Year: 2026
Type: article
Abstract: This paper examines whether crude oil and natural gas act as diversifiers, hedges, and safe havens for BRICS Plus stock markets during the COVID-19 pandemic, the Russia–Ukraine conflict, and the Silicon Valley Bank collapse. Results indicate that crude oil serves as an effective diversifier in normal periods and provides strong safe-haven protection during extreme crises, especially for Russia, India, and China. Natural gas primarily serves as a stable diversifier and hedge, with stronger effects during downturns than during acute crises. Overall, crude oil demonstrates greater hedging effectiveness, offering important implications for dynamic risk management and portfolio allocation under uncertainty.
Source: Modern Finance
DOI: 10.61351/mf.v4i2.436
Authors: Rihab Belguith, Yasmine Snene Manzli
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W7154708184