Financial Investment Risk Comparison Stock, Gold, and Cryptocurrency : Evidence Transition Towards Endemic COVID-19 in Indonesia
DOI:
https://doi.org/10.46851/173Abstract
Financial investment is an investment made by economic actors in financial markets through various financial instruments such as stocks, gold, and cryptocurrencies. During the COVID-19 pandemic, people were more interested in investing in financial instruments because financial investments have the attraction of liquidity. This study aims to know the conditions for stock, gold, and cryptocurrency returns and to model the volatility return of stock, gold, and cryptocurrency during the transition towards endemic COVID-19. This study used a quantitative approach with daily secondary data of the highest price during the transition towards endemic COVID-19, with the period May 1, 2022, to December 31, 2022, because this period can be good news for investment instruments. The contribution of this research to the existing literature is examining the COVID-19 pandemic specifically during the Transition Towards Endemic COVID-19, especially in Indonesia, on the three instruments. Price data was first converted into the return and then analyzed descriptively and inferentially. Data were analyzed by the EViews 10 Program. The descriptive results showed that during the transition towards endemic COVID-19, the three investment instruments had fluctuating returns. Based on ARMA modelling, those with ARCH effects are gold and cryptocurrency, so modelling using GARCH is continued. GARCH modelling during the transition period towards the COVID-19 endemic in gold and cryptocurrency using GARCH(1,1) and ARCH(1). Based on the estimated volatility, the results show that cryptocurrency is the riskiest instrument, followed by gold and stocks. For risk-seeker investor types can invest in cryptocurrency instruments. For the type of risk-averse investors who can invest in stock investment instruments.
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