Interdependencies among gold, green bond, bitcoin and stock market prices: a structural equation modeling approach

Purpose This study examines the interdependencies among gold, green bonds, bitcoin and stock markets, considering the effects of major global crises such as the COVID-19 pandemic and the Ukraine war. By using a simultaneous equations framework, the research explores how these markets interact and affect one another. Design/methodology/approach The analysis employs daily data from 2014 to 2024 and applies a simultaneous equations model to capture both direct and indirect effects among the selected financial markets. This approach ensures a comprehensive assessment while minimizing country-specific biases. Findings The results reveal bitcoin’s mixed impact on stock markets, the complex influence of green bonds and the variable safe-haven properties of gold. The study highlights the evolving nature of these relationships, particularly in times of financial distress. Practical implications Understanding these interdependencies is essential for investors, policymakers, and financial analysts aiming to manage risk and optimize portfolio strategies. The findings shed light on the role of alternative assets during periods of crisis. Originality/value Unlike previous studies that focus on individual markets or country-specific data, this research simultaneously examines four key financial markets on a global scale. By integrating a broader dataset and addressing both direct and indirect linkages, the study contributes to the literature on financial market dynamics and risk diversification.