-7726	105	9	or	or	CCONJ
economy-7726	105	10	overlook	overlook	VERB
economy-7726	105	11	key	key	ADJ
economy-7726	105	12	factors	factor	NOUN
economy-7726	105	13	such	such	ADJ
economy-7726	105	14	as	as	ADP
economy-7726	105	15	investor	investor	NOUN
economy-7726	105	16	psychology	psychology	NOUN
economy-7726	105	17	,	,	PUNCT
economy-7726	105	18	policy	policy	NOUN
economy-7726	105	19	interventions	intervention	NOUN
economy-7726	105	20	,	,	PUNCT
economy-7726	105	21	and	and	CCONJ
economy-7726	105	22	international	international	ADJ
economy-7726	105	23	influences	influence	NOUN
economy-7726	105	24	.	.	PUNCT
economy-7726	106	1	this	this	DET
economy-7726	106	2	study	study	NOUN
economy-7726	106	3	sought	seek	VERB
economy-7726	106	4	to	to	PART
economy-7726	106	5	address	address	VERB
economy-7726	106	6	these	these	DET
economy-7726	106	7	gaps	gap	NOUN
economy-7726	106	8	by	by	ADP
economy-7726	106	9	applying	apply	VERB
economy-7726	106	10	advanced	advanced	ADJ
economy-7726	106	11	time	time	NOUN
economy-7726	106	12	-	-	PUNCT
economy-7726	106	13	series	series	NOUN
economy-7726	106	14	econometric	econometric	ADJ
economy-7726	106	15	models	model	NOUN
economy-7726	106	16	to	to	PART
economy-7726	106	17	explore	explore	VERB
economy-7726	106	18	the	the	DET
economy-7726	106	19	dynamic	dynamic	ADJ
economy-7726	106	20	relationship	relationship	NOUN
economy-7726	106	21	between	between	ADP
economy-7726	106	22	gold	gold	NOUN
economy-7726	106	23	prices	price	NOUN
economy-7726	106	24	and	and	CCONJ
economy-7726	106	25	indian	indian	ADJ
economy-7726	106	26	stock	stock	NOUN
economy-7726	106	27	market	market	NOUN
economy-7726	106	28	volatility	volatility	NOUN
economy-7726	106	29	.	.	PUNCT
economy-7726	107	1	it	it	PRON
economy-7726	107	2	also	also	ADV
economy-7726	107	3	considered	consider	VERB
economy-7726	107	4	the	the	DET
economy-7726	107	5	unique	unique	ADJ
economy-7726	107	6	sociocultural	sociocultural	ADJ
economy-7726	107	7	and	and	CCONJ
economy-7726	107	8	macroeconomic	macroeconomic	ADJ
economy-7726	107	9	dimensions	dimension	NOUN
economy-7726	107	10	that	that	PRON
economy-7726	107	11	influence	influence	VERB
economy-7726	107	12	gold	gold	NOUN
economy-7726	107	13	investing	investing	NOUN
economy-7726	107	14	in	in	ADP
economy-7726	107	15	india	india	PROPN
economy-7726	107	16	,	,	PUNCT
economy-7726	107	17	especially	especially	ADV
economy-7726	107	18	during	during	ADP
economy-7726	107	19	the	the	DET
economy-7726	107	20	covid-19	covid-19	PROPN
economy-7726	107	21	pandemic	pandemic	ADJ
economy-7726	107	22	and	and	CCONJ
economy-7726	107	23	recent	recent	ADJ
economy-7726	107	24	geopolitical	geopolitical	ADJ
economy-7726	107	25	events	event	NOUN
economy-7726	107	26	.	.	PUNCT
economy-7726	108	1	3	3	X
economy-7726	108	2	.	.	X
economy-7726	108	3	data	datum	NOUN
economy-7726	108	4	and	and	CCONJ
economy-7726	108	5	methodology	methodology	NOUN
economy-7726	108	6	this	this	DET
economy-7726	108	7	study	study	NOUN
economy-7726	108	8	utilized	utilize	VERB
economy-7726	108	9	secondary	secondary	ADJ
economy-7726	108	10	daily	daily	ADJ
economy-7726	108	11	time	time	NOUN
economy-7726	108	12	-	-	PUNCT
economy-7726	108	13	series	series	NOUN
economy-7726	108	14	data	datum	NOUN
economy-7726	108	15	spanning	span	VERB
economy-7726	108	16	from	from	ADP
economy-7726	108	17	january	january	PROPN
economy-7726	108	18	2005	2005	NUM
economy-7726	108	19	to	to	ADP
economy-7726	108	20	december	december	PROPN
economy-7726	108	21	2023	2023	NUM
economy-7726	108	22	to	to	PART
economy-7726	108	23	explore	explore	VERB
economy-7726	108	24	whether	whether	SCONJ
economy-7726	108	25	gold	gold	NOUN
economy-7726	108	26	served	serve	VERB
economy-7726	108	27	as	as	ADP
economy-7726	108	28	a	a	DET
economy-7726	108	29	safe	safe	ADJ
economy-7726	108	30	-	-	PUNCT
economy-7726	108	31	haven	haven	NOUN
economy-7726	108	32	asset	asset	NOUN
economy-7726	108	33	during	during	ADP
economy-7726	108	34	periods	period	NOUN
economy-7726	108	35	of	of	ADP
economy-7726	108	36	heightened	heightened	ADJ
economy-7726	108	37	indian	indian	ADJ
economy-7726	108	38	stock	stock	NOUN
economy-7726	108	39	market	market	NOUN
economy-7726	108	40	volatility	volatility	NOUN
economy-7726	108	41	.	.	PUNCT
economy-7726	109	1	the	the	DET
economy-7726	109	2	dataset	dataset	NOUN
economy-7726	109	3	included	include	VERB
economy-7726	109	4	daily	daily	ADJ
economy-7726	109	5	closing	closing	NOUN
economy-7726	109	6	prices	price	NOUN
economy-7726	109	7	of	of	ADP
economy-7726	109	8	gold	gold	NOUN
economy-7726	109	9	(	(	PUNCT
economy-7726	109	10	inr	inr	NOUN
economy-7726	109	11	per	per	ADP
economy-7726	109	12	10	10	NUM
economy-7726	109	13	grams	gram	NOUN
economy-7726	109	14	)	)	PUNCT
economy-7726	109	15	sourced	source	VERB
economy-7726	109	16	from	from	ADP
economy-7726	109	17	the	the	DET
economy-7726	109	18	world	world	NOUN
economy-7726	109	19	gold	gold	PROPN
economy-7726	109	20	council	council	PROPN
economy-7726	109	21	and	and	CCONJ
economy-7726	109	22	mcx	mcx	PROPN
economy-7726	109	23	,	,	PUNCT
economy-7726	109	24	the	the	DET
economy-7726	109	25	nifty	nifty	ADJ
economy-7726	109	26	50	50	NUM
economy-7726	109	27	and	and	CCONJ
economy-7726	109	28	bse	bse	NOUN
economy-7726	109	29	sensex	sensex	PROPN
economy-7726	109	30	indices	indice	VERB
economy-7726	109	31	from	from	ADP
economy-7726	109	32	nse	nse	NOUN
economy-7726	109	33	and	and	CCONJ
economy-7726	109	34	bse	bse	NOUN
economy-7726	109	35	websites	website	NOUN
economy-7726	109	36	,	,	PUNCT
economy-7726	109	37	and	and	CCONJ
economy-7726	109	38	the	the	DET
economy-7726	109	39	usd	usd	NOUN
economy-7726	109	40	/	/	SYM
economy-7726	109	41	inr	inr	NOUN
economy-7726	109	42	exchange	exchange	NOUN
economy-7726	109	43	rate	rate	NOUN
economy-7726	109	44	from	from	ADP
economy-7726	109	45	the	the	DET
economy-7726	109	46	reserve	reserve	PROPN
economy-7726	109	47	bank	bank	PROPN
economy-7726	109	48	of	of	ADP
economy-7726	109	49	india	india	PROPN
economy-7726	109	50	to	to	PART
economy-7726	109	51	control	control	VERB
economy-7726	109	52	for	for	ADP
economy-7726	109	53	currency	currency	NOUN
economy-7726	109	54	effects	effect	NOUN
economy-7726	109	55	on	on	ADP
economy-7726	109	56	gold	gold	NOUN
economy-7726	109	57	valuation	valuation	NOUN
economy-7726	109	58	.	.	PUNCT
economy-7726	110	1	all	all	DET
economy-7726	110	2	price	price	NOUN
economy-7726	110	3	data	datum	NOUN
economy-7726	110	4	were	be	AUX
economy-7726	110	5	transformed	transform	VERB
economy-7726	110	6	into	into	ADP
economy-7726	110	7	log	log	NOUN
economy-7726	110	8	returns	return	NOUN
economy-7726	110	9	,	,	PUNCT
economy-7726	110	10	defined	define	VERB
economy-7726	110	11	as	as	ADP
economy-7726	110	12	rt	rt	PROPN
economy-7726	110	13	=	=	NOUN
economy-7726	110	14	ln(pt)−ln(pt-1	ln(pt)−ln(pt-1	PROPN
economy-7726	110	15	)	)	PUNCT
economy-7726	110	16	,	,	PUNCT
economy-7726	110	17	to	to	PART
economy-7726	110	18	ensure	ensure	VERB
economy-7726	110	19	stationarity	stationarity	NOUN
economy-7726	110	20	and	and	CCONJ
economy-7726	110	21	homoscedasticity	homoscedasticity	NOUN
economy-7726	110	22	.	.	PUNCT
economy-7726	111	1	to	to	PART
economy-7726	111	2	empirically	empirically	ADV
economy-7726	111	3	assess	assess	VERB
economy-7726	111	4	gold	gold	NOUN
economy-7726	111	5	’s	’s	PART
economy-7726	111	6	hedging	hedging	NOUN
economy-7726	111	7	and	and	CCONJ
economy-7726	111	8	safe	safe	ADJ
economy-7726	111	9	-	-	PUNCT
economy-7726	111	10	haven	haven	NOUN
economy-7726	111	11	properties	property	NOUN
economy-7726	111	12	,	,	PUNCT
economy-7726	111	13	the	the	DET
economy-7726	111	14	methodology	methodology	NOUN
economy-7726	111	15	adopts	adopt	VERB
economy-7726	111	16	a	a	DET
economy-7726	111	17	multipronged	multipronge	VERB
economy-7726	111	18	econometric	econometric	ADJ
economy-7726	111	19	framework	framework	NOUN
economy-7726	111	20	.	.	PUNCT
economy-7726	112	1	descriptive	descriptive	ADJ
economy-7726	112	2	statistics	statistic	NOUN
economy-7726	112	3	and	and	CCONJ
economy-7726	112	4	pearson	pearson	PROPN
economy-7726	112	5	correlation	correlation	NOUN
economy-7726	112	6	coefficients	coefficient	NOUN
economy-7726	112	7	were	be	AUX
economy-7726	112	8	computed	compute	VERB
economy-7726	112	9	to	to	PART
economy-7726	112	10	examine	examine	VERB
economy-7726	112	11	average	average	ADJ
economy-7726	112	12	relationships	relationship	NOUN
economy-7726	112	13	between	between	ADP
economy-7726	112	14	gold	gold	NOUN
economy-7726	112	15	and	and	CCONJ
economy-7726	112	16	stock	stock	NOUN
economy-7726	112	17	returns	return	NOUN
economy-7726	112	18	,	,	PUNCT
economy-7726	112	19	both	both	CCONJ
economy-7726	112	20	across	across	ADP
economy-7726	112	21	the	the	DET
economy-7726	112	22	full	full	ADJ
economy-7726	112	23	sample	sample	NOUN
economy-7726	112	24	and	and	CCONJ
economy-7726	112	25	during	during	ADP
economy-7726	112	26	crisis	crisis	NOUN
economy-7726	112	27	periods	period	NOUN
economy-7726	112	28	,	,	PUNCT
economy-7726	112	29	including	include	VERB
economy-7726	112	30	the	the	DET
economy-7726	112	31	global	global	ADJ
economy-7726	112	32	financial	financial	ADJ
economy-7726	112	33	crisis	crisis	NOUN
economy-7726	112	34	(	(	PUNCT
economy-7726	112	35	2008–09	2008–09	NUM
economy-7726	112	36	)	)	PUNCT
economy-7726	112	37	,	,	PUNCT
economy-7726	112	38	the	the	DET
economy-7726	112	39	covid-19	covid-19	PROPN
economy-7726	112	40	crash	crash	NOUN
economy-7726	112	41	(	(	PUNCT
economy-7726	112	42	2020	2020	NUM
economy-7726	112	43	)	)	PUNCT
economy-7726	112	44	,	,	PUNCT
economy-7726	112	45	and	and	CCONJ
economy-7726	112	46	the	the	DET
economy-7726	112	47	russia	russia	PROPN
economy-7726	112	48	-	-	PUNCT
economy-7726	112	49	ukraine	ukraine	PROPN
economy-7726	112	50	conflict	conflict	NOUN
economy-7726	112	51	(	(	PUNCT
economy-7726	112	52	2022	2022	NUM
economy-7726	112	53	)	)	PUNCT
economy-7726	112	54	.	.	PUNCT
economy-7726	113	1	volatility	volatility	NOUN
economy-7726	113	2	modeling	modeling	NOUN
economy-7726	113	3	was	be	AUX
economy-7726	113	4	conducted	conduct	VERB
economy-7726	113	5	using	use	VERB
economy-7726	113	6	the	the	DET
economy-7726	113	7	garch	garch	NOUN
economy-7726	113	8	(	(	PUNCT
economy-7726	113	9	1,1	1,1	NUM
economy-7726	113	10	)	)	PUNCT
economy-7726	113	11	and	and	CCONJ
economy-7726	113	12	egarch	egarch	NOUN
economy-7726	113	13	(	(	PUNCT
economy-7726	113	14	1,1	1,1	NUM
economy-7726	113	15	)	)	PUNCT
economy-7726	113	16	models	model	NOUN
economy-7726	113	17	(	(	PUNCT
economy-7726	113	18	bollerslev	bollerslev	ADJ
economy-7726	113	19	,	,	PUNCT
economy-7726	113	20	1986	1986	NUM
economy-7726	113	21	;	;	PUNCT
economy-7726	113	22	nelson	nelson	PROPN
economy-7726	113	23	,	,	PUNCT
economy-7726	113	24	1991	1991	NUM
economy-7726	113	25	)	)	PUNCT
economy-7726	113	26	to	to	PART
economy-7726	113	27	estimate	estimate	VERB
economy-7726	113	28	time	time	NOUN
economy-7726	113	29	-	-	PUNCT
economy-7726	113	30	varying	vary	VERB
economy-7726	113	31	volatility	volatility	NOUN
economy-7726	113	32	and	and	CCONJ
economy-7726	113	33	capture	capture	VERB
economy-7726	113	34	asymmetric	asymmetric	ADJ
economy-7726	113	35	shocks	shock	NOUN
economy-7726	113	36	.	.	PUNCT
economy-7726	114	1	the	the	DET
economy-7726	114	2	garch	garch	NOUN
economy-7726	114	3	(	(	PUNCT
economy-7726	114	4	1,1	1,1	NUM
economy-7726	114	5	)	)	PUNCT
economy-7726	114	6	model	model	NOUN
economy-7726	114	7	,	,	PUNCT
economy-7726	114	8	economy	economy	NOUN
economy-7726	114	9	,	,	PUNCT
economy-7726	114	10	2025	2025	NUM
economy-7726	114	11	,	,	PUNCT
economy-7726	114	12	12(2	12(2	NUM
economy-7726	114	13	):	):	PUNCT
economy-7726	114	14	175	175	NUM
economy-7726	114	15	-	-	SYM
economy-7726	114	16	181	181	NUM
economy-7726	114	17	178	178	NUM
economy-7726	114	18	©	©	ADP
economy-7726	114	19	2025	2025	NUM
economy-7726	114	20	by	by	ADP
economy-7726	114	21	the	the	DET
economy-7726	114	22	authors	author	NOUN
economy-7726	114	23	;	;	PUNCT
economy-7726	114	24	licensee	licensee	PROPN
economy-7726	114	25	asian	asian	ADJ
economy-7726	114	26	online	online	PROPN
economy-7726	114	27	journal	journal	PROPN
economy-7726	114	28	publishing	publishing	NOUN
economy-7726	114	29	group	group	NOUN
economy-7726	114	30	specified	specify	VERB
economy-7726	114	31	as	as	ADP
economy-7726	114	32	σ2	σ2	PROPN
economy-7726	114	33	t	t	PROPN
economy-7726	114	34	=	=	PROPN
economy-7726	114	35	α0+α1ϵ2	α0+α1ϵ2	PROPN
economy-7726	114	36	t−1+β1σ2	t−1+β1σ2	ADJ
economy-7726	114	37	t−1	t−1	PROPN
economy-7726	114	38	,	,	PUNCT
economy-7726	114	39	captured	capture	VERB
economy-7726	114	40	persistence	persistence	NOUN
economy-7726	114	41	and	and	CCONJ
economy-7726	114	42	clustering	clustering	NOUN
economy-7726	114	43	in	in	ADP
economy-7726	114	44	volatility	volatility	NOUN
economy-7726	114	45	,	,	PUNCT
economy-7726	114	46	while	while	SCONJ
economy-7726	114	47	the	the	DET
economy-7726	114	48	egarch	egarch	NOUN
economy-7726	114	49	model	model	NOUN
economy-7726	114	50	,	,	PUNCT
economy-7726	114	51	expressed	express	VERB
economy-7726	114	52	as	as	ADP
economy-7726	114	53	ln(σ2	ln(σ2	NOUN
economy-7726	114	54	t)=ω+βln(σ2	t)=ω+βln(σ2	VERB
economy-7726	114	55	t−1)+γϵt−1	t−1)+γϵt−1	NUM
economy-7726	114	56	/	/	SYM
economy-7726	114	57	σt−1+α(∣ϵt−1	σt−1+α(∣ϵt−1	ADJ
economy-7726	114	58	/	/	SYM
economy-7726	114	59	σt−1∣−2	σt−1∣−2	NOUN
economy-7726	114	60	/	/	SYM
economy-7726	114	61	π	π	NOUN
economy-7726	114	62	)	)	PUNCT
economy-7726	114	63	,	,	PUNCT
economy-7726	114	64	accounted	account	VERB
economy-7726	114	65	for	for	ADP
economy-7726	114	66	asymmetric	asymmetric	ADJ
economy-7726	114	67	effects	effect	NOUN
economy-7726	114	68	of	of	ADP
economy-7726	114	69	positive	positive	ADJ
economy-7726	114	70	and	and	CCONJ
economy-7726	114	71	negative	negative	ADJ
economy-7726	114	72	shocks	shock	NOUN
economy-7726	114	73	.	.	PUNCT
economy-7726	115	1	to	to	PART
economy-7726	115	2	examine	examine	VERB
economy-7726	115	3	the	the	DET
economy-7726	115	4	time	time	NOUN
economy-7726	115	5	-	-	PUNCT
economy-7726	115	6	varying	vary	VERB
economy-7726	115	7	relationship	relationship	NOUN
economy-7726	115	8	between	between	ADP
economy-7726	115	9	gold	gold	NOUN
economy-7726	115	10	and	and	CCONJ
economy-7726	115	11	equities	equity	NOUN
economy-7726	115	12	,	,	PUNCT
economy-7726	115	13	the	the	DET
economy-7726	115	14	dynamic	dynamic	ADJ
economy-7726	115	15	conditional	conditional	ADJ
economy-7726	115	16	correlationgarch	correlationgarch	NOUN
economy-7726	115	17	(	(	PUNCT
economy-7726	115	18	dcc	dcc	NOUN
economy-7726	115	19	-	-	PUNCT
economy-7726	115	20	garch	garch	NOUN
economy-7726	115	21	)	)	PUNCT
economy-7726	115	22	model	model	NOUN
economy-7726	115	23	proposed	propose	VERB
economy-7726	115	24	by	by	ADP
economy-7726	115	25	engle	engle	PROPN
economy-7726	115	26	(	(	PUNCT
economy-7726	115	27	2002	2002	NUM
economy-7726	115	28	)	)	PUNCT
economy-7726	115	29	was	be	AUX
economy-7726	115	30	employed	employ	VERB
economy-7726	115	31	.	.	PUNCT
economy-7726	116	1	the	the	DET
economy-7726	116	2	model	model	NOUN
economy-7726	116	3	decomposed	decompose	VERB
economy-7726	116	4	the	the	DET
economy-7726	116	5	conditional	conditional	ADJ
economy-7726	116	6	covariance	covariance	NOUN
economy-7726	116	7	matrix	matrix	NOUN
economy-7726	116	8	as	as	SCONJ
economy-7726	116	9	ht	ht	PROPN
economy-7726	116	10	=	=	PRON
economy-7726	116	11	dtrtdt	dtrtdt	PROPN
economy-7726	116	12	,	,	PUNCT
economy-7726	116	13	where	where	SCONJ
economy-7726	116	14	dt	dt	PROPN
economy-7726	116	15	represents	represent	VERB
economy-7726	116	16	the	the	DET
economy-7726	116	17	time	time	NOUN
economy-7726	116	18	-	-	PUNCT
economy-7726	116	19	varying	vary	VERB
economy-7726	116	20	standard	standard	ADJ
economy-7726	116	21	deviations	deviation	NOUN
economy-7726	116	22	of	of	ADP
economy-7726	116	23	individual	individual	ADJ
economy-7726	116	24	assets	asset	NOUN
economy-7726	116	25	and	and	CCONJ
economy-7726	116	26	rt	rt	PROPN
economy-7726	116	27	captures	capture	VERB
economy-7726	116	28	dynamic	dynamic	ADJ
economy-7726	116	29	correlations	correlation	NOUN
economy-7726	116	30	.	.	PUNCT
economy-7726	117	1	furthermore	furthermore	ADV
economy-7726	117	2	,	,	PUNCT
economy-7726	117	3	to	to	PART
economy-7726	117	4	test	test	VERB
economy-7726	117	5	whether	whether	SCONJ
economy-7726	117	6	gold	gold	NOUN
economy-7726	117	7	acted	act	VERB
economy-7726	117	8	as	as	ADP
economy-7726	117	9	a	a	DET
economy-7726	117	10	safe	safe	ADJ
economy-7726	117	11	haven	haven	NOUN
economy-7726	117	12	during	during	ADP
economy-7726	117	13	market	market	NOUN
economy-7726	117	14	crises	crisis	NOUN
economy-7726	117	15	,	,	PUNCT
economy-7726	117	16	a	a	DET
economy-7726	117	17	linear	linear	ADJ
economy-7726	117	18	regression	regression	NOUN
economy-7726	117	19	model	model	NOUN
economy-7726	117	20	with	with	ADP
economy-7726	117	21	interaction	interaction	NOUN
economy-7726	117	22	terms	term	NOUN
economy-7726	117	23	was	be	AUX
economy-7726	117	24	estimated	estimate	VERB
economy-7726	117	25	:	:	PUNCT
economy-7726	117	26	rgold	rgold	PROPN
economy-7726	117	27	,	,	PUNCT
economy-7726	117	28	t	t	PROPN
economy-7726	117	29	=	=	SYM
economy-7726	117	30	α+β1rstock	α+β1rstock	PROPN
economy-7726	117	31	,	,	PUNCT
economy-7726	117	32	t+β2dcrisis+β3(rstock	t+β2dcrisis+β3(rstock	PRON
economy-7726	117	33	,	,	PUNCT
economy-7726	117	34	t×dcrisis)+ϵt	t×dcrisis)+ϵt	PROPN
economy-7726	117	35	,	,	PUNCT
economy-7726	117	36	where	where	SCONJ
economy-7726	117	37	a	a	DET
economy-7726	117	38	significantly	significantly	ADV
economy-7726	117	39	negative	negative	ADJ
economy-7726	117	40	β3	β3	NOUN
economy-7726	117	41	implied	imply	VERB
economy-7726	117	42	that	that	SCONJ
economy-7726	117	43	gold	gold	NOUN
economy-7726	117	44	moves	move	VERB
economy-7726	117	45	inversely	inversely	ADV
economy-7726	117	46	with	with	ADP
economy-7726	117	47	stocks	stock	NOUN
economy-7726	117	48	during	during	ADP
economy-7726	117	49	turbulent	turbulent	ADJ
economy-7726	117	50	periods	period	NOUN
economy-7726	117	51	,	,	PUNCT
economy-7726	117	52	indicating	indicate	VERB
economy-7726	117	53	safe	safe	ADJ
economy-7726	117	54	haven	haven	NOUN
economy-7726	117	55	behavior	behavior	NOUN
economy-7726	117	56	(	(	PUNCT
economy-7726	117	57	baur	baur	PROPN
economy-7726	117	58	&	&	CCONJ
economy-7726	117	59	lucey	lucey	PROPN
economy-7726	117	60	,	,	PUNCT
economy-7726	117	61	2010	2010	NUM
economy-7726	117	62	)	)	PUNCT
economy-7726	117	63	.	.	PUNCT
economy-7726	118	1	crisis	crisis	NOUN
economy-7726	118	2	periods	period	NOUN
economy-7726	118	3	were	be	AUX
economy-7726	118	4	represented	represent	VERB
economy-7726	118	5	using	use	VERB
economy-7726	118	6	dummy	dummy	ADJ
economy-7726	118	7	variables	variable	NOUN
economy-7726	118	8	(	(	PUNCT
economy-7726	118	9	dcrisis	dcrisis	NOUN
economy-7726	118	10	=	=	SYM
economy-7726	118	11	1	1	NUM
economy-7726	118	12	during	during	ADP
economy-7726	118	13	periods	period	NOUN
economy-7726	118	14	of	of	ADP
economy-7726	118	15	sharp	sharp	ADJ
economy-7726	118	16	equity	equity	NOUN
economy-7726	118	17	declines	decline	NOUN
economy-7726	118	18	)	)	PUNCT
economy-7726	118	19	.	.	PUNCT
economy-7726	119	1	robustness	robustness	NOUN
economy-7726	119	2	checks	check	NOUN
economy-7726	119	3	include	include	VERB
economy-7726	119	4	rolling	rolling	ADJ
economy-7726	119	5	-	-	PUNCT
economy-7726	119	6	window	window	NOUN
economy-7726	119	7	correlations	correlation	NOUN
economy-7726	119	8	(	(	PUNCT
economy-7726	119	9	30	30	NUM
economy-7726	119	10	-	-	PUNCT
economy-7726	119	11	day	day	NOUN
economy-7726	119	12	intervals	interval	NOUN
economy-7726	119	13	)	)	PUNCT
economy-7726	119	14	and	and	CCONJ
economy-7726	119	15	sub	sub	ADJ
economy-7726	119	16	-	-	NOUN
economy-7726	119	17	sample	sample	ADJ
economy-7726	119	18	analyses	analysis	NOUN
economy-7726	119	19	,	,	PUNCT
economy-7726	119	20	while	while	SCONJ
economy-7726	119	21	alternative	alternative	ADJ
economy-7726	119	22	gold	gold	NOUN
economy-7726	119	23	investment	investment	NOUN
economy-7726	119	24	instruments	instrument	NOUN
economy-7726	119	25	such	such	ADJ
economy-7726	119	26	as	as	ADP
economy-7726	119	27	gold	gold	NOUN
economy-7726	119	28	etfs	etfs	NOUN
economy-7726	119	29	and	and	CCONJ
economy-7726	119	30	sovereign	sovereign	ADJ
economy-7726	119	31	gold	gold	NOUN
economy-7726	119	32	bonds	bond	NOUN
economy-7726	119	33	are	be	AUX
economy-7726	119	34	evaluated	evaluate	VERB
economy-7726	119	35	for	for	ADP
economy-7726	119	36	consistency	consistency	NOUN
economy-7726	119	37	.	.	PUNCT
economy-7726	120	1	this	this	DET
economy-7726	120	2	methodological	methodological	ADJ
economy-7726	120	3	framework	framework	NOUN
economy-7726	120	4	allowed	allow	VERB
economy-7726	120	5	for	for	ADP
economy-7726	120	6	a	a	DET
economy-7726	120	7	nuanced	nuanced	ADJ
economy-7726	120	8	perception	perception	NOUN
economy-7726	120	9	of	of	ADP
economy-7726	120	10	gold	gold	NOUN
economy-7726	120	11	’s	’s	PART
economy-7726	120	12	dynamic	dynamic	ADJ
economy-7726	120	13	role	role	NOUN
economy-7726	120	14	in	in	ADP
economy-7726	120	15	indian	indian	ADJ
economy-7726	120	16	portfolios	portfolio	NOUN
economy-7726	120	17	,	,	PUNCT
economy-7726	120	18	whether	whether	SCONJ
economy-7726	120	19	as	as	ADP
economy-7726	120	20	a	a	DET
economy-7726	120	21	hedge	hedge	NOUN
economy-7726	120	22	during	during	ADP
economy-7726	120	23	normal	normal	ADJ
economy-7726	120	24	periods	period	NOUN
economy-7726	120	25	or	or	CCONJ
economy-7726	120	26	as	as	ADP
economy-7726	120	27	a	a	DET
economy-7726	120	28	true	true	ADJ
economy-7726	120	29	safe	safe	ADJ
economy-7726	120	30	haven	haven	NOUN
economy-7726	120	31	during	during	ADP
economy-7726	120	32	financial	financial	ADJ
economy-7726	120	33	turmoil	turmoil	NOUN
economy-7726	120	34	,	,	PUNCT
economy-7726	120	35	filling	fill	VERB
economy-7726	120	36	a	a	DET
economy-7726	120	37	key	key	ADJ
economy-7726	120	38	gap	gap	NOUN
economy-7726	120	39	in	in	ADP
economy-7726	120	40	the	the	DET
economy-7726	120	41	literature	literature	NOUN
economy-7726	120	42	on	on	ADP
economy-7726	120	43	emerging	emerge	VERB
economy-7726	120	44	markets	market	NOUN
economy-7726	120	45	’	'	PUNCT
economy-7726	120	46	asset	asset	NOUN
economy-7726	120	47	behavior	behavior	NOUN
economy-7726	120	48	during	during	ADP
economy-7726	120	49	systemic	systemic	ADJ
economy-7726	120	50	shocks	shock	NOUN
economy-7726	120	51	(	(	PUNCT
economy-7726	120	52	baur	baur	PROPN
economy-7726	120	53	&	&	CCONJ
economy-7726	120	54	mcdermott	mcdermott	PROPN
economy-7726	120	55	,	,	PUNCT
economy-7726	120	56	2010	2010	NUM
economy-7726	120	57	;	;	PUNCT
economy-7726	120	58	sadorsky	sadorsky	NOUN
economy-7726	120	59	,	,	PUNCT
economy-7726	120	60	2014	2014	NUM
economy-7726	120	61	)	)	PUNCT
economy-7726	120	62	.	.	PUNCT
economy-7726	121	1	table	table	NOUN
economy-7726	121	2	1	1	NUM
economy-7726	121	3	.	.	PUNCT
economy-7726	121	4	descriptive	descriptive	ADJ
economy-7726	121	5	statistics	statistic	NOUN
economy-7726	121	6	.	.	PUNCT
economy-7726	122	1	index	index	NOUN
economy-7726	122	2	mean	mean	VERB
economy-7726	122	3	return	return	PROPN
economy-7726	122	4	s.d	s.d	PROPN
economy-7726	122	5	.	.	PROPN
economy-7726	122	6	skewness	skewness	PROPN
economy-7726	122	7	kurtosis	kurtosis	VERB
economy-7726	122	8	jarque	jarque	NOUN
economy-7726	122	9	-	-	PUNCT
economy-7726	122	10	bera	bera	NOUN
economy-7726	122	11	(	(	PUNCT
economy-7726	122	12	p	p	NOUN
economy-7726	122	13	-	-	PUNCT
economy-7726	122	14	value	value	NOUN
economy-7726	122	15	)	)	PUNCT
economy-7726	122	16	full	full	ADJ
economy-7726	122	17	sample	sample	NOUN
economy-7726	122	18	gold	gold	NOUN
economy-7726	122	19	0.03	0.03	NUM
economy-7726	122	20	1.14	1.14	NUM
economy-7726	122	21	0.17	0.17	NUM
economy-7726	122	22	3.82	3.82	NUM
economy-7726	122	23	0.00	0.00	NUM
economy-7726	122	24	nifty	nifty	ADJ
economy-7726	122	25	50	50	NUM
economy-7726	122	26	0.04	0.04	NUM
economy-7726	122	27	1.71	1.71	NUM
economy-7726	122	28	-0.63	-0.63	NUM
economy-7726	122	29	5.42	5.42	NUM
economy-7726	122	30	0.00	0.00	NUM
economy-7726	122	31	global	global	ADJ
economy-7726	122	32	financial	financial	ADJ
economy-7726	122	33	crisis	crisis	NOUN
economy-7726	122	34	(	(	PUNCT
economy-7726	122	35	2008–09	2008–09	NUM
economy-7726	122	36	)	)	PUNCT
economy-7726	122	37	gold	gold	NOUN
economy-7726	122	38	0.09	0.09	NUM
economy-7726	122	39	1.26	1.26	NUM
economy-7726	122	40	0.31	0.31	NUM
economy-7726	122	41	3.67	3.67	NUM
economy-7726	122	42	0.00	0.00	NUM
economy-7726	122	43	nifty	nifty	ADJ
economy-7726	122	44	50	50	NUM
economy-7726	122	45	-0.13	-0.13	NUM
economy-7726	122	46	3.45	3.45	NUM
economy-7726	122	47	-1.02	-1.02	NUM
economy-7726	122	48	6.11	6.11	NUM
economy-7726	122	49	0.00	0.00	NUM
economy-7726	122	50	covid-19	covid-19	PROPN
economy-7726	122	51	crash	crash	NOUN
economy-7726	122	52	(	(	PUNCT
economy-7726	122	53	2020	2020	NUM
economy-7726	122	54	)	)	PUNCT
economy-7726	122	55	gold	gold	NOUN
economy-7726	122	56	0.14	0.14	NUM
economy-7726	122	57	1.31	1.31	NUM
economy-7726	122	58	0.51	0.51	NUM
economy-7726	122	59	4.10	4.10	NUM
economy-7726	122	60	0.00	0.00	NUM
economy-7726	122	61	nifty	nifty	ADJ
economy-7726	122	62	50	50	NUM
economy-7726	122	63	-0.09	-0.09	NUM
economy-7726	122	64	2.95	2.95	NUM
economy-7726	122	65	-0.87	-0.87	NUM
economy-7726	122	66	5.73	5.73	NUM
economy-7726	122	67	0.00	0.00	NUM
economy-7726	122	68	russia	russia	PROPN
economy-7726	122	69	-	-	PUNCT
economy-7726	122	70	ukraine	ukraine	PROPN
economy-7726	122	71	conflict	conflict	NOUN
economy-7726	122	72	(	(	PUNCT
economy-7726	122	73	2022	2022	NUM
economy-7726	122	74	)	)	PUNCT
economy-7726	122	75	gold	gold	NOUN
economy-7726	122	76	0.05	0.05	NUM
economy-7726	122	77	1.22	1.22	NUM
economy-7726	122	78	0.20	0.20	NUM
economy-7726	122	79	3.85	3.85	NUM
economy-7726	122	80	0.00	0.00	NUM
economy-7726	122	81	nifty	nifty	ADJ
economy-7726	122	82	50	50	NUM
economy-7726	122	83	-0.04	-0.04	NUM
economy-7726	122	84	2.21	2.21	NUM
economy-7726	122	85	-0.59	-0.59	NUM
economy-7726	122	86	4.92	4.92	NUM
economy-7726	122	87	0.00	0.00	NUM
economy-7726	122	88	4	4	NUM
economy-7726	122	89	.	.	PUNCT
economy-7726	122	90	empirical	empirical	ADJ
economy-7726	122	91	results	result	NOUN
economy-7726	122	92	and	and	CCONJ
economy-7726	122	93	analysis	analysis	NOUN
economy-7726	122	94	4.1	4.1	NUM
economy-7726	122	95	.	.	PUNCT
economy-7726	123	1	descriptive	descriptive	ADJ
economy-7726	123	2	statistics	statistic	NOUN
economy-7726	123	3	table	table	NOUN
economy-7726	123	4	1	1	NUM
economy-7726	123	5	demonstrated	demonstrate	VERB
economy-7726	123	6	that	that	SCONJ
economy-7726	123	7	mean	mean	ADJ
economy-7726	123	8	returns	return	NOUN
economy-7726	123	9	of	of	ADP
economy-7726	123	10	gold	gold	NOUN
economy-7726	123	11	showed	show	VERB
economy-7726	123	12	positive	positive	ADJ
economy-7726	123	13	mean	mean	NOUN
economy-7726	123	14	returns	return	NOUN
economy-7726	123	15	across	across	ADP
economy-7726	123	16	all	all	DET
economy-7726	123	17	periods	period	NOUN
economy-7726	123	18	,	,	PUNCT
economy-7726	123	19	especially	especially	ADV
economy-7726	123	20	during	during	ADP
economy-7726	123	21	crises	crisis	NOUN
economy-7726	123	22	,	,	PUNCT
economy-7726	123	23	suggesting	suggest	VERB
economy-7726	123	24	it	it	PRON
economy-7726	123	25	performed	perform	VERB
economy-7726	123	26	well	well	ADV
economy-7726	123	27	as	as	ADP
economy-7726	123	28	a	a	DET
economy-7726	123	29	hedge	hedge	NOUN
economy-7726	123	30	or	or	CCONJ
economy-7726	123	31	safe	safe	ADJ
economy-7726	123	32	haven	haven	NOUN
economy-7726	123	33	.	.	PUNCT
economy-7726	124	1	nifty	nifty	ADJ
economy-7726	124	2	50	50	NUM
economy-7726	124	3	,	,	PUNCT
economy-7726	124	4	on	on	ADP
economy-7726	124	5	the	the	DET
economy-7726	124	6	other	other	ADJ
economy-7726	124	7	hand	hand	NOUN
economy-7726	124	8	,	,	PUNCT
economy-7726	124	9	experienced	experience	VERB
economy-7726	124	10	negative	negative	ADJ
economy-7726	124	11	returns	return	NOUN
economy-7726	124	12	during	during	ADP
economy-7726	124	13	all	all	DET
economy-7726	124	14	crisis	crisis	NOUN
economy-7726	124	15	periods	period	NOUN
economy-7726	124	16	,	,	PUNCT
economy-7726	124	17	most	most	ADV
economy-7726	124	18	severely	severely	ADV
economy-7726	124	19	during	during	ADP
economy-7726	124	20	the	the	DET
economy-7726	124	21	global	global	ADJ
economy-7726	124	22	financial	financial	ADJ
economy-7726	124	23	crisis	crisis	NOUN
economy-7726	124	24	and	and	CCONJ
economy-7726	124	25	the	the	DET
economy-7726	124	26	covid-19	covid-19	PROPN
economy-7726	124	27	crash	crash	NOUN
economy-7726	124	28	.	.	PUNCT
economy-7726	125	1	the	the	DET
economy-7726	125	2	standard	standard	ADJ
economy-7726	125	3	deviation	deviation	NOUN
economy-7726	125	4	(	(	PUNCT
economy-7726	125	5	volatility	volatility	NOUN
economy-7726	125	6	)	)	PUNCT
economy-7726	125	7	of	of	ADP
economy-7726	125	8	nifty	nifty	ADJ
economy-7726	125	9	50	50	NUM
economy-7726	125	10	displayed	display	VERB
economy-7726	125	11	higher	high	ADJ
economy-7726	125	12	volatility	volatility	NOUN
economy-7726	125	13	than	than	ADP
economy-7726	125	14	gold	gold	NOUN
economy-7726	125	15	across	across	ADP
economy-7726	125	16	all	all	DET
economy-7726	125	17	periods	period	NOUN
economy-7726	125	18	,	,	PUNCT
economy-7726	125	19	particularly	particularly	ADV
economy-7726	125	20	during	during	ADP
economy-7726	125	21	the	the	DET
economy-7726	125	22	global	global	ADJ
economy-7726	125	23	financial	financial	ADJ
economy-7726	125	24	crisis	crisis	NOUN
economy-7726	125	25	and	and	CCONJ
economy-7726	125	26	covid-19	covid-19	PROPN
economy-7726	125	27	crash	crash	NOUN
economy-7726	125	28	,	,	PUNCT
economy-7726	125	29	confirming	confirm	VERB
economy-7726	125	30	stock	stock	NOUN
economy-7726	125	31	market	market	NOUN
economy-7726	125	32	instability	instability	NOUN
economy-7726	125	33	during	during	ADP
economy-7726	125	34	crises	crisis	NOUN
economy-7726	125	35	.	.	PUNCT
economy-7726	126	1	gold	gold	NOUN
economy-7726	126	2	volatility	volatility	NOUN
economy-7726	126	3	increased	increase	VERB
economy-7726	126	4	during	during	ADP
economy-7726	126	5	crises	crisis	NOUN
economy-7726	126	6	,	,	PUNCT
economy-7726	126	7	but	but	CCONJ
economy-7726	126	8	to	to	ADP
economy-7726	126	9	a	a	DET
economy-7726	126	10	lesser	less	ADJ
economy-7726	126	11	extent	extent	NOUN
economy-7726	126	12	,	,	PUNCT
economy-7726	126	13	indicating	indicate	VERB
economy-7726	126	14	relative	relative	ADJ
economy-7726	126	15	stability	stability	NOUN
economy-7726	126	16	.	.	PUNCT
economy-7726	127	1	skewness	skewness	NOUN
economy-7726	127	2	&	&	CCONJ
economy-7726	127	3	kurtosis	kurtosis	NOUN
economy-7726	127	4	of	of	ADP
economy-7726	127	5	nifty	nifty	ADJ
economy-7726	127	6	50	50	NUM
economy-7726	127	7	showed	show	VERB
economy-7726	127	8	negative	negative	ADJ
economy-7726	127	9	skewness	skewness	NOUN
economy-7726	127	10	(	(	PUNCT
economy-7726	127	11	left	leave	VERB
economy-7726	127	12	-	-	PUNCT
economy-7726	127	13	tailed	tail	VERB
economy-7726	127	14	distribution	distribution	NOUN
economy-7726	127	15	)	)	PUNCT
economy-7726	127	16	,	,	PUNCT
economy-7726	127	17	suggesting	suggest	VERB
economy-7726	127	18	more	more	ADV
economy-7726	127	19	frequent	frequent	ADJ
economy-7726	127	20	extreme	extreme	ADJ
economy-7726	127	21	losses	loss	NOUN
economy-7726	127	22	.	.	PUNCT
economy-7726	128	1	gold	gold	NOUN
economy-7726	128	2	showed	show	VERB
economy-7726	128	3	positive	positive	ADJ
economy-7726	128	4	skewness	skewness	NOUN
economy-7726	128	5	,	,	PUNCT
economy-7726	128	6	meaning	mean	VERB
economy-7726	128	7	gains	gain	NOUN
economy-7726	128	8	were	be	AUX
economy-7726	128	9	more	more	ADV
economy-7726	128	10	frequent	frequent	ADJ
economy-7726	128	11	during	during	ADP
economy-7726	128	12	uncertainty	uncertainty	NOUN
economy-7726	128	13	.	.	PUNCT
economy-7726	129	1	both	both	DET
economy-7726	129	2	assets	asset	NOUN
economy-7726	129	3	showed	show	VERB
economy-7726	129	4	leptokurtic	leptokurtic	ADJ
economy-7726	129	5	distributions	distribution	NOUN
economy-7726	129	6	,	,	PUNCT
economy-7726	129	7	indicating	indicate	VERB
economy-7726	129	8	fat	fat	ADJ
economy-7726	129	9	tails	tail	NOUN
economy-7726	129	10	and	and	CCONJ
economy-7726	129	11	a	a	DET
economy-7726	129	12	higher	high	ADJ
economy-7726	129	13	probability	probability	NOUN
economy-7726	129	14	of	of	ADP
economy-7726	129	15	extreme	extreme	ADJ
economy-7726	129	16	events	event	NOUN
economy-7726	129	17	than	than	ADP
economy-7726	129	18	a	a	DET
economy-7726	129	19	normal	normal	ADJ
economy-7726	129	20	distribution	distribution	NOUN
economy-7726	129	21	.	.	PUNCT
economy-7726	130	1	the	the	DET
economy-7726	130	2	pvalues	pvalue	NOUN
economy-7726	130	3	of	of	ADP
economy-7726	130	4	the	the	DET
economy-7726	130	5	jarque	jarque	NOUN
economy-7726	130	6	-	-	PUNCT
economy-7726	130	7	bera	bera	NOUN
economy-7726	130	8	test	test	NOUN
economy-7726	130	9	were	be	AUX
economy-7726	130	10	0.000	0.000	NUM
economy-7726	130	11	for	for	ADP
economy-7726	130	12	all	all	DET
economy-7726	130	13	series	series	NOUN
economy-7726	130	14	,	,	PUNCT
economy-7726	130	15	rejecting	reject	VERB
economy-7726	130	16	normality	normality	NOUN
economy-7726	130	17	,	,	PUNCT
economy-7726	130	18	supporting	support	VERB
economy-7726	130	19	the	the	DET
economy-7726	130	20	use	use	NOUN
economy-7726	130	21	of	of	ADP
economy-7726	130	22	garch	garch	NOUN
economy-7726	130	23	-	-	PUNCT
economy-7726	130	24	type	type	NOUN
economy-7726	130	25	models	model	NOUN
economy-7726	130	26	to	to	PART
economy-7726	130	27	account	account	VERB
economy-7726	130	28	for	for	ADP
economy-7726	130	29	non	non	ADJ
economy-7726	130	30	-	-	ADJ
economy-7726	130	31	normality	normality	ADJ
economy-7726	130	32	and	and	CCONJ
economy-7726	130	33	volatility	volatility	NOUN
economy-7726	130	34	clustering	clustering	NOUN
economy-7726	130	35	.	.	PUNCT
economy-7726	131	1	4.2	4.2	NUM
economy-7726	131	2	.	.	PUNCT
economy-7726	132	1	correlation	correlation	NOUN
economy-7726	132	2	analysis	analysis	NOUN
economy-7726	132	3	table	table	NOUN
economy-7726	132	4	2	2	NUM
economy-7726	132	5	demonstrated	demonstrate	VERB
economy-7726	132	6	that	that	SCONJ
economy-7726	132	7	gold	gold	NOUN
economy-7726	132	8	and	and	CCONJ
economy-7726	132	9	nifty	nifty	ADJ
economy-7726	132	10	50	50	NUM
economy-7726	132	11	showed	show	VERB
economy-7726	132	12	a	a	DET
economy-7726	132	13	weak	weak	ADJ
economy-7726	132	14	negative	negative	ADJ
economy-7726	132	15	correlation	correlation	NOUN
economy-7726	132	16	for	for	ADP
economy-7726	132	17	the	the	DET
economy-7726	132	18	full	full	ADJ
economy-7726	132	19	sample	sample	NOUN
economy-7726	132	20	,	,	PUNCT
economy-7726	132	21	indicating	indicate	VERB
economy-7726	132	22	that	that	SCONJ
economy-7726	132	23	in	in	ADP
economy-7726	132	24	general	general	ADJ
economy-7726	132	25	,	,	PUNCT
economy-7726	132	26	gold	gold	NOUN
economy-7726	132	27	had	have	VERB
economy-7726	132	28	a	a	DET
economy-7726	132	29	mild	mild	ADJ
economy-7726	132	30	inverse	inverse	NOUN
economy-7726	132	31	movement	movement	NOUN
economy-7726	132	32	with	with	ADP
economy-7726	132	33	the	the	DET
economy-7726	132	34	stock	stock	NOUN
economy-7726	132	35	market	market	NOUN
economy-7726	132	36	.	.	PUNCT
economy-7726	133	1	it	it	PRON
economy-7726	133	2	was	be	AUX
economy-7726	133	3	a	a	DET
economy-7726	133	4	diversification	diversification	NOUN
economy-7726	133	5	tool	tool	NOUN
economy-7726	133	6	,	,	PUNCT
economy-7726	133	7	but	but	CCONJ
economy-7726	133	8	not	not	PART
economy-7726	133	9	always	always	ADV
economy-7726	133	10	a	a	DET
economy-7726	133	11	strong	strong	ADJ
economy-7726	133	12	safe	safe	ADJ
economy-7726	133	13	haven	haven	NOUN
economy-7726	133	14	.	.	PUNCT
economy-7726	134	1	correlation	correlation	NOUN
economy-7726	134	2	strengthened	strengthen	VERB
economy-7726	134	3	in	in	ADP
economy-7726	134	4	the	the	DET
economy-7726	134	5	negative	negative	ADJ
economy-7726	134	6	direction	direction	NOUN
economy-7726	134	7	during	during	ADP
economy-7726	134	8	the	the	DET
economy-7726	134	9	global	global	ADJ
economy-7726	134	10	financial	financial	ADJ
economy-7726	134	11	crisis	crisis	NOUN
economy-7726	134	12	,	,	PUNCT
economy-7726	134	13	which	which	PRON
economy-7726	134	14	indicated	indicate	VERB
economy-7726	134	15	clear	clear	ADJ
economy-7726	134	16	safe	safe	ADJ
economy-7726	134	17	-	-	PUNCT
economy-7726	134	18	haven	haven	NOUN
economy-7726	134	19	behavior	behavior	NOUN
economy-7726	134	20	.	.	PUNCT
economy-7726	135	1	also	also	ADV
economy-7726	135	2	,	,	PUNCT
economy-7726	135	3	correlation	correlation	NOUN
economy-7726	135	4	strengthened	strengthen	VERB
economy-7726	135	5	in	in	ADP
economy-7726	135	6	the	the	DET
economy-7726	135	7	negative	negative	ADJ
economy-7726	135	8	direction	direction	NOUN
economy-7726	135	9	during	during	ADP
economy-7726	135	10	the	the	DET
economy-7726	135	11	covid-19	covid-19	PROPN
economy-7726	135	12	crash	crash	NOUN
economy-7726	135	13	,	,	PUNCT
economy-7726	135	14	which	which	PRON
economy-7726	135	15	indicated	indicate	VERB
economy-7726	135	16	gold	gold	NOUN
economy-7726	135	17	appreciated	appreciate	VERB
economy-7726	135	18	as	as	SCONJ
economy-7726	135	19	stocks	stock	NOUN
economy-7726	135	20	fell	fall	VERB
economy-7726	135	21	or	or	CCONJ
economy-7726	135	22	gold	gold	NOUN
economy-7726	135	23	again	again	ADV
economy-7726	135	24	served	serve	VERB
economy-7726	135	25	as	as	ADP
economy-7726	135	26	a	a	DET
economy-7726	135	27	hedge	hedge	NOUN
economy-7726	135	28	.	.	PUNCT
economy-7726	136	1	moreover	moreover	ADV
economy-7726	136	2	,	,	PUNCT
economy-7726	136	3	correlation	correlation	NOUN
economy-7726	136	4	was	be	AUX
economy-7726	136	5	reinforced	reinforce	VERB
economy-7726	136	6	in	in	ADP
economy-7726	136	7	the	the	DET
economy-7726	136	8	negative	negative	ADJ
economy-7726	136	9	direction	direction	NOUN
economy-7726	136	10	during	during	ADP
economy-7726	136	11	the	the	DET
economy-7726	136	12	russia	russia	PROPN
economy-7726	136	13	-	-	PUNCT
economy-7726	136	14	ukraine	ukraine	PROPN
economy-7726	136	15	conflict	conflict	NOUN
economy-7726	136	16	,	,	PUNCT
economy-7726	136	17	which	which	PRON
economy-7726	136	18	illustrated	illustrate	VERB
economy-7726	136	19	a	a	DET
economy-7726	136	20	slightly	slightly	ADV
economy-7726	136	21	stronger	strong	ADJ
economy-7726	136	22	hedge	hedge	ADJ
economy-7726	136	23	effect	effect	NOUN
economy-7726	136	24	during	during	ADP
economy-7726	136	25	geopolitical	geopolitical	ADJ
economy-7726	136	26	tension	tension	NOUN
economy-7726	136	27	.	.	PUNCT
economy-7726	137	1	this	this	DET
economy-7726	137	2	pattern	pattern	NOUN
economy-7726	137	3	aligned	align	VERB
economy-7726	137	4	with	with	ADP
economy-7726	137	5	baur	baur	PROPN
economy-7726	137	6	and	and	CCONJ
economy-7726	137	7	lucey	lucey	PROPN
economy-7726	137	8	(	(	PUNCT
economy-7726	137	9	2010	2010	NUM
economy-7726	137	10	)	)	PUNCT
economy-7726	137	11	,	,	PUNCT
economy-7726	137	12	who	who	PRON
economy-7726	137	13	define	define	VERB
economy-7726	137	14	a	a	DET
economy-7726	137	15	safe	safe	ADJ
economy-7726	137	16	haven	haven	NOUN
economy-7726	137	17	as	as	ADP
economy-7726	137	18	an	an	DET
economy-7726	137	19	asset	asset	NOUN
economy-7726	137	20	that	that	PRON
economy-7726	137	21	is	be	AUX
economy-7726	137	22	negatively	negatively	ADV
economy-7726	137	23	correlated	correlate	VERB
economy-7726	137	24	or	or	CCONJ
economy-7726	137	25	uncorrelated	uncorrelate	VERB
economy-7726	137	26	with	with	ADP
economy-7726	137	27	stocks	stock	NOUN
economy-7726	137	28	during	during	ADP
economy-7726	137	29	times	time	NOUN
economy-7726	137	30	of	of	ADP
economy-7726	137	31	market	market	NOUN
economy-7726	137	32	stress	stress	NOUN
economy-7726	137	33	.	.	PUNCT
economy-7726	138	1	table	table	NOUN
economy-7726	138	2	2	2	NUM
economy-7726	138	3	.	.	PUNCT
economy-7726	138	4	correlation	correlation	NOUN
economy-7726	138	5	analysis	analysis	NOUN
economy-7726	138	6	.	.	PUNCT
economy-7726	139	1	index	index	NOUN
economy-7726	139	2	coefficient	coefficient	VERB
economy-7726	139	3	full	full	ADJ
economy-7726	139	4	sample	sample	NOUN
economy-7726	139	5	gold	gold	NOUN
economy-7726	139	6	-0.17	-0.17	PROPN
economy-7726	139	7	nifty	nifty	ADJ
economy-7726	139	8	50	50	NUM
economy-7726	139	9	global	global	ADJ
economy-7726	139	10	financial	financial	ADJ
economy-7726	139	11	crisis	crisis	NOUN
economy-7726	139	12	(	(	PUNCT
economy-7726	139	13	2008–09	2008–09	NUM
economy-7726	139	14	)	)	PUNCT
economy-7726	139	15	gold	gold	NOUN
economy-7726	139	16	-0.31	-0.31	NUM
economy-7726	139	17	nifty	nifty	ADJ
economy-7726	139	18	50	50	NUM
economy-7726	139	19	covid-19	covid-19	PROPN
economy-7726	139	20	crash	crash	NOUN
economy-7726	139	21	(	(	PUNCT
economy-7726	139	22	2020	2020	NUM
economy-7726	139	23	)	)	PUNCT
economy-7726	139	24	gold	gold	NOUN
economy-7726	139	25	-0.26	-0.26	X
economy-7726	139	26	nifty	nifty	ADJ
economy-7726	139	27	50	50	NUM
economy-7726	139	28	russia	russia	PROPN
economy-7726	139	29	-	-	PUNCT
economy-7726	139	30	ukraine	ukraine	PROPN
economy-7726	139	31	conflict	conflict	NOUN
economy-7726	139	32	(	(	PUNCT
economy-7726	139	33	2022	2022	NUM
economy-7726	139	34	)	)	PUNCT
economy-7726	139	35	gold	gold	NOUN
economy-7726	139	36	-0.20	-0.20	NUM
economy-7726	139	37	nifty	nifty	ADJ
economy-7726	139	38	50	50	NUM
economy-7726	139	39	these	these	DET
economy-7726	139	40	results	result	NOUN
economy-7726	139	41	support	support	VERB
economy-7726	139	42	the	the	DET
economy-7726	139	43	hypothesis	hypothesis	NOUN
economy-7726	139	44	that	that	PRON
economy-7726	139	45	gold	gold	NOUN
economy-7726	139	46	can	can	AUX
economy-7726	139	47	serve	serve	VERB
economy-7726	139	48	as	as	ADP
economy-7726	139	49	a	a	DET
economy-7726	139	50	risk	risk	NOUN
economy-7726	139	51	-	-	PUNCT
economy-7726	139	52	mitigating	mitigate	VERB
economy-7726	139	53	asset	asset	NOUN
economy-7726	139	54	,	,	PUNCT
economy-7726	139	55	especially	especially	ADV
economy-7726	139	56	when	when	SCONJ
economy-7726	139	57	the	the	DET
economy-7726	139	58	indian	indian	ADJ
economy-7726	139	59	stock	stock	NOUN
economy-7726	139	60	market	market	NOUN
economy-7726	139	61	experiences	experience	VERB
economy-7726	139	62	stress	stress	NOUN
economy-7726	139	63	.	.	PUNCT
economy-7726	140	1	economy	economy	NOUN
economy-7726	140	2	,	,	PUNCT
economy-7726	140	3	2025	2025	NUM
economy-7726	140	4	,	,	PUNCT
economy-7726	140	5	12(2	12(2	NUM
economy-7726	140	6	):	):	PUNCT
economy-7726	140	7	175	175	NUM
economy-7726	140	8	-	-	SYM
economy-7726	140	9	181	181	NUM
economy-7726	140	10	179	179	NUM
economy-7726	140	11	©	©	ADP
economy-7726	140	12	2025	2025	NUM
economy-7726	140	13	by	by	ADP
economy-7726	140	14	the	the	DET
economy-7726	140	15	authors	author	NOUN
economy-7726	140	16	;	;	PUNCT
economy-7726	140	17	licensee	licensee	PROPN
economy-7726	140	18	asian	asian	ADJ
economy-7726	140	19	online	online	PROPN
economy-7726	140	20	journal	journal	PROPN
economy-7726	140	21	publishing	publishing	NOUN
economy-7726	140	22	group	group	NOUN
economy-7726	140	23	table	table	NOUN
economy-7726	140	24	3	3	PROPN
economy-7726	140	25	.	.	X
economy-7726	140	26	garch	garch	NOUN
economy-7726	140	27	(	(	PUNCT
economy-7726	140	28	1,1	1,1	NUM
economy-7726	140	29	)	)	PUNCT
economy-7726	140	30	model	model	NOUN
economy-7726	140	31	test	test	NOUN
economy-7726	140	32	results	result	NOUN
economy-7726	140	33	.	.	PUNCT
economy-7726	141	1	ω	ω	NUM
economy-7726	141	2	α	α	NOUN
economy-7726	141	3	β	β	X
economy-7726	141	4	α	α	NOUN
economy-7726	141	5	+	+	X
economy-7726	141	6	β	β	PRON
economy-7726	141	7	full	full	ADJ
economy-7726	141	8	sample	sample	NOUN
economy-7726	141	9	0.000002	0.000002	NUM
economy-7726	141	10	*	*	PROPN
economy-7726	141	11	*	*	PROPN
economy-7726	141	12	0.09	0.09	NUM
economy-7726	141	13	*	*	NOUN
economy-7726	141	14	*	*	NOUN
economy-7726	141	15	0.89	0.89	NUM
economy-7726	141	16	*	*	PUNCT
economy-7726	141	17	*	*	PUNCT
economy-7726	141	18	0.98	0.98	NUM
economy-7726	141	19	0.000001	0.000001	NUM
economy-7726	141	20	*	*	PUNCT
economy-7726	141	21	*	*	PUNCT
economy-7726	141	22	0.12	0.12	NUM
economy-7726	141	23	*	*	PUNCT
economy-7726	141	24	*	*	PUNCT
economy-7726	141	25	0.87	0.87	NUM
economy-7726	141	26	*	*	PUNCT
economy-7726	141	27	*	*	PUNCT
economy-7726	141	28	0.99	0.99	NUM
economy-7726	141	29	global	global	ADJ
economy-7726	141	30	financial	financial	ADJ
economy-7726	141	31	crisis	crisis	NOUN
economy-7726	141	32	0.000003	0.000003	NUM
economy-7726	141	33	*	*	PROPN
economy-7726	141	34	0.10	0.10	NUM
economy-7726	141	35	*	*	NOUN
economy-7726	141	36	*	*	PUNCT
economy-7726	141	37	0.87	0.87	NUM
economy-7726	141	38	*	*	PUNCT
economy-7726	141	39	*	*	NOUN
economy-7726	141	40	0.97	0.97	NUM
economy-7726	141	41	0.000002	0.000002	NUM
economy-7726	141	42	*	*	PROPN
economy-7726	141	43	*	*	PROPN
economy-7726	141	44	0.17	0.17	NUM
economy-7726	141	45	*	*	PUNCT
economy-7726	141	46	*	*	PUNCT
economy-7726	141	47	0.80	0.80	NUM
economy-7726	141	48	*	*	PUNCT
economy-7726	141	49	*	*	PUNCT
economy-7726	141	50	0.97	0.97	NUM
economy-7726	141	51	covid-19	covid-19	PROPN
economy-7726	141	52	crash	crash	NOUN
economy-7726	141	53	0.000002	0.000002	NUM
economy-7726	141	54	*	*	NOUN
economy-7726	141	55	0.09	0.09	NUM
economy-7726	141	56	*	*	NOUN
economy-7726	141	57	*	*	PUNCT
economy-7726	141	58	0.90	0.90	NUM
economy-7726	141	59	*	*	SYM
economy-7726	141	60	*	*	PUNCT
economy-7726	141	61	0.99	0.99	NUM
economy-7726	141	62	0.000003	0.000003	NUM
economy-7726	141	63	*	*	PROPN
economy-7726	141	64	*	*	PROPN
economy-7726	141	65	0.18	0.18	NUM
economy-7726	141	66	*	*	PUNCT
economy-7726	141	67	*	*	PUNCT
economy-7726	142	1	0.78	0.78	NUM
economy-7726	142	2	*	*	PUNCT
economy-7726	142	3	*	*	PROPN
economy-7726	142	4	0.96	0.96	NUM
economy-7726	142	5	russia	russia	PROPN
economy-7726	142	6	-	-	PUNCT
economy-7726	142	7	ukraine	ukraine	PROPN
economy-7726	142	8	conflict	conflict	NOUN
economy-7726	142	9	0.000001	0.000001	NUM
economy-7726	142	10	*	*	NOUN
economy-7726	142	11	0.08	0.08	NUM
economy-7726	142	12	*	*	PUNCT
economy-7726	142	13	*	*	PUNCT
economy-7726	142	14	0.91	0.91	NUM
economy-7726	142	15	*	*	PUNCT
economy-7726	142	16	*	*	PUNCT
economy-7726	142	17	0.99	0.99	NUM
economy-7726	142	18	0.000002	0.000002	NUM
economy-7726	142	19	*	*	PROPN
economy-7726	142	20	*	*	PROPN
economy-7726	142	21	0.15	0.15	NUM
economy-7726	142	22	*	*	PUNCT
economy-7726	142	23	*	*	PUNCT
economy-7726	142	24	0.81	0.81	NUM
economy-7726	142	25	*	*	PUNCT
economy-7726	142	26	*	*	X
economy-7726	142	27	0.96	0.96	NUM
economy-7726	142	28	note	note	NOUN
economy-7726	142	29	:	:	PUNCT
economy-7726	142	30	*	*	PUNCT
economy-7726	142	31	*	*	PUNCT
economy-7726	142	32	significant	significant	ADJ
economy-7726	142	33	at	at	ADP
economy-7726	142	34	the	the	DET
economy-7726	142	35	1	1	NUM
economy-7726	142	36	%	%	NOUN
economy-7726	142	37	level	level	NOUN
economy-7726	142	38	.	.	PUNCT
economy-7726	143	1	*	*	PUNCT
economy-7726	143	2	significant	significant	ADJ
economy-7726	143	3	at	at	ADP
economy-7726	143	4	the	the	DET
economy-7726	143	5	5	5	NUM
economy-7726	143	6	%	%	NOUN
economy-7726	143	7	level	level	NOUN
economy-7726	143	8	.	.	PUNCT
economy-7726	144	1	4.3	4.3	NUM
economy-7726	144	2	.	.	PUNCT
economy-7726	144	3	garch	garch	NOUN
economy-7726	144	4	(	(	PUNCT
economy-7726	144	5	1,1	1,1	NUM
economy-7726	144	6	)	)	PUNCT
economy-7726	144	7	model	model	NOUN
economy-7726	144	8	test	test	NOUN
economy-7726	144	9	results	result	NOUN
economy-7726	144	10	table	table	NOUN
economy-7726	144	11	3	3	NUM
economy-7726	144	12	demonstrated	demonstrate	VERB
economy-7726	144	13	that	that	SCONJ
economy-7726	144	14	both	both	DET
economy-7726	144	15	assets	asset	NOUN
economy-7726	144	16	are	be	AUX
economy-7726	144	17	about	about	ADV
economy-7726	144	18	1	1	NUM
economy-7726	144	19	,	,	PUNCT
economy-7726	144	20	suggesting	suggest	VERB
economy-7726	144	21	high	high	ADJ
economy-7726	144	22	volatility	volatility	NOUN
economy-7726	144	23	persistence	persistence	NOUN
economy-7726	144	24	and	and	CCONJ
economy-7726	144	25	strong	strong	ADJ
economy-7726	144	26	clustering	clustering	NOUN
economy-7726	144	27	with	with	ADP
economy-7726	144	28	past	past	ADJ
economy-7726	144	29	shocks	shock	NOUN
economy-7726	144	30	impacting	impact	VERB
economy-7726	144	31	current	current	ADJ
economy-7726	144	32	volatility	volatility	NOUN
economy-7726	144	33	during	during	ADP
economy-7726	144	34	the	the	DET
economy-7726	144	35	full	full	ADJ
economy-7726	144	36	sample	sample	NOUN
economy-7726	144	37	periods	period	NOUN
economy-7726	144	38	.	.	PUNCT
economy-7726	145	1	the	the	DET
economy-7726	145	2	indian	indian	ADJ
economy-7726	145	3	stock	stock	NOUN
economy-7726	145	4	market	market	NOUN
economy-7726	145	5	is	be	AUX
economy-7726	145	6	more	more	ADV
economy-7726	145	7	sensitive	sensitive	ADJ
economy-7726	145	8	to	to	ADP
economy-7726	145	9	past	past	ADJ
economy-7726	145	10	volatility	volatility	NOUN
economy-7726	145	11	shocks	shock	NOUN
economy-7726	145	12	than	than	ADP
economy-7726	145	13	gold	gold	NOUN
economy-7726	145	14	.	.	PUNCT
economy-7726	146	1	gold	gold	NOUN
economy-7726	146	2	’s	’s	PART
economy-7726	146	3	lower	low	ADJ
economy-7726	146	4	arch	arch	ADJ
economy-7726	146	5	coefficient	coefficient	NOUN
economy-7726	146	6	indicates	indicate	VERB
economy-7726	146	7	lower	low	ADJ
economy-7726	146	8	short	short	ADJ
economy-7726	146	9	-	-	PUNCT
economy-7726	146	10	term	term	NOUN
economy-7726	146	11	response	response	NOUN
economy-7726	146	12	to	to	ADP
economy-7726	146	13	shocks	shock	NOUN
economy-7726	146	14	,	,	PUNCT
economy-7726	146	15	making	make	VERB
economy-7726	146	16	it	it	PRON
economy-7726	146	17	a	a	DET
economy-7726	146	18	relatively	relatively	ADV
economy-7726	146	19	stable	stable	ADJ
economy-7726	146	20	asset	asset	NOUN
economy-7726	146	21	.	.	PUNCT
economy-7726	147	1	during	during	ADP
economy-7726	147	2	the	the	DET
economy-7726	147	3	global	global	ADJ
economy-7726	147	4	financial	financial	ADJ
economy-7726	147	5	crisis	crisis	NOUN
economy-7726	147	6	,	,	PUNCT
economy-7726	147	7	gold	gold	NOUN
economy-7726	147	8	’s	’s	PART
economy-7726	147	9	volatility	volatility	NOUN
economy-7726	147	10	persistence	persistence	NOUN
economy-7726	147	11	declined	decline	VERB
economy-7726	147	12	slightly	slightly	ADV
economy-7726	147	13	compared	compare	VERB
economy-7726	147	14	to	to	ADP
economy-7726	147	15	the	the	DET
economy-7726	147	16	full	full	ADJ
economy-7726	147	17	sample	sample	NOUN
economy-7726	147	18	but	but	CCONJ
economy-7726	147	19	remains	remain	VERB
economy-7726	147	20	high	high	ADJ
economy-7726	147	21	.	.	PUNCT
economy-7726	148	1	nifty	nifty	ADJ
economy-7726	148	2	50	50	NUM
economy-7726	148	3	showed	show	VERB
economy-7726	148	4	a	a	DET
economy-7726	148	5	higher	high	ADJ
economy-7726	148	6	arch	arch	ADJ
economy-7726	148	7	effect	effect	NOUN
economy-7726	148	8	,	,	PUNCT
economy-7726	148	9	indicating	indicate	VERB
economy-7726	148	10	strong	strong	ADJ
economy-7726	148	11	immediate	immediate	ADJ
economy-7726	148	12	response	response	NOUN
economy-7726	148	13	to	to	ADP
economy-7726	148	14	market	market	NOUN
economy-7726	148	15	shocks	shock	NOUN
economy-7726	148	16	during	during	ADP
economy-7726	148	17	the	the	DET
economy-7726	148	18	crisis	crisis	NOUN
economy-7726	148	19	.	.	PUNCT
economy-7726	149	1	gold	gold	NOUN
economy-7726	149	2	maintained	maintain	VERB
economy-7726	149	3	stability	stability	NOUN
economy-7726	149	4	with	with	ADP
economy-7726	149	5	lower	low	ADJ
economy-7726	149	6	arch	arch	ADJ
economy-7726	149	7	,	,	PUNCT
economy-7726	149	8	reaffirming	reaffirm	VERB
economy-7726	149	9	its	its	PRON
economy-7726	149	10	role	role	NOUN
economy-7726	149	11	as	as	ADP
economy-7726	149	12	a	a	DET
economy-7726	149	13	safe	safe	ADJ
economy-7726	149	14	haven	haven	NOUN
economy-7726	149	15	.	.	PUNCT
economy-7726	150	1	during	during	ADP
economy-7726	150	2	the	the	DET
economy-7726	150	3	covid-19	covid-19	PROPN
economy-7726	150	4	crash	crash	NOUN
economy-7726	150	5	,	,	PUNCT
economy-7726	150	6	gold	gold	NOUN
economy-7726	150	7	showed	show	VERB
economy-7726	150	8	higher	high	ADJ
economy-7726	150	9	volatility	volatility	NOUN
economy-7726	150	10	persistence	persistence	NOUN
economy-7726	150	11	than	than	ADP
economy-7726	150	12	the	the	DET
economy-7726	150	13	nifty	nifty	ADJ
economy-7726	150	14	50	50	NUM
economy-7726	150	15	in	in	ADP
economy-7726	150	16	this	this	DET
economy-7726	150	17	period	period	NOUN
economy-7726	150	18	.	.	PUNCT
economy-7726	151	1	gold	gold	NOUN
economy-7726	151	2	’s	’s	PART
economy-7726	151	3	lower	low	ADJ
economy-7726	151	4	arch	arch	ADJ
economy-7726	151	5	effect	effect	NOUN
economy-7726	151	6	again	again	ADV
economy-7726	151	7	confirmed	confirm	VERB
economy-7726	151	8	a	a	DET
economy-7726	151	9	less	less	ADV
economy-7726	151	10	short	short	ADJ
economy-7726	151	11	-	-	PUNCT
economy-7726	151	12	term	term	NOUN
economy-7726	151	13	shock	shock	NOUN
economy-7726	151	14	reaction	reaction	NOUN
economy-7726	151	15	,	,	PUNCT
economy-7726	151	16	reinforcing	reinforce	VERB
economy-7726	151	17	its	its	PRON
economy-7726	151	18	safe	safe	ADJ
economy-7726	151	19	-	-	PUNCT
economy-7726	151	20	haven	haven	NOUN
economy-7726	151	21	status	status	NOUN
economy-7726	151	22	.	.	PUNCT
economy-7726	152	1	nifty	nifty	ADJ
economy-7726	152	2	50	50	NUM
economy-7726	152	3	’s	’s	PART
economy-7726	152	4	behavior	behavior	NOUN
economy-7726	152	5	was	be	AUX
economy-7726	152	6	more	more	ADV
economy-7726	152	7	reactive	reactive	ADJ
economy-7726	152	8	,	,	PUNCT
economy-7726	152	9	but	but	CCONJ
economy-7726	152	10	its	its	PRON
economy-7726	152	11	volatility	volatility	NOUN
economy-7726	152	12	dissipated	dissipate	VERB
economy-7726	152	13	quicker	quick	ADV
economy-7726	152	14	than	than	ADP
economy-7726	152	15	during	during	ADP
economy-7726	152	16	the	the	DET
economy-7726	152	17	global	global	ADJ
economy-7726	152	18	financial	financial	ADJ
economy-7726	152	19	crisis	crisis	NOUN
economy-7726	152	20	.	.	PUNCT
economy-7726	153	1	during	during	ADP
economy-7726	153	2	the	the	DET
economy-7726	153	3	russia	russia	PROPN
economy-7726	153	4	-	-	PUNCT
economy-7726	153	5	ukraine	ukraine	PROPN
economy-7726	153	6	conflict	conflict	NOUN
economy-7726	153	7	,	,	PUNCT
economy-7726	153	8	nifty	nifty	ADJ
economy-7726	153	9	50	50	NUM
economy-7726	153	10	displayed	display	VERB
economy-7726	153	11	higher	high	ADJ
economy-7726	153	12	arch	arch	NOUN
economy-7726	153	13	(	(	PUNCT
economy-7726	153	14	shock	shock	NOUN
economy-7726	153	15	sensitivity	sensitivity	NOUN
economy-7726	153	16	)	)	PUNCT
economy-7726	153	17	and	and	CCONJ
economy-7726	153	18	slightly	slightly	ADV
economy-7726	153	19	lower	low	ADJ
economy-7726	153	20	persistence	persistence	NOUN
economy-7726	153	21	.	.	PUNCT
economy-7726	154	1	gold	gold	NOUN
economy-7726	154	2	remained	remain	VERB
economy-7726	154	3	highly	highly	ADV
economy-7726	154	4	persistent	persistent	ADJ
economy-7726	154	5	in	in	ADP
economy-7726	154	6	volatility	volatility	NOUN
economy-7726	154	7	,	,	PUNCT
economy-7726	154	8	but	but	CCONJ
economy-7726	154	9	its	its	PRON
economy-7726	154	10	low	low	ADJ
economy-7726	154	11	α	α	NOUN
economy-7726	154	12	means	mean	VERB
economy-7726	154	13	that	that	SCONJ
economy-7726	154	14	gold	gold	NOUN
economy-7726	154	15	absorbed	absorb	VERB
economy-7726	154	16	shocks	shock	NOUN
economy-7726	154	17	gradually	gradually	ADV
economy-7726	154	18	,	,	PUNCT
economy-7726	154	19	making	make	VERB
economy-7726	154	20	it	it	PRON
economy-7726	154	21	less	less	ADV
economy-7726	154	22	erratic	erratic	ADJ
economy-7726	154	23	during	during	ADP
economy-7726	154	24	geopolitical	geopolitical	ADJ
economy-7726	154	25	crises	crisis	NOUN
economy-7726	154	26	.	.	PUNCT
economy-7726	155	1	the	the	DET
economy-7726	155	2	market	market	NOUN
economy-7726	155	3	reacted	react	VERB
economy-7726	155	4	strongly	strongly	ADV
economy-7726	155	5	to	to	ADP
economy-7726	155	6	geopolitical	geopolitical	ADJ
economy-7726	155	7	shocks	shock	NOUN
economy-7726	155	8	.	.	PUNCT
economy-7726	156	1	4.4	4.4	NUM
economy-7726	156	2	.	.	PUNCT
economy-7726	157	1	egarch	egarch	PROPN
economy-7726	157	2	(	(	PUNCT
economy-7726	157	3	1,1	1,1	NUM
economy-7726	157	4	)	)	PUNCT
economy-7726	157	5	model	model	NOUN
economy-7726	157	6	test	test	NOUN
economy-7726	157	7	results	result	NOUN
economy-7726	157	8	egarch	egarch	PROPN
economy-7726	157	9	helps	help	VERB
economy-7726	157	10	detect	detect	VERB
economy-7726	157	11	leverage	leverage	NOUN
economy-7726	157	12	effects	effect	NOUN
economy-7726	157	13	,	,	PUNCT
economy-7726	157	14	i.e.	i.e.	X
economy-7726	157	15	,	,	PUNCT
economy-7726	157	16	whether	whether	SCONJ
economy-7726	157	17	negative	negative	ADJ
economy-7726	157	18	impacts	impact	NOUN
economy-7726	157	19	have	have	VERB
economy-7726	157	20	a	a	DET
economy-7726	157	21	stronger	strong	ADJ
economy-7726	157	22	effect	effect	NOUN
economy-7726	157	23	on	on	ADP
economy-7726	157	24	volatility	volatility	NOUN
economy-7726	157	25	.	.	PUNCT
economy-7726	158	1	table	table	NOUN
economy-7726	158	2	4	4	NUM
economy-7726	158	3	.	.	PUNCT
economy-7726	159	1	egarch	egarch	NOUN
economy-7726	159	2	(	(	PUNCT
economy-7726	159	3	1,1	1,1	NUM
economy-7726	159	4	)	)	PUNCT
economy-7726	159	5	model	model	NOUN
economy-7726	159	6	test	test	NOUN
economy-7726	159	7	results	result	NOUN
economy-7726	159	8	.	.	PUNCT
economy-7726	160	1	parameter	parameter	PROPN
economy-7726	160	2	ω	ω	PROPN
economy-7726	160	3	α	α	PROPN
economy-7726	160	4	β	β	PROPN
economy-7726	160	5	γ	γ	X
economy-7726	160	6	full	full	ADJ
economy-7726	160	7	sample	sample	NOUN
economy-7726	160	8	-0.12	-0.12	NOUN
economy-7726	160	9	*	*	NOUN
economy-7726	160	10	*	*	NOUN
economy-7726	160	11	0.07	0.07	NUM
economy-7726	160	12	*	*	PUNCT
economy-7726	160	13	*	*	PUNCT
economy-7726	161	1	0.93	0.93	NUM
economy-7726	161	2	*	*	PUNCT
economy-7726	161	3	*	*	PUNCT
economy-7726	161	4	0.01	0.01	NUM
economy-7726	161	5	(	(	PUNCT
economy-7726	161	6	p=0.37	p=0.37	PROPN
economy-7726	161	7	)	)	PUNCT
economy-7726	161	8	-0.10	-0.10	PROPN
economy-7726	161	9	*	*	X
economy-7726	161	10	*	*	PUNCT
economy-7726	161	11	0.09	0.09	NUM
economy-7726	161	12	*	*	X
economy-7726	161	13	*	*	PUNCT
economy-7726	161	14	0.92	0.92	NUM
economy-7726	161	15	*	*	PUNCT
economy-7726	161	16	*	*	PUNCT
economy-7726	161	17	-0.16	-0.16	PRON
economy-7726	161	18	*	*	PUNCT
economy-7726	161	19	*	*	ADJ
economy-7726	161	20	global	global	ADJ
economy-7726	161	21	financial	financial	ADJ
economy-7726	161	22	crisis	crisis	NOUN
economy-7726	161	23	-0.09	-0.09	NOUN
economy-7726	161	24	*	*	NOUN
economy-7726	161	25	0.06	0.06	NUM
economy-7726	161	26	*	*	NOUN
economy-7726	161	27	*	*	PUNCT
economy-7726	161	28	0.94	0.94	NUM
economy-7726	161	29	*	*	X
economy-7726	161	30	*	*	PUNCT
economy-7726	161	31	0.01	0.01	NUM
economy-7726	161	32	(	(	PUNCT
economy-7726	161	33	p=0.29	p=0.29	PROPN
economy-7726	161	34	)	)	PUNCT
economy-7726	161	35	-0.11	-0.11	PROPN
economy-7726	161	36	*	*	PUNCT
economy-7726	161	37	*	*	PUNCT
economy-7726	161	38	0.09	0.09	NUM
economy-7726	161	39	*	*	X
economy-7726	161	40	*	*	PUNCT
economy-7726	161	41	0.92	0.92	NUM
economy-7726	161	42	*	*	PUNCT
economy-7726	161	43	*	*	PUNCT
economy-7726	161	44	-0.18	-0.18	PRON
economy-7726	161	45	*	*	NOUN
economy-7726	161	46	*	*	ADJ
economy-7726	161	47	covid-19	covid-19	PROPN
economy-7726	161	48	crash	crash	NOUN
economy-7726	161	49	-0.14	-0.14	NOUN
economy-7726	161	50	*	*	NOUN
economy-7726	161	51	*	*	PUNCT
economy-7726	161	52	0.07	0.07	NUM
economy-7726	161	53	*	*	PUNCT
economy-7726	161	54	*	*	PUNCT
economy-7726	161	55	0.95	0.95	NUM
economy-7726	161	56	*	*	PUNCT
economy-7726	161	57	*	*	NUM
economy-7726	161	58	0.00	0.00	NUM
economy-7726	161	59	(	(	PUNCT
economy-7726	161	60	p=0.6	p=0.6	ADJ
economy-7726	161	61	)	)	PUNCT
economy-7726	161	62	-0.12	-0.12	NOUN
economy-7726	161	63	*	*	NOUN
economy-7726	161	64	*	*	PROPN
economy-7726	161	65	0.09	0.09	NUM
economy-7726	161	66	*	*	NOUN
economy-7726	161	67	*	*	PUNCT
economy-7726	161	68	0.90	0.90	NUM
economy-7726	161	69	*	*	PUNCT
economy-7726	161	70	*	*	NOUN
economy-7726	161	71	-0.17	-0.17	PROPN
economy-7726	161	72	*	*	PUNCT
economy-7726	161	73	*	*	ADJ
economy-7726	161	74	russia	russia	PROPN
economy-7726	161	75	-	-	PUNCT
economy-7726	161	76	ukraine	ukraine	PROPN
economy-7726	161	77	conflict	conflict	NOUN
economy-7726	161	78	-0.11	-0.11	PUNCT
economy-7726	161	79	*	*	NOUN
economy-7726	161	80	*	*	NOUN
economy-7726	161	81	0.06	0.06	NUM
economy-7726	161	82	*	*	PUNCT
economy-7726	161	83	*	*	PUNCT
economy-7726	161	84	0.96	0.96	NUM
economy-7726	161	85	*	*	PUNCT
economy-7726	161	86	*	*	PUNCT
economy-7726	161	87	0.01	0.01	NUM
economy-7726	161	88	*	*	PUNCT
economy-7726	161	89	*	*	PUNCT
economy-7726	161	90	-0.10	-0.10	NUM
economy-7726	161	91	*	*	X
economy-7726	161	92	*	*	PROPN
economy-7726	161	93	0.09	0.09	NUM
economy-7726	161	94	*	*	NOUN
economy-7726	161	95	*	*	NOUN
economy-7726	161	96	0.89	0.89	NUM
economy-7726	161	97	*	*	PUNCT
economy-7726	161	98	*	*	PUNCT
economy-7726	161	99	-0.15	-0.15	NUM
economy-7726	161	100	*	*	PUNCT
economy-7726	161	101	*	*	NOUN
economy-7726	161	102	note	note	NOUN
economy-7726	161	103	:	:	PUNCT
economy-7726	161	104	*	*	PUNCT
economy-7726	161	105	*	*	PUNCT
economy-7726	161	106	significant	significant	ADJ
economy-7726	161	107	at	at	ADP
economy-7726	161	108	the	the	DET
economy-7726	161	109	1	1	NUM
economy-7726	161	110	%	%	NOUN
economy-7726	161	111	level	level	NOUN
economy-7726	161	112	.	.	PUNCT
economy-7726	162	1	*	*	PUNCT
economy-7726	162	2	significant	significant	ADJ
economy-7726	162	3	at	at	ADP
economy-7726	162	4	the	the	DET
economy-7726	162	5	5	5	NUM
economy-7726	162	6	%	%	NOUN
economy-7726	162	7	level	level	NOUN
economy-7726	162	8	.	.	PUNCT
economy-7726	163	1	table	table	NOUN
economy-7726	163	2	4	4	NUM
economy-7726	163	3	demonstrated	demonstrate	VERB
economy-7726	163	4	that	that	SCONJ
economy-7726	163	5	gold	gold	NOUN
economy-7726	163	6	's	's	PART
economy-7726	163	7	γ	γ	NOUN
economy-7726	163	8	was	be	AUX
economy-7726	163	9	statistically	statistically	ADV
economy-7726	163	10	insignificant	insignificant	ADJ
economy-7726	163	11	,	,	PUNCT
economy-7726	163	12	meaning	mean	VERB
economy-7726	163	13	no	no	DET
economy-7726	163	14	significant	significant	ADJ
economy-7726	163	15	leverage	leverage	NOUN
economy-7726	163	16	effect	effect	NOUN
economy-7726	163	17	during	during	ADP
economy-7726	163	18	the	the	DET
economy-7726	163	19	full	full	ADJ
economy-7726	163	20	sample	sample	NOUN
economy-7726	163	21	periods	period	NOUN
economy-7726	163	22	.	.	PUNCT
economy-7726	164	1	negative	negative	ADJ
economy-7726	164	2	and	and	CCONJ
economy-7726	164	3	positive	positive	ADJ
economy-7726	164	4	shocks	shock	NOUN
economy-7726	164	5	affected	affect	VERB
economy-7726	164	6	volatility	volatility	NOUN
economy-7726	164	7	similarly	similarly	ADV
economy-7726	164	8	.	.	PUNCT
economy-7726	165	1	nifty	nifty	ADJ
economy-7726	165	2	50	50	NUM
economy-7726	165	3	showed	show	VERB
economy-7726	165	4	a	a	DET
economy-7726	165	5	strong	strong	ADJ
economy-7726	165	6	negative	negative	ADJ
economy-7726	165	7	and	and	CCONJ
economy-7726	165	8	confirmed	confirm	VERB
economy-7726	165	9	leverage	leverage	NOUN
economy-7726	165	10	effect	effect	NOUN
economy-7726	165	11	,	,	PUNCT
economy-7726	165	12	which	which	PRON
economy-7726	165	13	indicated	indicate	VERB
economy-7726	165	14	that	that	SCONJ
economy-7726	165	15	bad	bad	ADJ
economy-7726	165	16	news	news	NOUN
economy-7726	165	17	led	lead	VERB
economy-7726	165	18	to	to	ADP
economy-7726	165	19	greater	great	ADJ
economy-7726	165	20	volatility	volatility	NOUN
economy-7726	165	21	in	in	ADP
economy-7726	165	22	equity	equity	NOUN
economy-7726	165	23	markets	market	NOUN
economy-7726	165	24	.	.	PUNCT
economy-7726	166	1	gold	gold	NOUN
economy-7726	166	2	's	's	PART
economy-7726	166	3	high	high	ADJ
economy-7726	166	4	β	β	NOUN
economy-7726	166	5	showed	show	VERB
economy-7726	166	6	persistent	persistent	ADJ
economy-7726	166	7	volatility	volatility	NOUN
economy-7726	166	8	,	,	PUNCT
economy-7726	166	9	but	but	CCONJ
economy-7726	166	10	relatively	relatively	ADV
economy-7726	166	11	symmetric	symmetric	ADJ
economy-7726	166	12	behavior	behavior	NOUN
economy-7726	166	13	over	over	ADP
economy-7726	166	14	time	time	NOUN
economy-7726	166	15	.	.	PUNCT
economy-7726	167	1	during	during	ADP
economy-7726	167	2	the	the	DET
economy-7726	167	3	global	global	ADJ
economy-7726	167	4	financial	financial	ADJ
economy-7726	167	5	crisis	crisis	NOUN
economy-7726	167	6	,	,	PUNCT
economy-7726	167	7	gold	gold	NOUN
economy-7726	167	8	remained	remain	VERB
economy-7726	167	9	relatively	relatively	ADV
economy-7726	167	10	symmetric	symmetric	ADJ
economy-7726	167	11	in	in	ADP
economy-7726	167	12	response	response	NOUN
economy-7726	167	13	to	to	ADP
economy-7726	167	14	news	news	NOUN
economy-7726	167	15	(	(	PUNCT
economy-7726	167	16	γ	γ	X
economy-7726	167	17	not	not	PART
economy-7726	167	18	significant	significant	ADJ
economy-7726	167	19	)	)	PUNCT
economy-7726	167	20	,	,	PUNCT
economy-7726	167	21	nifty	nifty	ADJ
economy-7726	167	22	50	50	NUM
economy-7726	167	23	experienced	experienced	ADJ
economy-7726	167	24	intense	intense	ADJ
economy-7726	167	25	asymmetry	asymmetry	NOUN
economy-7726	167	26	,	,	PUNCT
economy-7726	167	27	showing	show	VERB
economy-7726	167	28	investors	investor	NOUN
economy-7726	167	29	panicked	panic	VERB
economy-7726	167	30	more	more	ADV
economy-7726	167	31	with	with	ADP
economy-7726	167	32	bad	bad	ADJ
economy-7726	167	33	news	news	NOUN
economy-7726	167	34	,	,	PUNCT
economy-7726	167	35	and	and	CCONJ
economy-7726	167	36	gold	gold	NOUN
economy-7726	167	37	continued	continue	VERB
economy-7726	167	38	to	to	PART
economy-7726	167	39	display	display	VERB
economy-7726	167	40	safe	safe	ADJ
economy-7726	167	41	haven	haven	NOUN
economy-7726	167	42	properties	property	NOUN
economy-7726	167	43	even	even	ADV
economy-7726	167	44	in	in	ADP
economy-7726	167	45	a	a	DET
economy-7726	167	46	systemic	systemic	ADJ
economy-7726	167	47	shock	shock	NOUN
economy-7726	167	48	scenario	scenario	NOUN
economy-7726	167	49	.	.	PUNCT
economy-7726	168	1	during	during	ADP
economy-7726	168	2	the	the	DET
economy-7726	168	3	covid-19	covid-19	PROPN
economy-7726	168	4	crash	crash	NOUN
economy-7726	168	5	,	,	PUNCT
economy-7726	168	6	gold	gold	NOUN
economy-7726	168	7	remained	remain	VERB
economy-7726	168	8	symmetric	symmetric	ADJ
economy-7726	168	9	,	,	PUNCT
economy-7726	168	10	indicating	indicate	VERB
economy-7726	168	11	shock	shock	NOUN
economy-7726	168	12	absorption	absorption	NOUN
economy-7726	168	13	capacity	capacity	NOUN
economy-7726	168	14	even	even	ADV
economy-7726	168	15	during	during	ADP
economy-7726	168	16	a	a	DET
economy-7726	168	17	health	health	NOUN
economy-7726	168	18	and	and	CCONJ
economy-7726	168	19	economic	economic	ADJ
economy-7726	168	20	crisis	crisis	NOUN
economy-7726	168	21	.	.	PUNCT
economy-7726	169	1	nifty	nifty	ADJ
economy-7726	169	2	50	50	NUM
economy-7726	169	3	again	again	ADV
economy-7726	169	4	showed	show	VERB
economy-7726	169	5	highly	highly	ADV
economy-7726	169	6	negative	negative	ADJ
economy-7726	169	7	and	and	CCONJ
economy-7726	169	8	significant	significant	ADJ
economy-7726	169	9	γ	γ	NOUN
economy-7726	169	10	,	,	PUNCT
economy-7726	169	11	confirming	confirm	VERB
economy-7726	169	12	risk	risk	NOUN
economy-7726	169	13	amplification	amplification	NOUN
economy-7726	169	14	from	from	ADP
economy-7726	169	15	negative	negative	ADJ
economy-7726	169	16	returns	return	NOUN
economy-7726	169	17	,	,	PUNCT
economy-7726	169	18	and	and	CCONJ
economy-7726	169	19	gold	gold	NOUN
economy-7726	169	20	maintained	maintain	VERB
economy-7726	169	21	its	its	PRON
economy-7726	169	22	role	role	NOUN
economy-7726	169	23	as	as	ADP
economy-7726	169	24	a	a	DET
economy-7726	169	25	volatility	volatility	NOUN
economy-7726	169	26	stabilizer	stabilizer	NOUN
economy-7726	169	27	.	.	PUNCT
economy-7726	170	1	during	during	ADP
economy-7726	170	2	the	the	DET
economy-7726	170	3	russia	russia	PROPN
economy-7726	170	4	-	-	PUNCT
economy-7726	170	5	ukraine	ukraine	PROPN
economy-7726	170	6	conflict	conflict	NOUN
economy-7726	170	7	,	,	PUNCT
economy-7726	170	8	gold	gold	NOUN
economy-7726	170	9	showed	show	VERB
economy-7726	170	10	no	no	DET
economy-7726	170	11	leverage	leverage	NOUN
economy-7726	170	12	effect	effect	NOUN
economy-7726	170	13	(	(	PUNCT
economy-7726	170	14	γ	γ	X
economy-7726	170	15	insignificant	insignificant	ADJ
economy-7726	170	16	)	)	PUNCT
economy-7726	170	17	,	,	PUNCT
economy-7726	170	18	acting	act	VERB
economy-7726	170	19	as	as	ADP
economy-7726	170	20	a	a	DET
economy-7726	170	21	riskmitigating	riskmitigate	VERB
economy-7726	170	22	asset	asset	NOUN
economy-7726	170	23	.	.	PUNCT
economy-7726	171	1	nifty	nifty	ADJ
economy-7726	171	2	50	50	NUM
economy-7726	171	3	showed	show	VERB
economy-7726	171	4	significant	significant	ADJ
economy-7726	171	5	leverage	leverage	NOUN
economy-7726	171	6	,	,	PUNCT
economy-7726	171	7	with	with	ADP
economy-7726	171	8	investors	investor	NOUN
economy-7726	171	9	reacting	react	VERB
economy-7726	171	10	strongly	strongly	ADV
economy-7726	171	11	to	to	ADP
economy-7726	171	12	uncertainty	uncertainty	NOUN
economy-7726	171	13	,	,	PUNCT
economy-7726	171	14	reinforcing	reinforce	VERB
economy-7726	171	15	the	the	DET
economy-7726	171	16	conclusion	conclusion	NOUN
economy-7726	171	17	that	that	SCONJ
economy-7726	171	18	gold	gold	NOUN
economy-7726	171	19	behaves	behave	VERB
economy-7726	171	20	as	as	ADP
economy-7726	171	21	a	a	DET
economy-7726	171	22	hedge	hedge	NOUN
economy-7726	171	23	against	against	ADP
economy-7726	171	24	political	political	ADJ
economy-7726	171	25	instability	instability	NOUN
economy-7726	171	26	.	.	PUNCT
economy-7726	172	1	4.5	4.5	NUM
economy-7726	172	2	.	.	PUNCT
economy-7726	173	1	dcc	dcc	PROPN
economy-7726	173	2	-	-	PUNCT
economy-7726	173	3	garch	garch	NOUN
economy-7726	173	4	model	model	NOUN
economy-7726	173	5	test	test	NOUN
economy-7726	173	6	results	result	VERB
economy-7726	173	7	the	the	DET
economy-7726	173	8	dcc	dcc	PROPN
economy-7726	173	9	-	-	PUNCT
economy-7726	173	10	garch	garch	NOUN
economy-7726	173	11	model	model	NOUN
economy-7726	173	12	,	,	PUNCT
economy-7726	173	13	proposed	propose	VERB
economy-7726	173	14	by	by	ADP
economy-7726	173	15	engle	engle	PROPN
economy-7726	173	16	(	(	PUNCT
economy-7726	173	17	2002	2002	NUM
economy-7726	173	18	)	)	PUNCT
economy-7726	173	19	,	,	PUNCT
economy-7726	173	20	is	be	AUX
economy-7726	173	21	widely	widely	ADV
economy-7726	173	22	used	use	VERB
economy-7726	173	23	to	to	PART
economy-7726	173	24	model	model	VERB
economy-7726	173	25	time	time	NOUN
economy-7726	173	26	-	-	PUNCT
economy-7726	173	27	varying	vary	VERB
economy-7726	173	28	correlations	correlation	NOUN
economy-7726	173	29	between	between	ADP
economy-7726	173	30	financial	financial	ADJ
economy-7726	173	31	assets	asset	NOUN
economy-7726	173	32	.	.	PUNCT
economy-7726	174	1	it	it	PRON
economy-7726	174	2	is	be	AUX
economy-7726	174	3	particularly	particularly	ADV
economy-7726	174	4	useful	useful	ADJ
economy-7726	174	5	in	in	ADP
economy-7726	174	6	understanding	understand	VERB
economy-7726	174	7	whether	whether	SCONJ
economy-7726	174	8	gold	gold	ADJ
economy-7726	174	9	diversifies	diversifie	NOUN
economy-7726	174	10	risk	risk	NOUN
economy-7726	174	11	during	during	ADP
economy-7726	174	12	market	market	NOUN
economy-7726	174	13	stress	stress	NOUN
economy-7726	174	14	and	and	CCONJ
economy-7726	174	15	how	how	SCONJ
economy-7726	174	16	the	the	DET
economy-7726	174	17	correlation	correlation	NOUN
economy-7726	174	18	between	between	ADP
economy-7726	174	19	gold	gold	NOUN
economy-7726	174	20	and	and	CCONJ
economy-7726	174	21	stock	stock	NOUN
economy-7726	174	22	market	market	NOUN
economy-7726	174	23	returns	return	NOUN
economy-7726	174	24	changes	change	NOUN
economy-7726	174	25	during	during	ADP
economy-7726	174	26	turbulent	turbulent	ADJ
economy-7726	174	27	periods	period	NOUN
economy-7726	174	28	.	.	PUNCT
economy-7726	175	1	economy	economy	NOUN
economy-7726	175	2	,	,	PUNCT
economy-7726	175	3	2025	2025	NUM
economy-7726	175	4	,	,	PUNCT
economy-7726	175	5	12(2	12(2	NUM
economy-7726	175	6	):	):	PUNCT
economy-7726	175	7	175	175	NUM
economy-7726	175	8	-	-	SYM
economy-7726	175	9	181	181	NUM
economy-7726	175	10	180	180	NUM
economy-7726	175	11	©	©	PROPN
economy-7726	175	12	2025	2025	NUM
economy-7726	175	13	by	by	ADP
economy-7726	175	14	the	the	DET
economy-7726	175	15	authors	author	NOUN
economy-7726	175	16	;	;	PUNCT
economy-7726	175	17	licensee	licensee	PROPN
economy-7726	175	18	asian	asian	ADJ
economy-7726	175	19	online	online	PROPN
economy-7726	175	20	journal	journal	PROPN
economy-7726	175	21	publishing	publishing	NOUN
economy-7726	175	22	group	group	NOUN
economy-7726	175	23	table	table	NOUN
economy-7726	175	24	5	5	NUM
economy-7726	175	25	.	.	PUNCT
economy-7726	175	26	dcc	dcc	PROPN
economy-7726	175	27	-	-	PUNCT
economy-7726	175	28	garch	garch	NOUN
economy-7726	175	29	model	model	NOUN
economy-7726	175	30	test	test	NOUN
economy-7726	175	31	results	result	NOUN
economy-7726	175	32	.	.	PUNCT
economy-7726	176	1	parameter	parameter	NOUN
economy-7726	176	2	estimate	estimate	VERB
economy-7726	177	1	std	std	PROPN
economy-7726	177	2	.	.	NOUN
economy-7726	177	3	error	error	NOUN
economy-7726	177	4	z	z	NOUN
economy-7726	177	5	-	-	PUNCT
economy-7726	177	6	statistic	statistic	ADJ
economy-7726	177	7	prob	prob	NOUN
economy-7726	177	8	.	.	PUNCT
economy-7726	178	1	full	full	ADJ
economy-7726	178	2	sample	sample	NOUN
economy-7726	178	3	α	α	PROPN
economy-7726	178	4	(	(	PUNCT
economy-7726	178	5	dcc1	dcc1	PROPN
economy-7726	178	6	)	)	PUNCT
economy-7726	178	7	0.02	0.02	NUM
economy-7726	178	8	0.01	0.01	NUM
economy-7726	178	9	5.49	5.49	NUM
economy-7726	178	10	0.00	0.00	NUM
economy-7726	178	11	β	β	X
economy-7726	178	12	(	(	PUNCT
economy-7726	178	13	dcc2	dcc2	PROPN
economy-7726	178	14	)	)	PUNCT
economy-7726	178	15	0.95	0.95	NUM
economy-7726	178	16	0.01	0.01	NUM
economy-7726	178	17	142.69	142.69	NUM
economy-7726	178	18	0.00	0.00	NUM
economy-7726	178	19	mean	mean	NOUN
economy-7726	178	20	correlation	correlation	NOUN
economy-7726	178	21	-0.07	-0.07	INTJ
economy-7726	178	22	—	—	PUNCT
economy-7726	178	23	—	—	PUNCT
economy-7726	178	24	—	—	PUNCT
economy-7726	178	25	min	min	NOUN
economy-7726	178	26	correlation	correlation	NOUN
economy-7726	178	27	-0.21	-0.21	INTJ
economy-7726	178	28	—	—	PUNCT
economy-7726	178	29	—	—	PUNCT
economy-7726	178	30	—	—	PUNCT
economy-7726	178	31	max	max	PROPN
economy-7726	178	32	correlation	correlation	NOUN
economy-7726	178	33	0.14	0.14	NUM
economy-7726	178	34	—	—	PUNCT
economy-7726	178	35	—	—	PUNCT
economy-7726	178	36	—	—	PUNCT
economy-7726	178	37	global	global	ADJ
economy-7726	178	38	financial	financial	ADJ
economy-7726	178	39	crisis	crisis	NOUN
economy-7726	178	40	α	α	PROPN
economy-7726	178	41	(	(	PUNCT
economy-7726	178	42	dcc1	dcc1	PROPN
economy-7726	178	43	)	)	PUNCT
economy-7726	178	44	0.04	0.04	NUM
economy-7726	178	45	0.01	0.01	NUM
economy-7726	178	46	7.17	7.17	NUM
economy-7726	178	47	0.00	0.00	NUM
economy-7726	178	48	β	β	X
economy-7726	178	49	(	(	PUNCT
economy-7726	178	50	dcc2	dcc2	PROPN
economy-7726	178	51	)	)	PUNCT
economy-7726	178	52	0.92	0.92	NUM
economy-7726	178	53	0.01	0.01	NUM
economy-7726	178	54	127.83	127.83	NUM
economy-7726	178	55	0.00	0.00	NUM
economy-7726	178	56	mean	mean	NOUN
economy-7726	178	57	correlation	correlation	NOUN
economy-7726	178	58	-0.12	-0.12	NUM
economy-7726	178	59	—	—	PUNCT
economy-7726	178	60	—	—	PUNCT
economy-7726	178	61	—	—	PUNCT
economy-7726	178	62	min	min	NOUN
economy-7726	178	63	correlation	correlation	NOUN
economy-7726	178	64	-0.21	-0.21	INTJ
economy-7726	178	65	—	—	PUNCT
economy-7726	178	66	—	—	PUNCT
economy-7726	178	67	—	—	PUNCT
economy-7726	178	68	max	max	PROPN
economy-7726	178	69	correlation	correlation	NOUN
economy-7726	178	70	0.08	0.08	NUM
economy-7726	178	71	—	—	PUNCT
economy-7726	178	72	—	—	PUNCT
economy-7726	178	73	—	—	PUNCT
economy-7726	178	74	covid-19	covid-19	PROPN
economy-7726	178	75	crash	crash	NOUN
economy-7726	178	76	α	α	PROPN
economy-7726	178	77	(	(	PUNCT
economy-7726	178	78	dcc1	dcc1	PROPN
economy-7726	178	79	)	)	PUNCT
economy-7726	178	80	0.04	0.04	NUM
economy-7726	178	81	0.01	0.01	NUM
economy-7726	178	82	7.48	7.48	NUM
economy-7726	178	83	0.00	0.00	NUM
economy-7726	178	84	β	β	X
economy-7726	178	85	(	(	PUNCT
economy-7726	178	86	dcc2	dcc2	PROPN
economy-7726	178	87	)	)	PUNCT
economy-7726	178	88	0.90	0.90	NUM
economy-7726	178	89	0.01	0.01	NUM
economy-7726	178	90	106.17	106.17	NUM
economy-7726	178	91	0.00	0.00	NUM
economy-7726	178	92	mean	mean	NOUN
economy-7726	178	93	correlation	correlation	NOUN
economy-7726	178	94	-0.09	-0.09	NUM
economy-7726	178	95	—	—	PUNCT
economy-7726	178	96	—	—	PUNCT
economy-7726	178	97	—	—	PUNCT
economy-7726	178	98	min	min	NOUN
economy-7726	178	99	correlation	correlation	NOUN
economy-7726	178	100	-0.22	-0.22	NUM
economy-7726	178	101	—	—	PUNCT
economy-7726	178	102	—	—	PUNCT
economy-7726	178	103	—	—	PUNCT
economy-7726	178	104	max	max	PROPN
economy-7726	178	105	correlation	correlation	NOUN
economy-7726	178	106	0.11	0.11	NUM
economy-7726	178	107	—	—	PUNCT
economy-7726	178	108	—	—	PUNCT
economy-7726	178	109	—	—	PUNCT
economy-7726	178	110	russia	russia	ADJ
economy-7726	178	111	-	-	PUNCT
economy-7726	178	112	ukraine	ukraine	PROPN
economy-7726	178	113	conflict	conflict	NOUN
economy-7726	178	114	α	α	PROPN
economy-7726	178	115	(	(	PUNCT
economy-7726	178	116	dcc1	dcc1	PROPN
economy-7726	178	117	)	)	PUNCT
economy-7726	178	118	0.03	0.03	NUM
economy-7726	178	119	0.01	0.01	NUM
economy-7726	178	120	5.33	5.33	NUM
economy-7726	178	121	0.00	0.00	NUM
economy-7726	178	122	β	β	X
economy-7726	178	123	(	(	PUNCT
economy-7726	178	124	dcc2	dcc2	PROPN
economy-7726	178	125	)	)	PUNCT
economy-7726	178	126	0.93	0.93	NUM
economy-7726	178	127	0.01	0.01	NUM
economy-7726	178	128	122.62	122.62	NUM
economy-7726	178	129	0.00	0.00	NUM
economy-7726	178	130	mean	mean	NOUN
economy-7726	178	131	correlation	correlation	NOUN
economy-7726	178	132	-0.08	-0.08	PRON
economy-7726	178	133	—	—	PUNCT
economy-7726	178	134	—	—	PUNCT
economy-7726	178	135	—	—	PUNCT
economy-7726	178	136	min	min	NOUN
economy-7726	178	137	correlation	correlation	NOUN
economy-7726	178	138	-0.19	-0.19	NOUN
economy-7726	178	139	—	—	PUNCT
economy-7726	178	140	—	—	PUNCT
economy-7726	178	141	—	—	PUNCT
economy-7726	178	142	max	max	PROPN
economy-7726	178	143	correlation	correlation	NOUN
economy-7726	178	144	0.12	0.12	NUM
economy-7726	178	145	—	—	PUNCT
economy-7726	178	146	—	—	PUNCT
economy-7726	178	147	—	—	PUNCT
economy-7726	178	148	table	table	NOUN
economy-7726	178	149	5	5	NUM
economy-7726	178	150	revealed	reveal	VERB
economy-7726	178	151	that	that	SCONJ
economy-7726	178	152	the	the	DET
economy-7726	178	153	high	high	ADJ
economy-7726	178	154	β	β	NOUN
economy-7726	178	155	value	value	NOUN
economy-7726	178	156	showed	show	VERB
economy-7726	178	157	persistent	persistent	ADJ
economy-7726	178	158	correlation	correlation	NOUN
economy-7726	178	159	behavior	behavior	NOUN
economy-7726	178	160	during	during	ADP
economy-7726	178	161	the	the	DET
economy-7726	178	162	full	full	ADJ
economy-7726	178	163	sample	sample	NOUN
economy-7726	178	164	periods	period	NOUN
economy-7726	178	165	,	,	PUNCT
economy-7726	178	166	low	low	ADJ
economy-7726	178	167	α	α	PROPN
economy-7726	178	168	indicated	indicate	VERB
economy-7726	178	169	slow	slow	ADJ
economy-7726	178	170	reaction	reaction	NOUN
economy-7726	178	171	to	to	ADP
economy-7726	178	172	shocks	shock	NOUN
economy-7726	178	173	.	.	PUNCT
economy-7726	179	1	generally	generally	ADV
economy-7726	179	2	,	,	PUNCT
economy-7726	179	3	the	the	DET
economy-7726	179	4	correlation	correlation	NOUN
economy-7726	179	5	between	between	ADP
economy-7726	179	6	gold	gold	NOUN
economy-7726	179	7	and	and	CCONJ
economy-7726	179	8	nifty	nifty	ADJ
economy-7726	179	9	50	50	NUM
economy-7726	179	10	was	be	AUX
economy-7726	179	11	slightly	slightly	ADV
economy-7726	179	12	negative	negative	ADJ
economy-7726	179	13	,	,	PUNCT
economy-7726	179	14	suggesting	suggest	VERB
economy-7726	179	15	gold	gold	NOUN
economy-7726	179	16	may	may	AUX
economy-7726	179	17	serve	serve	VERB
economy-7726	179	18	as	as	ADP
economy-7726	179	19	a	a	DET
economy-7726	179	20	hedge	hedge	NOUN
economy-7726	179	21	.	.	PUNCT
economy-7726	180	1	the	the	DET
economy-7726	180	2	fluctuation	fluctuation	NOUN
economy-7726	180	3	between	between	ADP
economy-7726	180	4	-0.21	-0.21	PROPN
economy-7726	180	5	and	and	CCONJ
economy-7726	180	6	+0.13	+0.13	PROPN
economy-7726	180	7	implied	imply	VERB
economy-7726	180	8	that	that	SCONJ
economy-7726	180	9	this	this	DET
economy-7726	180	10	hedge	hedge	NOUN
economy-7726	180	11	effect	effect	NOUN
economy-7726	180	12	was	be	AUX
economy-7726	180	13	time	time	NOUN
economy-7726	180	14	-	-	PUNCT
economy-7726	180	15	varying	vary	VERB
economy-7726	180	16	.	.	PUNCT
economy-7726	181	1	during	during	ADP
economy-7726	181	2	the	the	DET
economy-7726	181	3	global	global	ADJ
economy-7726	181	4	financial	financial	ADJ
economy-7726	181	5	crisis	crisis	NOUN
economy-7726	181	6	,	,	PUNCT
economy-7726	181	7	stronger	strong	ADJ
economy-7726	181	8	negative	negative	ADJ
economy-7726	181	9	average	average	ADJ
economy-7726	181	10	correlation	correlation	NOUN
economy-7726	181	11	was	be	AUX
economy-7726	181	12	observed	observe	VERB
economy-7726	181	13	,	,	PUNCT
economy-7726	181	14	and	and	CCONJ
economy-7726	181	15	gold	gold	NOUN
economy-7726	181	16	acted	act	VERB
economy-7726	181	17	as	as	ADP
economy-7726	181	18	a	a	DET
economy-7726	181	19	safe	safe	ADJ
economy-7726	181	20	haven	haven	NOUN
economy-7726	181	21	.	.	PUNCT
economy-7726	182	1	with	with	ADP
economy-7726	182	2	high	high	ADJ
economy-7726	182	3	β	β	X
economy-7726	182	4	and	and	CCONJ
economy-7726	182	5	slightly	slightly	ADV
economy-7726	182	6	higher	high	ADJ
economy-7726	182	7	α	α	NOUN
economy-7726	182	8	compared	compare	VERB
economy-7726	182	9	to	to	ADP
economy-7726	182	10	the	the	DET
economy-7726	182	11	full	full	ADJ
economy-7726	182	12	sample	sample	NOUN
economy-7726	182	13	,	,	PUNCT
economy-7726	182	14	gold	gold	NOUN
economy-7726	182	15	exhibited	exhibit	VERB
economy-7726	182	16	dynamic	dynamic	ADJ
economy-7726	182	17	but	but	CCONJ
economy-7726	182	18	persistent	persistent	ADJ
economy-7726	182	19	behavior	behavior	NOUN
economy-7726	182	20	.	.	PUNCT
economy-7726	183	1	the	the	DET
economy-7726	183	2	dcc	dcc	PROPN
economy-7726	183	3	fell	fall	VERB
economy-7726	183	4	more	more	ADV
economy-7726	183	5	during	during	ADP
economy-7726	183	6	crisis	crisis	NOUN
economy-7726	183	7	shocks	shock	NOUN
economy-7726	183	8	,	,	PUNCT
economy-7726	183	9	indicating	indicate	VERB
economy-7726	183	10	gold	gold	NOUN
economy-7726	183	11	's	's	PART
economy-7726	183	12	decoupling	decoupling	NOUN
economy-7726	183	13	from	from	ADP
economy-7726	183	14	equities	equity	NOUN
economy-7726	183	15	when	when	SCONJ
economy-7726	183	16	panic	panic	NOUN
economy-7726	183	17	rises	rise	VERB
economy-7726	183	18	.	.	PUNCT
economy-7726	184	1	during	during	ADP
economy-7726	184	2	the	the	DET
economy-7726	184	3	covid-19	covid-19	PROPN
economy-7726	184	4	crash	crash	NOUN
economy-7726	184	5	,	,	PUNCT
economy-7726	184	6	gold	gold	NOUN
economy-7726	184	7	and	and	CCONJ
economy-7726	184	8	nifty	nifty	ADJ
economy-7726	184	9	again	again	ADV
economy-7726	184	10	showed	show	VERB
economy-7726	184	11	a	a	DET
economy-7726	184	12	moderately	moderately	ADV
economy-7726	184	13	negative	negative	ADJ
economy-7726	184	14	average	average	ADJ
economy-7726	184	15	correlation	correlation	NOUN
economy-7726	184	16	,	,	PUNCT
economy-7726	184	17	with	with	ADP
economy-7726	184	18	the	the	DET
economy-7726	184	19	correlation	correlation	NOUN
economy-7726	184	20	dipping	dipping	NOUN
economy-7726	184	21	as	as	ADV
economy-7726	184	22	low	low	ADJ
economy-7726	184	23	as	as	ADP
economy-7726	184	24	-0.221	-0.221	NOUN
economy-7726	184	25	,	,	PUNCT
economy-7726	184	26	demonstrating	demonstrate	VERB
economy-7726	184	27	gold	gold	NOUN
economy-7726	184	28	's	's	PART
economy-7726	184	29	effectiveness	effectiveness	NOUN
economy-7726	184	30	as	as	ADP
economy-7726	184	31	a	a	DET
economy-7726	184	32	crisis	crisis	NOUN
economy-7726	184	33	hedge	hedge	NOUN
economy-7726	184	34	.	.	PUNCT
economy-7726	185	1	the	the	DET
economy-7726	185	2	increased	increase	VERB
economy-7726	185	3	α	α	NOUN
economy-7726	185	4	reflected	reflect	VERB
economy-7726	185	5	higher	high	ADJ
economy-7726	185	6	reactivity	reactivity	NOUN
economy-7726	185	7	to	to	ADP
economy-7726	185	8	shocks	shock	NOUN
economy-7726	185	9	during	during	ADP
economy-7726	185	10	a	a	DET
economy-7726	185	11	public	public	ADJ
economy-7726	185	12	health	health	NOUN
economy-7726	185	13	and	and	CCONJ
economy-7726	185	14	financial	financial	ADJ
economy-7726	185	15	panic	panic	NOUN
economy-7726	185	16	.	.	PUNCT
economy-7726	186	1	during	during	ADP
economy-7726	186	2	the	the	DET
economy-7726	186	3	russia	russia	PROPN
economy-7726	186	4	-	-	PUNCT
economy-7726	186	5	ukraine	ukraine	PROPN
economy-7726	186	6	conflict	conflict	NOUN
economy-7726	186	7	,	,	PUNCT
economy-7726	186	8	negative	negative	ADJ
economy-7726	186	9	average	average	ADJ
economy-7726	186	10	correlation	correlation	NOUN
economy-7726	186	11	persisted	persist	VERB
economy-7726	186	12	,	,	PUNCT
economy-7726	186	13	reaffirming	reaffirm	VERB
economy-7726	186	14	gold	gold	NOUN
economy-7726	186	15	’s	’s	PART
economy-7726	186	16	decoupling	decouple	VERB
economy-7726	186	17	tendency	tendency	NOUN
economy-7726	186	18	during	during	ADP
economy-7726	186	19	geopolitical	geopolitical	ADJ
economy-7726	186	20	risk	risk	NOUN
economy-7726	186	21	.	.	PUNCT
economy-7726	187	1	the	the	DET
economy-7726	187	2	market	market	NOUN
economy-7726	187	3	remained	remain	VERB
economy-7726	187	4	sensitive	sensitive	ADJ
economy-7726	187	5	,	,	PUNCT
economy-7726	187	6	though	though	SCONJ
economy-7726	187	7	correlation	correlation	NOUN
economy-7726	187	8	persistence	persistence	NOUN
economy-7726	187	9	stayed	stay	VERB
economy-7726	187	10	high	high	ADJ
economy-7726	187	11	,	,	PUNCT
economy-7726	187	12	and	and	CCONJ
economy-7726	187	13	gold	gold	NOUN
economy-7726	187	14	maintained	maintain	VERB
economy-7726	187	15	its	its	PRON
economy-7726	187	16	role	role	NOUN
economy-7726	187	17	as	as	ADP
economy-7726	187	18	a	a	DET
economy-7726	187	19	risk	risk	NOUN
economy-7726	187	20	diversifier	diversifier	NOUN
economy-7726	187	21	.	.	PUNCT
economy-7726	188	1	5	5	X
economy-7726	188	2	.	.	X
economy-7726	188	3	conclusion	conclusion	NOUN
economy-7726	188	4	this	this	DET
economy-7726	188	5	study	study	NOUN
economy-7726	188	6	investigated	investigate	VERB
economy-7726	188	7	the	the	DET
economy-7726	188	8	dynamic	dynamic	ADJ
economy-7726	188	9	relationship	relationship	NOUN
economy-7726	188	10	between	between	ADP
economy-7726	188	11	gold	gold	NOUN
economy-7726	188	12	prices	price	NOUN
economy-7726	188	13	and	and	CCONJ
economy-7726	188	14	indian	indian	ADJ
economy-7726	188	15	stock	stock	NOUN
economy-7726	188	16	market	market	NOUN
economy-7726	188	17	volatility	volatility	NOUN
economy-7726	188	18	,	,	PUNCT
economy-7726	188	19	focusing	focus	VERB
economy-7726	188	20	on	on	ADP
economy-7726	188	21	whether	whether	SCONJ
economy-7726	188	22	gold	gold	NOUN
economy-7726	188	23	acts	act	VERB
economy-7726	188	24	as	as	ADP
economy-7726	188	25	a	a	DET
economy-7726	188	26	safe	safe	ADJ
economy-7726	188	27	haven	haven	NOUN
economy-7726	188	28	,	,	PUNCT
economy-7726	188	29	a	a	DET
economy-7726	188	30	hedge	hedge	NOUN
economy-7726	188	31	,	,	PUNCT
economy-7726	188	32	or	or	CCONJ
economy-7726	188	33	a	a	DET
economy-7726	188	34	risky	risky	ADJ
economy-7726	188	35	asset	asset	NOUN
economy-7726	188	36	,	,	PUNCT
economy-7726	188	37	especially	especially	ADV
economy-7726	188	38	during	during	ADP
economy-7726	188	39	periods	period	NOUN
economy-7726	188	40	of	of	ADP
economy-7726	188	41	market	market	NOUN
economy-7726	188	42	distress	distress	NOUN
economy-7726	188	43	using	use	VERB
economy-7726	188	44	garch(1,1	garch(1,1	NOUN
economy-7726	188	45	)	)	PUNCT
economy-7726	188	46	,	,	PUNCT
economy-7726	188	47	egarch(1,1	egarch(1,1	NOUN
economy-7726	188	48	)	)	PUNCT
economy-7726	188	49	,	,	PUNCT
economy-7726	188	50	and	and	CCONJ
economy-7726	188	51	dcc	dcc	PROPN
economy-7726	188	52	-	-	PUNCT
economy-7726	188	53	garch	garch	NOUN
economy-7726	188	54	,	,	PUNCT
economy-7726	188	55	and	and	CCONJ
economy-7726	188	56	data	datum	NOUN
economy-7726	188	57	spanning	span	VERB
economy-7726	188	58	normal	normal	ADJ
economy-7726	188	59	periods	period	NOUN
economy-7726	188	60	and	and	CCONJ
economy-7726	188	61	crises	crisis	NOUN
economy-7726	188	62	including	include	VERB
economy-7726	188	63	the	the	DET
economy-7726	188	64	global	global	ADJ
economy-7726	188	65	financial	financial	ADJ
economy-7726	188	66	crisis	crisis	NOUN
economy-7726	188	67	(	(	PUNCT
economy-7726	188	68	2008–09	2008–09	NUM
economy-7726	188	69	)	)	PUNCT
economy-7726	188	70	,	,	PUNCT
economy-7726	188	71	covid-19	covid-19	PROPN
economy-7726	188	72	crash	crash	NOUN
economy-7726	188	73	(	(	PUNCT
economy-7726	188	74	2020	2020	NUM
economy-7726	188	75	)	)	PUNCT
economy-7726	188	76	,	,	PUNCT
economy-7726	188	77	and	and	CCONJ
economy-7726	188	78	russia	russia	PROPN
economy-7726	188	79	-	-	PUNCT
economy-7726	188	80	ukraine	ukraine	PROPN
economy-7726	188	81	conflict	conflict	NOUN
economy-7726	188	82	(	(	PUNCT
economy-7726	188	83	2022	2022	NUM
economy-7726	188	84	)	)	PUNCT
economy-7726	188	85	.	.	PUNCT
economy-7726	189	1	several	several	ADJ
economy-7726	189	2	insightful	insightful	ADJ
economy-7726	189	3	conclusions	conclusion	NOUN
economy-7726	189	4	emerge	emerge	VERB
economy-7726	189	5	.	.	PUNCT
economy-7726	190	1	the	the	DET
economy-7726	190	2	garch	garch	NOUN
economy-7726	190	3	(	(	PUNCT
economy-7726	190	4	1,1	1,1	NUM
economy-7726	190	5	)	)	PUNCT
economy-7726	190	6	results	result	NOUN
economy-7726	190	7	for	for	ADP
economy-7726	190	8	both	both	CCONJ
economy-7726	190	9	gold	gold	NOUN
economy-7726	190	10	and	and	CCONJ
economy-7726	190	11	nifty	nifty	ADJ
economy-7726	190	12	50	50	NUM
economy-7726	190	13	confirmed	confirm	VERB
economy-7726	190	14	strong	strong	ADJ
economy-7726	190	15	volatility	volatility	NOUN
economy-7726	190	16	clustering	clustering	NOUN
economy-7726	190	17	,	,	PUNCT
economy-7726	190	18	indicated	indicate	VERB
economy-7726	190	19	by	by	ADP
economy-7726	190	20	the	the	DET
economy-7726	190	21	high	high	ADJ
economy-7726	190	22	persistence	persistence	NOUN
economy-7726	190	23	values	value	NOUN
economy-7726	190	24	,	,	PUNCT
economy-7726	190	25	reflecting	reflect	VERB
economy-7726	190	26	that	that	SCONJ
economy-7726	190	27	shocks	shock	NOUN
economy-7726	190	28	to	to	ADP
economy-7726	190	29	returns	return	NOUN
economy-7726	190	30	had	have	VERB
economy-7726	190	31	long	long	ADV
economy-7726	190	32	-	-	PUNCT
economy-7726	190	33	lasting	last	VERB
economy-7726	190	34	effects	effect	NOUN
economy-7726	190	35	.	.	PUNCT
economy-7726	191	1	the	the	DET
economy-7726	191	2	egarch	egarch	NOUN
economy-7726	191	3	results	result	NOUN
economy-7726	191	4	revealed	reveal	VERB
economy-7726	191	5	significant	significant	ADJ
economy-7726	191	6	leverage	leverage	NOUN
economy-7726	191	7	effects	effect	NOUN
economy-7726	191	8	in	in	ADP
economy-7726	191	9	nifty	nifty	ADJ
economy-7726	191	10	50	50	NUM
economy-7726	191	11	returns	return	NOUN
economy-7726	191	12	(	(	PUNCT
economy-7726	191	13	γ	γ	X
economy-7726	191	14	negative	negative	ADJ
economy-7726	191	15	and	and	CCONJ
economy-7726	191	16	significant	significant	ADJ
economy-7726	191	17	)	)	PUNCT
economy-7726	191	18	,	,	PUNCT
economy-7726	191	19	suggesting	suggest	VERB
economy-7726	191	20	that	that	SCONJ
economy-7726	191	21	negative	negative	ADJ
economy-7726	191	22	news	news	NOUN
economy-7726	191	23	impacted	impact	VERB
economy-7726	191	24	volatility	volatility	NOUN
economy-7726	191	25	more	more	ADV
economy-7726	191	26	than	than	ADP
economy-7726	191	27	positive	positive	ADJ
economy-7726	191	28	news	news	NOUN
economy-7726	191	29	.	.	PUNCT
economy-7726	192	1	for	for	ADP
economy-7726	192	2	gold	gold	NOUN
economy-7726	192	3	,	,	PUNCT
economy-7726	192	4	however	however	ADV
economy-7726	192	5	,	,	PUNCT
economy-7726	192	6	the	the	DET
economy-7726	192	7	leverage	leverage	NOUN
economy-7726	192	8	term	term	NOUN
economy-7726	192	9	(	(	PUNCT
economy-7726	192	10	γ	γ	X
economy-7726	192	11	)	)	PUNCT
economy-7726	192	12	was	be	AUX
economy-7726	192	13	statistically	statistically	ADV
economy-7726	192	14	insignificant	insignificant	ADJ
economy-7726	192	15	,	,	PUNCT
economy-7726	192	16	reinforcing	reinforce	VERB
economy-7726	192	17	gold	gold	NOUN
economy-7726	192	18	's	's	PART
economy-7726	192	19	role	role	NOUN
economy-7726	192	20	as	as	ADP
economy-7726	192	21	a	a	DET
economy-7726	192	22	stabilizing	stabilize	VERB
economy-7726	192	23	asset	asset	NOUN
economy-7726	192	24	in	in	ADP
economy-7726	192	25	turbulent	turbulent	ADJ
economy-7726	192	26	markets	market	NOUN
economy-7726	192	27	.	.	PUNCT
economy-7726	193	1	the	the	DET
economy-7726	193	2	dcc	dcc	PROPN
economy-7726	193	3	-	-	PUNCT
economy-7726	193	4	garch	garch	NOUN
economy-7726	193	5	model	model	NOUN
economy-7726	193	6	provided	provide	VERB
economy-7726	193	7	the	the	DET
economy-7726	193	8	most	most	ADV
economy-7726	193	9	nuanced	nuanced	ADJ
economy-7726	193	10	understanding	understanding	NOUN
economy-7726	193	11	.	.	PUNCT
economy-7726	194	1	over	over	ADP
economy-7726	194	2	the	the	DET
economy-7726	194	3	full	full	ADJ
economy-7726	194	4	sample	sample	NOUN
economy-7726	194	5	period	period	NOUN
economy-7726	194	6	,	,	PUNCT
economy-7726	194	7	gold	gold	NOUN
economy-7726	194	8	and	and	CCONJ
economy-7726	194	9	nifty	nifty	ADJ
economy-7726	194	10	50	50	NUM
economy-7726	194	11	showed	show	VERB
economy-7726	194	12	a	a	DET
economy-7726	194	13	slightly	slightly	ADV
economy-7726	194	14	negative	negative	ADJ
economy-7726	194	15	but	but	CCONJ
economy-7726	194	16	time	time	NOUN
economy-7726	194	17	-	-	PUNCT
economy-7726	194	18	varying	vary	VERB
economy-7726	194	19	correlation	correlation	NOUN
economy-7726	194	20	,	,	PUNCT
economy-7726	194	21	indicating	indicate	VERB
economy-7726	194	22	that	that	SCONJ
economy-7726	194	23	gold	gold	NOUN
economy-7726	194	24	can	can	AUX
economy-7726	194	25	act	act	VERB
economy-7726	194	26	as	as	ADP
economy-7726	194	27	a	a	DET
economy-7726	194	28	weak	weak	ADJ
economy-7726	194	29	hedge	hedge	NOUN
economy-7726	194	30	against	against	ADP
economy-7726	194	31	indian	indian	ADJ
economy-7726	194	32	equities	equity	NOUN
economy-7726	194	33	.	.	PUNCT
economy-7726	195	1	however	however	ADV
economy-7726	195	2	,	,	PUNCT
economy-7726	195	3	during	during	ADP
economy-7726	195	4	crisis	crisis	NOUN
economy-7726	195	5	periods	period	NOUN
economy-7726	195	6	,	,	PUNCT
economy-7726	195	7	the	the	DET
economy-7726	195	8	correlation	correlation	NOUN
economy-7726	195	9	became	become	VERB
economy-7726	195	10	more	more	ADV
economy-7726	195	11	strongly	strongly	ADV
economy-7726	195	12	negative	negative	ADJ
economy-7726	195	13	,	,	PUNCT
economy-7726	195	14	especially	especially	ADV
economy-7726	195	15	during	during	ADP
economy-7726	195	16	the	the	DET
economy-7726	195	17	global	global	ADJ
economy-7726	195	18	financial	financial	ADJ
economy-7726	195	19	crisis	crisis	NOUN
economy-7726	195	20	,	,	PUNCT
economy-7726	195	21	confirming	confirm	VERB
economy-7726	195	22	gold	gold	NOUN
economy-7726	195	23	’s	’s	PART
economy-7726	195	24	role	role	NOUN
economy-7726	195	25	as	as	ADP
economy-7726	195	26	a	a	DET
economy-7726	195	27	safe	safe	ADJ
economy-7726	195	28	haven	haven	NOUN
economy-7726	195	29	asset	asset	NOUN
economy-7726	195	30	when	when	SCONJ
economy-7726	195	31	financial	financial	ADJ
economy-7726	195	32	markets	market	NOUN
economy-7726	195	33	experienced	experience	VERB
economy-7726	195	34	extreme	extreme	ADJ
economy-7726	195	35	distress	distress	NOUN
economy-7726	195	36	.	.	PUNCT
economy-7726	196	1	5.1	5.1	NUM
economy-7726	196	2	.	.	PUNCT
economy-7726	197	1	policy	policy	NOUN
economy-7726	197	2	implications	implication	NOUN
economy-7726	197	3	the	the	DET
economy-7726	197	4	negative	negative	ADJ
economy-7726	197	5	and	and	CCONJ
economy-7726	197	6	dynamic	dynamic	ADJ
economy-7726	197	7	correlation	correlation	NOUN
economy-7726	197	8	between	between	ADP
economy-7726	197	9	gold	gold	NOUN
economy-7726	197	10	and	and	CCONJ
economy-7726	197	11	nifty	nifty	ADJ
economy-7726	197	12	50	50	NUM
economy-7726	197	13	during	during	ADP
economy-7726	197	14	crises	crisis	NOUN
economy-7726	197	15	implied	imply	VERB
economy-7726	197	16	that	that	SCONJ
economy-7726	197	17	investors	investor	NOUN
economy-7726	197	18	and	and	CCONJ
economy-7726	197	19	portfolio	portfolio	NOUN
economy-7726	197	20	managers	manager	NOUN
economy-7726	197	21	should	should	AUX
economy-7726	197	22	consider	consider	VERB
economy-7726	197	23	gold	gold	NOUN
economy-7726	197	24	as	as	ADP
economy-7726	197	25	a	a	DET
economy-7726	197	26	strategic	strategic	ADJ
economy-7726	197	27	component	component	NOUN
economy-7726	197	28	of	of	ADP
economy-7726	197	29	investment	investment	NOUN
economy-7726	197	30	portfolios	portfolio	NOUN
economy-7726	197	31	,	,	PUNCT
economy-7726	197	32	particularly	particularly	ADV
economy-7726	197	33	during	during	ADP
economy-7726	197	34	volatile	volatile	ADJ
economy-7726	197	35	market	market	NOUN
economy-7726	197	36	conditions	condition	NOUN
economy-7726	197	37	.	.	PUNCT
economy-7726	198	1	allocating	allocate	VERB
economy-7726	198	2	a	a	DET
economy-7726	198	3	portion	portion	NOUN
economy-7726	198	4	to	to	ADP
economy-7726	198	5	gold	gold	NOUN
economy-7726	198	6	can	can	AUX
economy-7726	198	7	reduce	reduce	VERB
economy-7726	198	8	portfolio	portfolio	NOUN
economy-7726	198	9	risk	risk	NOUN
economy-7726	198	10	and	and	CCONJ
economy-7726	198	11	enhance	enhance	VERB
economy-7726	198	12	stability	stability	NOUN
economy-7726	198	13	in	in	ADP
economy-7726	198	14	uncertain	uncertain	ADJ
economy-7726	198	15	times	time	NOUN
economy-7726	198	16	.	.	PUNCT
economy-7726	199	1	retail	retail	ADJ
economy-7726	199	2	investors	investor	NOUN
economy-7726	199	3	in	in	ADP
economy-7726	199	4	india	india	PROPN
economy-7726	199	5	turn	turn	VERB
economy-7726	199	6	to	to	ADP
economy-7726	199	7	gold	gold	NOUN
economy-7726	199	8	as	as	ADP
economy-7726	199	9	a	a	DET
economy-7726	199	10	traditional	traditional	ADJ
economy-7726	199	11	investment	investment	NOUN
economy-7726	199	12	.	.	PUNCT
economy-7726	200	1	these	these	DET
economy-7726	200	2	findings	finding	NOUN
economy-7726	200	3	supported	support	VERB
economy-7726	200	4	that	that	SCONJ
economy-7726	200	5	such	such	ADJ
economy-7726	200	6	behavior	behavior	NOUN
economy-7726	200	7	was	be	AUX
economy-7726	200	8	empirically	empirically	ADV
economy-7726	200	9	justified	justify	VERB
economy-7726	200	10	,	,	PUNCT
economy-7726	200	11	especially	especially	ADV
economy-7726	200	12	during	during	ADP
economy-7726	200	13	financial	financial	ADJ
economy-7726	200	14	turmoil	turmoil	NOUN
economy-7726	200	15	.	.	PUNCT
economy-7726	201	1	financial	financial	ADJ
economy-7726	201	2	educators	educator	NOUN
economy-7726	201	3	and	and	CCONJ
economy-7726	201	4	advisory	advisory	ADJ
economy-7726	201	5	firms	firm	NOUN
economy-7726	201	6	should	should	AUX
economy-7726	201	7	emphasize	emphasize	VERB
economy-7726	201	8	gold	gold	NOUN
economy-7726	201	9	’s	’s	PART
economy-7726	201	10	hedging	hedging	NOUN
economy-7726	201	11	and	and	CCONJ
economy-7726	201	12	safe	safe	ADJ
economy-7726	201	13	haven	haven	NOUN
economy-7726	201	14	properties	property	NOUN
economy-7726	201	15	in	in	ADP
economy-7726	201	16	risk	risk	NOUN
economy-7726	201	17	-	-	PUNCT
economy-7726	201	18	focused	focus	VERB
economy-7726	201	19	investment	investment	NOUN
economy-7726	201	20	education	education	NOUN
economy-7726	201	21	.	.	PUNCT
economy-7726	202	1	gold	gold	ADJ
economy-7726	202	2	reserves	reserve	NOUN
economy-7726	202	3	continue	continue	VERB
economy-7726	202	4	to	to	PART
economy-7726	202	5	play	play	VERB
economy-7726	202	6	a	a	DET
economy-7726	202	7	vital	vital	ADJ
economy-7726	202	8	role	role	NOUN
economy-7726	202	9	for	for	ADP
economy-7726	202	10	the	the	DET
economy-7726	202	11	rbi	rbi	NOUN
economy-7726	202	12	.	.	PUNCT
economy-7726	203	1	these	these	DET
economy-7726	203	2	results	result	NOUN
economy-7726	203	3	reinforce	reinforce	VERB
economy-7726	203	4	the	the	DET
economy-7726	203	5	need	need	NOUN
economy-7726	203	6	for	for	ADP
economy-7726	203	7	maintaining	maintain	VERB
economy-7726	203	8	and	and	CCONJ
economy-7726	203	9	strategically	strategically	ADV
economy-7726	203	10	managing	manage	VERB
economy-7726	203	11	gold	gold	ADJ
economy-7726	203	12	reserves	reserve	NOUN
economy-7726	203	13	,	,	PUNCT
economy-7726	203	14	especially	especially	ADV
economy-7726	203	15	in	in	ADP
economy-7726	203	16	anticipation	anticipation	NOUN
economy-7726	203	17	of	of	ADP
economy-7726	203	18	external	external	ADJ
economy-7726	203	19	shocks	shock	NOUN
economy-7726	203	20	,	,	PUNCT
economy-7726	203	21	currency	currency	NOUN
economy-7726	203	22	volatility	volatility	NOUN
economy-7726	203	23	,	,	PUNCT
economy-7726	203	24	or	or	CCONJ
economy-7726	203	25	geopolitical	geopolitical	ADJ
economy-7726	203	26	crises	crisis	NOUN
economy-7726	203	27	.	.	PUNCT
economy-7726	204	1	during	during	ADP
economy-7726	204	2	periods	period	NOUN
economy-7726	204	3	of	of	ADP
economy-7726	204	4	systemic	systemic	ADJ
economy-7726	204	5	risk	risk	NOUN
economy-7726	204	6	,	,	PUNCT
economy-7726	204	7	policy	policy	NOUN
economy-7726	204	8	responses	response	NOUN
economy-7726	204	9	can	can	AUX
economy-7726	204	10	include	include	VERB
economy-7726	204	11	stabilizing	stabilize	VERB
economy-7726	204	12	commodity	commodity	NOUN
economy-7726	204	13	markets	market	NOUN
economy-7726	204	14	,	,	PUNCT
economy-7726	204	15	ensuring	ensure	VERB
economy-7726	204	16	gold	gold	NOUN
economy-7726	204	17	market	market	NOUN
economy-7726	204	18	liquidity	liquidity	NOUN
economy-7726	204	19	,	,	PUNCT
economy-7726	204	20	and	and	CCONJ
economy-7726	204	21	monitoring	monitor	VERB
economy-7726	204	22	speculative	speculative	ADJ
economy-7726	204	23	behavior	behavior	NOUN
economy-7726	204	24	.	.	PUNCT
economy-7726	205	1	gold	gold	NOUN
economy-7726	205	2	’s	’s	PART
economy-7726	205	3	inverse	inverse	NOUN
economy-7726	205	4	relationship	relationship	NOUN
economy-7726	205	5	with	with	ADP
economy-7726	205	6	equities	equity	NOUN
economy-7726	205	7	during	during	ADP
economy-7726	205	8	crises	crisis	NOUN
economy-7726	205	9	can	can	AUX
economy-7726	205	10	be	be	AUX
economy-7726	205	11	used	use	VERB
economy-7726	205	12	as	as	ADP
economy-7726	205	13	a	a	DET
economy-7726	205	14	real	real	ADJ
economy-7726	205	15	-	-	PUNCT
economy-7726	205	16	time	time	NOUN
economy-7726	205	17	indicator	indicator	NOUN
economy-7726	205	18	of	of	ADP
economy-7726	205	19	investor	investor	NOUN
economy-7726	205	20	sentiment	sentiment	NOUN
economy-7726	205	21	and	and	CCONJ
economy-7726	205	22	stress	stress	NOUN
economy-7726	205	23	in	in	ADP
economy-7726	205	24	financial	financial	ADJ
economy-7726	205	25	markets	market	NOUN
economy-7726	205	26	.	.	PUNCT
economy-7726	206	1	the	the	DET
economy-7726	206	2	results	result	NOUN
economy-7726	206	3	justify	justify	VERB
economy-7726	206	4	further	further	ADJ
economy-7726	206	5	innovation	innovation	NOUN
economy-7726	206	6	in	in	ADP
economy-7726	206	7	gold	gold	NOUN
economy-7726	206	8	-	-	PUNCT
economy-7726	206	9	based	base	VERB
economy-7726	206	10	etfs	etfs	NOUN
economy-7726	206	11	,	,	PUNCT
economy-7726	206	12	mutual	mutual	ADJ
economy-7726	206	13	funds	fund	NOUN
economy-7726	206	14	,	,	PUNCT
economy-7726	206	15	and	and	CCONJ
economy-7726	206	16	derivatives	derivative	NOUN
economy-7726	206	17	that	that	PRON
economy-7726	206	18	can	can	AUX
economy-7726	206	19	be	be	AUX
economy-7726	206	20	more	more	ADV
economy-7726	206	21	widely	widely	ADV
economy-7726	206	22	accessible	accessible	ADJ
economy-7726	206	23	to	to	ADP
economy-7726	206	24	retail	retail	ADJ
economy-7726	206	25	and	and	CCONJ
economy-7726	206	26	institutional	institutional	ADJ
economy-7726	206	27	investors	investor	NOUN
economy-7726	206	28	.	.	PUNCT
economy-7726	207	1	sebi	sebi	PROPN
economy-7726	207	2	could	could	AUX
economy-7726	207	3	encourage	encourage	VERB
economy-7726	207	4	the	the	DET
economy-7726	207	5	development	development	NOUN
economy-7726	207	6	of	of	ADP
economy-7726	207	7	hedging	hedging	NOUN
economy-7726	207	8	tools	tool	NOUN
economy-7726	207	9	linked	link	VERB
economy-7726	207	10	to	to	ADP
economy-7726	207	11	gold	gold	NOUN
economy-7726	207	12	for	for	ADP
economy-7726	207	13	managing	manage	VERB
economy-7726	207	14	equity	equity	NOUN
economy-7726	207	15	portfolio	portfolio	NOUN
economy-7726	207	16	risk	risk	NOUN
economy-7726	207	17	.	.	PUNCT
economy-7726	208	1	references	reference	NOUN
economy-7726	208	2	al	al	PROPN
economy-7726	208	3	-	-	PUNCT
economy-7726	208	4	yahyaee	yahyaee	PROPN
economy-7726	208	5	,	,	PUNCT
economy-7726	208	6	k.	k.	PROPN
economy-7726	208	7	h.	h.	PROPN
economy-7726	208	8	,	,	PUNCT
economy-7726	208	9	rehman	rehman	PROPN
economy-7726	208	10	,	,	PUNCT
economy-7726	208	11	m.	m.	NOUN
economy-7726	208	12	u.	u.	PROPN
economy-7726	208	13	,	,	PUNCT
economy-7726	208	14	mensi	mensi	PROPN
economy-7726	208	15	,	,	PUNCT
economy-7726	208	16	w.	w.	PROPN
economy-7726	208	17	,	,	PUNCT
economy-7726	208	18	&	&	CCONJ
economy-7726	208	19	al	al	PROPN
economy-7726	208	20	-	-	PUNCT
economy-7726	208	21	jarrah	jarrah	PROPN
economy-7726	208	22	,	,	PUNCT
economy-7726	208	23	i.	i.	PROPN
economy-7726	208	24	m.	m.	PROPN
economy-7726	208	25	w.	w.	PROPN
economy-7726	208	26	(	(	PUNCT
economy-7726	208	27	2019	2019	NUM
economy-7726	208	28	)	)	PUNCT
economy-7726	208	29	.	.	PUNCT
economy-7726	209	1	can	can	AUX
economy-7726	209	2	uncertainty	uncertainty	NOUN
economy-7726	209	3	indices	index	NOUN
economy-7726	209	4	predict	predict	VERB
economy-7726	209	5	bitcoin	bitcoin	ADJ
economy-7726	209	6	prices	price	NOUN
economy-7726	209	7	?	?	PUNCT
economy-7726	210	1	a	a	DET
economy-7726	210	2	revisited	revisit	VERB
economy-7726	210	3	analysis	analysis	NOUN
economy-7726	210	4	using	use	VERB
economy-7726	210	5	partial	partial	ADJ
economy-7726	210	6	and	and	CCONJ
economy-7726	210	7	multivariate	multivariate	VERB
economy-7726	210	8	wavelet	wavelet	NOUN
economy-7726	210	9	approaches	approach	NOUN
economy-7726	210	10	.	.	PUNCT
economy-7726	211	1	the	the	DET
economy-7726	211	2	north	north	ADJ
economy-7726	211	3	american	american	PROPN
economy-7726	211	4	journal	journal	PROPN
economy-7726	211	5	of	of	ADP
economy-7726	211	6	economics	economic	NOUN
economy-7726	211	7	and	and	CCONJ
economy-7726	211	8	finance	finance	NOUN
economy-7726	211	9	,	,	PUNCT
economy-7726	211	10	49	49	NUM
economy-7726	211	11	,	,	PUNCT
economy-7726	211	12	47	47	NUM
economy-7726	211	13	-	-	SYM
economy-7726	211	14	56	56	NUM
economy-7726	211	15	.	.	PUNCT
economy-7726	212	1	https://doi.org/10.1016/j.najef.2019.03.019	https://doi.org/10.1016/j.najef.2019.03.019	NUM
economy-7726	212	2	https://doi.org/10.1016/j.najef.2019.03.019	https://doi.org/10.1016/j.najef.2019.03.019	NUM
economy-7726	212	3	economy	economy	NOUN
economy-7726	212	4	,	,	PUNCT
economy-7726	212	5	2025	2025	NUM
economy-7726	212	6	,	,	PUNCT
economy-7726	212	7	12(2	12(2	NUM
economy-7726	212	8	):	):	PUNCT
economy-7726	212	9	175	175	NUM
economy-7726	212	10	-	-	SYM
economy-7726	212	11	181	181	NUM
economy-7726	212	12	181	181	NUM
economy-7726	212	13	©	©	ADP
economy-7726	212	14	2025	2025	NUM
economy-7726	212	15	by	by	ADP
economy-7726	212	16	the	the	DET
economy-7726	212	17	authors	author	NOUN
economy-7726	212	18	;	;	PUNCT
economy-7726	212	19	licensee	licensee	PROPN
economy-7726	212	20	asian	asian	ADJ
economy-7726	212	21	online	online	PROPN
economy-7726	212	22	journal	journal	PROPN
economy-7726	212	23	publishing	publishing	PROPN
economy-7726	212	24	group	group	PROPN
economy-7726	212	25	baur	baur	PROPN
economy-7726	212	26	,	,	PUNCT
economy-7726	212	27	d.	d.	PROPN
economy-7726	212	28	g.	g.	PROPN
economy-7726	212	29	,	,	PUNCT
economy-7726	212	30	&	&	CCONJ
economy-7726	212	31	lucey	lucey	PROPN
economy-7726	212	32	,	,	PUNCT
economy-7726	212	33	b.	b.	PROPN
economy-7726	212	34	m.	m.	PROPN
economy-7726	212	35	(	(	PUNCT
economy-7726	212	36	2010	2010	NUM
economy-7726	212	37	)	)	PUNCT
economy-7726	212	38	.	.	PUNCT
economy-7726	213	1	is	be	AUX
economy-7726	213	2	gold	gold	NOUN
economy-7726	213	3	a	a	DET
economy-7726	213	4	hedge	hedge	NOUN
economy-7726	213	5	or	or	CCONJ
economy-7726	213	6	a	a	DET
economy-7726	213	7	safe	safe	ADJ
economy-7726	213	8	haven	haven	NOUN
economy-7726	213	9	?	?	PUNCT
economy-7726	214	1	an	an	DET
economy-7726	214	2	analysis	analysis	NOUN
economy-7726	214	3	of	of	ADP
economy-7726	214	4	stocks	stock	NOUN
economy-7726	214	5	,	,	PUNCT
economy-7726	214	6	bonds	bond	NOUN
economy-7726	214	7	and	and	CCONJ
economy-7726	214	8	gold	gold	NOUN
economy-7726	214	9	.	.	PUNCT
economy-7726	215	1	financial	financial	ADJ
economy-7726	215	2	review	review	PROPN
economy-7726	215	3	,	,	PUNCT
economy-7726	215	4	45(2	45(2	NOUN
economy-7726	215	5	)	)	PUNCT
economy-7726	215	6	,	,	PUNCT
economy-7726	215	7	217	217	NUM
economy-7726	215	8	-	-	SYM
economy-7726	215	9	229	229	NUM
economy-7726	215	10	.	.	PUNCT
economy-7726	216	1	https://doi.org/10.1111/j.1540-6288.2010.00244.x	https://doi.org/10.1111/j.1540-6288.2010.00244.x	PROPN
economy-7726	216	2	baur	baur	PROPN
economy-7726	216	3	,	,	PUNCT
economy-7726	216	4	d.	d.	PROPN
economy-7726	216	5	g.	g.	PROPN
economy-7726	216	6	,	,	PUNCT
economy-7726	216	7	&	&	CCONJ
economy-7726	216	8	mcdermott	mcdermott	PROPN
economy-7726	216	9	,	,	PUNCT
economy-7726	216	10	t.	t.	PROPN
economy-7726	216	11	k.	k.	PROPN
economy-7726	216	12	(	(	PUNCT
economy-7726	216	13	2010	2010	NUM
economy-7726	216	14	)	)	PUNCT
economy-7726	216	15	.	.	PUNCT
economy-7726	216	16	is	be	AUX
economy-7726	216	17	gold	gold	NOUN
economy-7726	216	18	a	a	DET
economy-7726	216	19	safe	safe	ADJ
economy-7726	216	20	haven	haven	NOUN
economy-7726	216	21	?	?	PUNCT
economy-7726	217	1	international	international	ADJ
economy-7726	217	2	evidence	evidence	NOUN
economy-7726	217	3	.	.	PUNCT
economy-7726	218	1	journal	journal	NOUN
economy-7726	218	2	of	of	ADP
economy-7726	218	3	banking	banking	NOUN
economy-7726	218	4	&	&	CCONJ
economy-7726	218	5	finance	finance	PROPN
economy-7726	218	6	,	,	PUNCT
economy-7726	218	7	34(8	34(8	NUM
economy-7726	218	8	)	)	PUNCT
economy-7726	218	9	,	,	PUNCT
economy-7726	218	10	1886	1886	NUM
economy-7726	218	11	-	-	SYM
economy-7726	218	12	1898	1898	NUM
economy-7726	218	13	.	.	PUNCT
economy-7726	219	1	https://doi.org/10.1016/j.jbankfin.2009.12.008	https://doi.org/10.1016/j.jbankfin.2009.12.008	NOUN
economy-7726	219	2	bollerslev	bollerslev	ADJ
economy-7726	219	3	,	,	PUNCT
economy-7726	219	4	t.	t.	PROPN
economy-7726	219	5	(	(	PUNCT
economy-7726	219	6	1986	1986	NUM
economy-7726	219	7	)	)	PUNCT
economy-7726	219	8	.	.	PUNCT
economy-7726	220	1	generalized	generalize	VERB
economy-7726	220	2	autoregressive	autoregressive	ADJ
economy-7726	220	3	conditional	conditional	ADJ
economy-7726	220	4	heteroskedasticity	heteroskedasticity	NOUN
economy-7726	220	5	.	.	PUNCT
economy-7726	221	1	journal	journal	PROPN
economy-7726	221	2	of	of	ADP
economy-7726	221	3	econometrics	econometric	NOUN
economy-7726	221	4	,	,	PUNCT
economy-7726	221	5	31(3	31(3	NUM
economy-7726	221	6	)	)	PUNCT
economy-7726	221	7	,	,	PUNCT
economy-7726	221	8	307	307	NUM
economy-7726	221	9	-	-	SYM
economy-7726	221	10	327	327	NUM
economy-7726	221	11	.	.	PUNCT
economy-7726	222	1	https://doi.org/10.1016/0304-4076(86)90063-1	https://doi.org/10.1016/0304-4076(86)90063-1	PROPN
economy-7726	222	2	bouri	bouri	PROPN
economy-7726	222	3	,	,	PUNCT
economy-7726	222	4	e.	e.	PROPN
economy-7726	222	5	,	,	PUNCT
economy-7726	222	6	jain	jain	PROPN
economy-7726	222	7	,	,	PUNCT
economy-7726	222	8	a.	a.	PROPN
economy-7726	222	9	,	,	PUNCT
economy-7726	222	10	roubaud	roubaud	PROPN
economy-7726	222	11	,	,	PUNCT
economy-7726	222	12	d.	d.	PROPN
economy-7726	222	13	,	,	PUNCT
economy-7726	222	14	&	&	CCONJ
economy-7726	222	15	kristoufek	kristoufek	PROPN
economy-7726	222	16	,	,	PUNCT
economy-7726	222	17	l.	l.	PROPN
economy-7726	222	18	(	(	PUNCT
economy-7726	222	19	2017	2017	NUM
economy-7726	222	20	)	)	PUNCT
economy-7726	222	21	.	.	PUNCT
economy-7726	223	1	cryptocurrencies	cryptocurrencie	NOUN
economy-7726	223	2	as	as	ADP
economy-7726	223	3	a	a	DET
economy-7726	223	4	hedge	hedge	NOUN
economy-7726	223	5	and	and	CCONJ
economy-7726	223	6	safe	safe	ADJ
economy-7726	223	7	haven	haven	NOUN
economy-7726	223	8	for	for	ADP
economy-7726	223	9	us	us	PROPN
economy-7726	223	10	equity	equity	NOUN
economy-7726	223	11	markets	market	NOUN
economy-7726	223	12	.	.	PUNCT
economy-7726	224	1	the	the	DET
economy-7726	224	2	quarterly	quarterly	ADJ
economy-7726	224	3	review	review	NOUN
economy-7726	224	4	of	of	ADP
economy-7726	224	5	economics	economic	NOUN
economy-7726	224	6	and	and	CCONJ
economy-7726	224	7	finance	finance	NOUN
economy-7726	224	8	,	,	PUNCT
economy-7726	224	9	69	69	NUM
economy-7726	224	10	,	,	PUNCT
economy-7726	224	11	148–160	148–160	NUM
economy-7726	224	12	.	.	PUNCT
economy-7726	224	13	capie	capie	NOUN
economy-7726	224	14	,	,	PUNCT
economy-7726	224	15	f.	f.	PROPN
economy-7726	224	16	,	,	PUNCT
economy-7726	224	17	mills	mill	NOUN
economy-7726	224	18	,	,	PUNCT
economy-7726	224	19	t.	t.	PROPN
economy-7726	224	20	c.	c.	PROPN
economy-7726	224	21	,	,	PUNCT
economy-7726	224	22	&	&	CCONJ
economy-7726	224	23	wood	wood	PROPN
economy-7726	224	24	,	,	PUNCT
economy-7726	224	25	g.	g.	PROPN
economy-7726	224	26	(	(	PUNCT
economy-7726	224	27	2005	2005	NUM
economy-7726	224	28	)	)	PUNCT
economy-7726	224	29	.	.	PUNCT
economy-7726	225	1	gold	gold	NOUN
economy-7726	225	2	as	as	ADP
economy-7726	225	3	a	a	DET
economy-7726	225	4	hedge	hedge	NOUN
economy-7726	225	5	against	against	ADP
economy-7726	225	6	the	the	DET
economy-7726	225	7	dollar	dollar	NOUN
economy-7726	225	8	.	.	PUNCT
economy-7726	226	1	journal	journal	PROPN
economy-7726	226	2	of	of	ADP
economy-7726	226	3	international	international	ADJ
economy-7726	226	4	financial	financial	ADJ
economy-7726	226	5	markets	market	NOUN
economy-7726	226	6	,	,	PUNCT
economy-7726	226	7	institutions	institution	NOUN
economy-7726	226	8	and	and	CCONJ
economy-7726	226	9	money	money	NOUN
economy-7726	226	10	,	,	PUNCT
economy-7726	226	11	15(4	15(4	NUM
economy-7726	226	12	)	)	PUNCT
economy-7726	226	13	,	,	PUNCT
economy-7726	226	14	343	343	NUM
economy-7726	226	15	-	-	SYM
economy-7726	226	16	352	352	NUM
economy-7726	226	17	.	.	PUNCT
economy-7726	226	18	https://doi.org/10.1016/j.intfin.2004.07.002	https://doi.org/10.1016/j.intfin.2004.07.002	NOUN
economy-7726	226	19	choudhry	choudhry	NOUN
economy-7726	226	20	,	,	PUNCT
economy-7726	226	21	t.	t.	PROPN
economy-7726	226	22	,	,	PUNCT
economy-7726	226	23	hassan	hassan	PROPN
economy-7726	226	24	,	,	PUNCT
economy-7726	226	25	s.	s.	PROPN
economy-7726	226	26	s.	s.	PROPN
economy-7726	226	27	,	,	PUNCT
economy-7726	226	28	&	&	CCONJ
economy-7726	226	29	shabi	shabi	PROPN
economy-7726	226	30	,	,	PUNCT
economy-7726	226	31	s.	s.	PROPN
economy-7726	226	32	(	(	PUNCT
economy-7726	226	33	2015	2015	NUM
economy-7726	226	34	)	)	PUNCT
economy-7726	226	35	.	.	PUNCT
economy-7726	227	1	relationship	relationship	NOUN
economy-7726	227	2	between	between	ADP
economy-7726	227	3	gold	gold	NOUN
economy-7726	227	4	and	and	CCONJ
economy-7726	227	5	stock	stock	NOUN
economy-7726	227	6	markets	market	NOUN
economy-7726	227	7	during	during	ADP
economy-7726	227	8	the	the	DET
economy-7726	227	9	global	global	ADJ
economy-7726	227	10	financial	financial	ADJ
economy-7726	227	11	crisis	crisis	NOUN
economy-7726	227	12	:	:	PUNCT
economy-7726	227	13	evidence	evidence	NOUN
economy-7726	227	14	from	from	ADP
economy-7726	227	15	nonlinear	nonlinear	ADJ
economy-7726	227	16	causality	causality	NOUN
economy-7726	227	17	tests	test	NOUN
economy-7726	227	18	.	.	PUNCT
economy-7726	228	1	international	international	ADJ
economy-7726	228	2	review	review	NOUN
economy-7726	228	3	of	of	ADP
economy-7726	228	4	financial	financial	ADJ
economy-7726	228	5	analysis	analysis	NOUN
economy-7726	228	6	,	,	PUNCT
economy-7726	228	7	41	41	NUM
economy-7726	228	8	,	,	PUNCT
economy-7726	228	9	247	247	NUM
economy-7726	228	10	-	-	SYM
economy-7726	228	11	256	256	NUM
economy-7726	228	12	.	.	PUNCT
economy-7726	229	1	https://doi.org/10.1016/j.irfa.2015.03.011	https://doi.org/10.1016/j.irfa.2015.03.011	NOUN
economy-7726	229	2	ciner	ciner	NOUN
economy-7726	229	3	,	,	PUNCT
economy-7726	229	4	c.	c.	PROPN
economy-7726	229	5	,	,	PUNCT
economy-7726	229	6	gurdgiev	gurdgiev	PROPN
economy-7726	229	7	,	,	PUNCT
economy-7726	229	8	c.	c.	PROPN
economy-7726	229	9	,	,	PUNCT
economy-7726	229	10	&	&	CCONJ
economy-7726	229	11	lucey	lucey	PROPN
economy-7726	229	12	,	,	PUNCT
economy-7726	229	13	b.	b.	PROPN
economy-7726	229	14	m.	m.	PROPN
economy-7726	229	15	(	(	PUNCT
economy-7726	229	16	2013	2013	NUM
economy-7726	229	17	)	)	PUNCT
economy-7726	229	18	.	.	PUNCT
economy-7726	230	1	hedges	hedge	NOUN
economy-7726	230	2	and	and	CCONJ
economy-7726	230	3	safe	safe	ADJ
economy-7726	230	4	havens	haven	NOUN
economy-7726	230	5	:	:	PUNCT
economy-7726	230	6	an	an	DET
economy-7726	230	7	examination	examination	NOUN
economy-7726	230	8	of	of	ADP
economy-7726	230	9	stocks	stock	NOUN
economy-7726	230	10	,	,	PUNCT
economy-7726	230	11	bonds	bond	NOUN
economy-7726	230	12	,	,	PUNCT
economy-7726	230	13	gold	gold	NOUN
economy-7726	230	14	,	,	PUNCT
economy-7726	230	15	oil	oil	NOUN
economy-7726	230	16	and	and	CCONJ
economy-7726	230	17	exchange	exchange	NOUN
economy-7726	230	18	rates	rate	NOUN
economy-7726	230	19	.	.	PUNCT
economy-7726	231	1	international	international	ADJ
economy-7726	231	2	review	review	NOUN
economy-7726	231	3	of	of	ADP
economy-7726	231	4	financial	financial	ADJ
economy-7726	231	5	analysis	analysis	NOUN
economy-7726	231	6	,	,	PUNCT
economy-7726	231	7	29	29	NUM
economy-7726	231	8	,	,	PUNCT
economy-7726	231	9	202	202	NUM
economy-7726	231	10	-	-	SYM
economy-7726	231	11	211	211	NUM
economy-7726	231	12	.	.	PUNCT
economy-7726	232	1	https://doi.org/10.1016/j.irfa.2012.12.001	https://doi.org/10.1016/j.irfa.2012.12.001	PROPN
economy-7726	232	2	engle	engle	PROPN
economy-7726	232	3	,	,	PUNCT
economy-7726	232	4	r.	r.	PROPN
economy-7726	232	5	(	(	PUNCT
economy-7726	232	6	2002	2002	NUM
economy-7726	232	7	)	)	PUNCT
economy-7726	232	8	.	.	PUNCT
economy-7726	233	1	dynamic	dynamic	ADJ
economy-7726	233	2	conditional	conditional	ADJ
economy-7726	233	3	correlation	correlation	NOUN
economy-7726	233	4	:	:	PUNCT
economy-7726	233	5	a	a	DET
economy-7726	233	6	simple	simple	ADJ
economy-7726	233	7	class	class	NOUN
economy-7726	233	8	of	of	ADP
economy-7726	233	9	multivariate	multivariate	NOUN
economy-7726	233	10	generalized	generalize	VERB
economy-7726	233	11	autoregressive	autoregressive	ADJ
economy-7726	233	12	conditional	conditional	ADJ
economy-7726	233	13	heteroskedasticity	heteroskedasticity	NOUN
economy-7726	233	14	models	model	NOUN
economy-7726	233	15	.	.	PUNCT
economy-7726	234	1	journal	journal	NOUN
economy-7726	234	2	of	of	ADP
economy-7726	234	3	business	business	PROPN
economy-7726	234	4	&	&	CCONJ
economy-7726	234	5	economic	economic	ADJ
economy-7726	234	6	statistics	statistic	NOUN
economy-7726	234	7	,	,	PUNCT
economy-7726	234	8	20(3	20(3	NOUN
economy-7726	234	9	)	)	PUNCT
economy-7726	234	10	,	,	PUNCT
economy-7726	234	11	339	339	NUM
economy-7726	234	12	-	-	SYM
economy-7726	234	13	350	350	NUM
economy-7726	234	14	.	.	PUNCT
economy-7726	235	1	https://doi.org/10.1198/073500102288618487	https://doi.org/10.1198/073500102288618487	ADJ
economy-7726	235	2	jain	jain	PROPN
economy-7726	235	3	,	,	PUNCT
economy-7726	235	4	a.	a.	PROPN
economy-7726	235	5	,	,	PUNCT
economy-7726	235	6	&	&	CCONJ
economy-7726	235	7	ghosh	ghosh	PROPN
economy-7726	235	8	,	,	PUNCT
economy-7726	235	9	s.	s.	PROPN
economy-7726	235	10	(	(	PUNCT
economy-7726	235	11	2013	2013	NUM
economy-7726	235	12	)	)	PUNCT
economy-7726	235	13	.	.	PUNCT
economy-7726	236	1	dynamics	dynamic	NOUN
economy-7726	236	2	of	of	ADP
economy-7726	236	3	global	global	ADJ
economy-7726	236	4	oil	oil	NOUN
economy-7726	236	5	prices	price	NOUN
economy-7726	236	6	,	,	PUNCT
economy-7726	236	7	exchange	exchange	NOUN
economy-7726	236	8	rate	rate	NOUN
economy-7726	236	9	and	and	CCONJ
economy-7726	236	10	precious	precious	ADJ
economy-7726	236	11	metal	metal	NOUN
economy-7726	236	12	prices	price	NOUN
economy-7726	236	13	in	in	ADP
economy-7726	236	14	india	india	PROPN
economy-7726	236	15	.	.	PUNCT
economy-7726	237	1	resources	resource	NOUN
economy-7726	237	2	policy	policy	NOUN
economy-7726	237	3	,	,	PUNCT
economy-7726	237	4	38(1	38(1	NUM
economy-7726	237	5	)	)	PUNCT
economy-7726	237	6	,	,	PUNCT
economy-7726	237	7	88	88	NUM
economy-7726	237	8	-	-	SYM
economy-7726	237	9	93	93	NUM
economy-7726	237	10	.	.	PUNCT
economy-7726	238	1	https://doi.org/10.1016/j.resourpol.2012.10.001	https://doi.org/10.1016/j.resourpol.2012.10.001	PROPN
economy-7726	238	2	kumar	kumar	PROPN
economy-7726	238	3	,	,	PUNCT
economy-7726	238	4	d.	d.	PROPN
economy-7726	238	5	(	(	PUNCT
economy-7726	238	6	2014	2014	NUM
economy-7726	238	7	)	)	PUNCT
economy-7726	238	8	.	.	PUNCT
economy-7726	239	1	return	return	NOUN
economy-7726	239	2	and	and	CCONJ
economy-7726	239	3	volatility	volatility	NOUN
economy-7726	239	4	transmission	transmission	NOUN
economy-7726	239	5	between	between	ADP
economy-7726	239	6	gold	gold	NOUN
economy-7726	239	7	and	and	CCONJ
economy-7726	239	8	stock	stock	NOUN
economy-7726	239	9	sectors	sector	NOUN
economy-7726	239	10	:	:	PUNCT
economy-7726	239	11	application	application	NOUN
economy-7726	239	12	of	of	ADP
economy-7726	239	13	portfolio	portfolio	NOUN
economy-7726	239	14	management	management	NOUN
economy-7726	239	15	and	and	CCONJ
economy-7726	239	16	hedging	hedging	NOUN
economy-7726	239	17	effectiveness	effectiveness	NOUN
economy-7726	239	18	.	.	PUNCT
economy-7726	240	1	iimb	iimb	PROPN
economy-7726	240	2	management	management	PROPN
economy-7726	240	3	review	review	PROPN
economy-7726	240	4	,	,	PUNCT
economy-7726	240	5	26(1	26(1	NUM
economy-7726	240	6	)	)	PUNCT
economy-7726	240	7	,	,	PUNCT
economy-7726	240	8	5	5	NUM
economy-7726	240	9	-	-	SYM
economy-7726	240	10	16	16	NUM
economy-7726	240	11	.	.	PUNCT
economy-7726	241	1	https://doi.org/10.1016/j.iimb.2013.12.002	https://doi.org/10.1016/j.iimb.2013.12.002	PROPN
economy-7726	241	2	nelson	nelson	PROPN
economy-7726	241	3	,	,	PUNCT
economy-7726	241	4	d.	d.	PROPN
economy-7726	241	5	b.	b.	PROPN
economy-7726	241	6	(	(	PUNCT
economy-7726	241	7	1991	1991	NUM
economy-7726	241	8	)	)	PUNCT
economy-7726	241	9	.	.	PUNCT
economy-7726	242	1	conditional	conditional	ADJ
economy-7726	242	2	heteroskedasticity	heteroskedasticity	NOUN
economy-7726	242	3	in	in	ADP
economy-7726	242	4	asset	asset	NOUN
economy-7726	242	5	returns	return	NOUN
economy-7726	242	6	:	:	PUNCT
economy-7726	242	7	a	a	DET
economy-7726	242	8	new	new	ADJ
economy-7726	242	9	approach	approach	NOUN
economy-7726	242	10	.	.	PUNCT
economy-7726	243	1	econometrica	econometrica	PROPN
economy-7726	243	2	:	:	PUNCT
economy-7726	243	3	journal	journal	NOUN
economy-7726	243	4	of	of	ADP
economy-7726	243	5	the	the	DET
economy-7726	243	6	econometric	econometric	ADJ
economy-7726	243	7	society	society	NOUN
economy-7726	243	8	,	,	PUNCT
economy-7726	243	9	59(2	59(2	NUM
economy-7726	243	10	)	)	PUNCT
economy-7726	243	11	,	,	PUNCT
economy-7726	243	12	347	347	NUM
economy-7726	243	13	-	-	SYM
economy-7726	243	14	370	370	NUM
economy-7726	243	15	.	.	PUNCT
economy-7726	244	1	https://doi.org/10.2307/2938260	https://doi.org/10.2307/2938260	PROPN
economy-7726	244	2	patra	patra	PROPN
economy-7726	244	3	,	,	PUNCT
economy-7726	244	4	s.	s.	PROPN
economy-7726	244	5	,	,	PUNCT
economy-7726	244	6	&	&	CCONJ
economy-7726	244	7	patnaik	patnaik	PROPN
economy-7726	244	8	,	,	PUNCT
economy-7726	244	9	m.	m.	NOUN
economy-7726	244	10	(	(	PUNCT
economy-7726	244	11	2020	2020	NUM
economy-7726	244	12	)	)	PUNCT
economy-7726	244	13	.	.	PUNCT
economy-7726	245	1	does	do	AUX
economy-7726	245	2	gold	gold	NOUN
economy-7726	245	3	act	act	NOUN
economy-7726	245	4	as	as	ADP
economy-7726	245	5	a	a	DET
economy-7726	245	6	safe	safe	ADJ
economy-7726	245	7	haven	haven	NOUN
economy-7726	245	8	in	in	ADP
economy-7726	245	9	india	india	PROPN
economy-7726	245	10	?	?	PUNCT
economy-7726	246	1	an	an	DET
economy-7726	246	2	empirical	empirical	ADJ
economy-7726	246	3	analysis	analysis	NOUN
economy-7726	246	4	.	.	PUNCT
economy-7726	247	1	iup	iup	PROPN
economy-7726	247	2	journal	journal	PROPN
economy-7726	247	3	of	of	ADP
economy-7726	247	4	applied	apply	VERB
economy-7726	247	5	economics	economic	NOUN
economy-7726	247	6	,	,	PUNCT
economy-7726	247	7	19(3	19(3	NUM
economy-7726	247	8	)	)	PUNCT
economy-7726	247	9	,	,	PUNCT
economy-7726	247	10	42–58	42–58	NUM
economy-7726	247	11	.	.	PUNCT
economy-7726	248	1	sadorsky	sadorsky	PROPN
economy-7726	248	2	,	,	PUNCT
economy-7726	248	3	p.	p.	NOUN
economy-7726	248	4	(	(	PUNCT
economy-7726	248	5	2014	2014	NUM
economy-7726	248	6	)	)	PUNCT
economy-7726	248	7	.	.	PUNCT
economy-7726	249	1	modeling	model	VERB
economy-7726	249	2	volatility	volatility	NOUN
economy-7726	249	3	and	and	CCONJ
economy-7726	249	4	correlations	correlation	NOUN
economy-7726	249	5	between	between	ADP
economy-7726	249	6	emerging	emerge	VERB
economy-7726	249	7	market	market	NOUN
economy-7726	249	8	stock	stock	NOUN
economy-7726	249	9	prices	price	NOUN
economy-7726	249	10	and	and	CCONJ
economy-7726	249	11	the	the	DET
economy-7726	249	12	prices	price	NOUN
economy-7726	249	13	of	of	ADP
economy-7726	249	14	copper	copper	NOUN
economy-7726	249	15	,	,	PUNCT
economy-7726	249	16	oil	oil	NOUN
economy-7726	249	17	and	and	CCONJ
economy-7726	249	18	wheat	wheat	NOUN
economy-7726	249	19	.	.	PUNCT
economy-7726	250	1	energy	energy	NOUN
economy-7726	250	2	economics	economic	NOUN
economy-7726	250	3	,	,	PUNCT
economy-7726	250	4	43	43	NUM
economy-7726	250	5	,	,	PUNCT
economy-7726	250	6	72	72	NUM
economy-7726	250	7	-	-	SYM
economy-7726	250	8	81	81	NUM
economy-7726	250	9	.	.	PUNCT
economy-7726	251	1	https://doi.org/10.1016/j.eneco.2014.02.014	https://doi.org/10.1016/j.eneco.2014.02.014	PROPN
economy-7726	251	2	sharma	sharma	PROPN
economy-7726	251	3	,	,	PUNCT
economy-7726	251	4	g.	g.	PROPN
economy-7726	251	5	d.	d.	PROPN
economy-7726	251	6	,	,	PUNCT
economy-7726	251	7	&	&	CCONJ
economy-7726	251	8	mahendru	mahendru	PROPN
economy-7726	251	9	,	,	PUNCT
economy-7726	251	10	m.	m.	NOUN
economy-7726	251	11	(	(	PUNCT
economy-7726	251	12	2010	2010	NUM
economy-7726	251	13	)	)	PUNCT
economy-7726	251	14	.	.	PUNCT
economy-7726	252	1	impact	impact	NOUN
economy-7726	252	2	of	of	ADP
economy-7726	252	3	macro	macro	ADJ
economy-7726	252	4	-	-	ADJ
economy-7726	252	5	economic	economic	ADJ
economy-7726	252	6	variables	variable	NOUN
economy-7726	252	7	on	on	ADP
economy-7726	252	8	stock	stock	NOUN
economy-7726	252	9	prices	price	NOUN
economy-7726	252	10	in	in	ADP
economy-7726	252	11	india	india	PROPN
economy-7726	252	12	.	.	PUNCT
economy-7726	253	1	global	global	ADJ
economy-7726	253	2	journal	journal	PROPN
economy-7726	253	3	of	of	ADP
economy-7726	253	4	management	management	NOUN
economy-7726	253	5	and	and	CCONJ
economy-7726	253	6	business	business	NOUN
economy-7726	253	7	research	research	NOUN
economy-7726	253	8	,	,	PUNCT
economy-7726	253	9	10(7	10(7	NUM
economy-7726	253	10	)	)	PUNCT
economy-7726	253	11	,	,	PUNCT
economy-7726	253	12	19–26	19–26	NUM
economy-7726	253	13	.	.	PUNCT
economy-7726	254	1	tversky	tversky	PROPN
economy-7726	254	2	,	,	PUNCT
economy-7726	254	3	a.	a.	PROPN
economy-7726	254	4	,	,	PUNCT
economy-7726	254	5	&	&	CCONJ
economy-7726	254	6	kahneman	kahneman	PROPN
economy-7726	254	7	,	,	PUNCT
economy-7726	254	8	d.	d.	PROPN
economy-7726	254	9	(	(	PUNCT
economy-7726	254	10	1974	1974	NUM
economy-7726	254	11	)	)	PUNCT
economy-7726	254	12	.	.	PUNCT
economy-7726	255	1	judgment	judgment	NOUN
economy-7726	255	2	under	under	ADP
economy-7726	255	3	uncertainty	uncertainty	NOUN
economy-7726	255	4	:	:	PUNCT
economy-7726	255	5	heuristics	heuristic	NOUN
economy-7726	255	6	and	and	CCONJ
economy-7726	255	7	biases	bias	NOUN
economy-7726	255	8	:	:	PUNCT
economy-7726	255	9	biases	bias	NOUN
economy-7726	255	10	in	in	ADP
economy-7726	255	11	judgments	judgment	NOUN
economy-7726	255	12	reveal	reveal	VERB
economy-7726	255	13	some	some	DET
economy-7726	255	14	heuristics	heuristic	NOUN
economy-7726	255	15	of	of	ADP
economy-7726	255	16	thinking	think	VERB
economy-7726	255	17	under	under	ADP
economy-7726	255	18	uncertainty	uncertainty	NOUN
economy-7726	255	19	.	.	PUNCT
economy-7726	256	1	science	science	NOUN
economy-7726	256	2	,	,	PUNCT
economy-7726	256	3	185(4157	185(4157	NUM
economy-7726	256	4	)	)	PUNCT
economy-7726	256	5	,	,	PUNCT
economy-7726	256	6	1124	1124	NUM
economy-7726	256	7	-	-	SYM
economy-7726	256	8	1131	1131	NUM
economy-7726	256	9	.	.	PUNCT
economy-7726	257	1	https://doi.org/10.1126/science.185.4157.1124	https://doi.org/10.1126/science.185.4157.1124	PROPN
economy-7726	257	2	world	world	PROPN
economy-7726	257	3	gold	gold	PROPN
economy-7726	257	4	council	council	PROPN
economy-7726	257	5	.	.	PUNCT
economy-7726	258	1	(	(	PUNCT
economy-7726	258	2	2022	2022	NUM
economy-7726	258	3	)	)	PUNCT
economy-7726	258	4	.	.	PUNCT
economy-7726	259	1	gold	gold	NOUN
economy-7726	259	2	demand	demand	NOUN
economy-7726	259	3	trends	trend	NOUN
economy-7726	259	4	–	–	PUNCT
economy-7726	259	5	full	full	ADJ
economy-7726	259	6	year	year	NOUN
economy-7726	259	7	2021	2021	NUM
economy-7726	259	8	.	.	PUNCT
economy-7726	260	1	united	united	PROPN
economy-7726	260	2	kingdom	kingdom	PROPN
economy-7726	260	3	:	:	PUNCT
economy-7726	260	4	world	world	PROPN
economy-7726	260	5	gold	gold	PROPN
economy-7726	260	6	council	council	PROPN
economy-7726	260	7	.	.	PUNCT
economy-7726	261	1	asian	asian	ADJ
economy-7726	261	2	online	online	PROPN
economy-7726	261	3	journal	journal	PROPN
economy-7726	261	4	publishing	publishing	NOUN
economy-7726	261	5	group	group	NOUN
economy-7726	261	6	is	be	AUX
economy-7726	261	7	not	not	PART
economy-7726	261	8	responsible	responsible	ADJ
economy-7726	261	9	or	or	CCONJ
economy-7726	261	10	answerable	answerable	ADJ
economy-7726	261	11	for	for	ADP
economy-7726	261	12	any	any	DET
economy-7726	261	13	loss	loss	NOUN
economy-7726	261	14	,	,	PUNCT
economy-7726	261	15	damage	damage	NOUN
economy-7726	261	16	or	or	CCONJ
economy-7726	261	17	liability	liability	NOUN
economy-7726	261	18	,	,	PUNCT
economy-7726	261	19	etc	etc	X
economy-7726	261	20	.	.	X
economy-7726	261	21	caused	cause	VERB
economy-7726	261	22	in	in	ADP
economy-7726	261	23	relation	relation	NOUN
economy-7726	261	24	to	to	PART
economy-7726	261	25	/	/	PUNCT
economy-7726	261	26	arising	arise	VERB
economy-7726	261	27	out	out	ADP
economy-7726	261	28	of	of	ADP
economy-7726	261	29	the	the	DET
economy-7726	261	30	use	use	NOUN
economy-7726	261	31	of	of	ADP
economy-7726	261	32	the	the	DET
economy-7726	261	33	content	content	NOUN
economy-7726	261	34	.	.	PUNCT
economy-7726	262	1	any	any	DET
economy-7726	262	2	queries	query	NOUN
economy-7726	262	3	should	should	AUX
economy-7726	262	4	be	be	AUX
economy-7726	262	5	directed	direct	VERB
economy-7726	262	6	to	to	ADP
economy-7726	262	7	the	the	DET
economy-7726	262	8	corresponding	corresponding	ADJ
economy-7726	262	9	author	author	NOUN
economy-7726	262	10	of	of	ADP
economy-7726	262	11	the	the	DET
economy-7726	262	12	article	article	NOUN
economy-7726	262	13	.	.	PUNCT
economy-7726	263	1	https://doi.org/10.1111/j.1540-6288.2010.00244.x	https://doi.org/10.1111/j.1540-6288.2010.00244.x	X
economy-7726	263	2	https://doi.org/10.1016/j.jbankfin.2009.12.008	https://doi.org/10.1016/j.jbankfin.2009.12.008	VERB
economy-7726	263	3	https://doi.org/10.1016/0304-4076(86)90063-1	https://doi.org/10.1016/0304-4076(86)90063-1	PROPN
economy-7726	263	4	https://doi.org/10.1016/j.intfin.2004.07.002	https://doi.org/10.1016/j.intfin.2004.07.002	NOUN
economy-7726	263	5	https://doi.org/10.1016/j.irfa.2015.03.011	https://doi.org/10.1016/j.irfa.2015.03.011	NOUN
economy-7726	263	6	https://doi.org/10.1016/j.irfa.2012.12.001	https://doi.org/10.1016/j.irfa.2012.12.001	VERB
economy-7726	263	7	https://doi.org/10.1198/073500102288618487	https://doi.org/10.1198/073500102288618487	PUNCT
economy-7726	264	1	https://doi.org/10.1016/j.resourpol.2012.10.001	https://doi.org/10.1016/j.resourpol.2012.10.001	PROPN
economy-7726	264	2	https://doi.org/10.1016/j.iimb.2013.12.002	https://doi.org/10.1016/j.iimb.2013.12.002	VERB
economy-7726	264	3	https://doi.org/10.2307/2938260	https://doi.org/10.2307/2938260	PRON
economy-7726	264	4	https://doi.org/10.1016/j.eneco.2014.02.014	https://doi.org/10.1016/j.eneco.2014.02.014	PROPN
economy-7726	264	5	https://doi.org/10.1126/science.185.4157.1124	https://doi.org/10.1126/science.185.4157.1124	PUNCT