ArticleAuthors: Bekiros, Stelios; Boubaker, Sabri; Nguyen, Duc Khuong; Uddin, Gazi Salah (2017)
There is evidence to suggest that gold acts as both a hedge and a safe haven for equity markets
over recent years, and particularly during crises periods. Our work extends the recent
literature on hedging and diversification roles of gold by analyzing its interaction with the
stock markets of the leading emerging economies, the BRICS. While they generally exhibit a
high growth rate, these economies still experience a pronounced vulnerability to external
shocks, particularly to commodity price fluctuations. Using a multi-scale wavelet approach
and a GARCH-based copula methodology, we mainly show evidence of: (i) the time-scale
co-evolvement patterns between BRICS stock markets a... 
