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ABSTRACTInvestigating gold's safe‐haven status is crucial to stabilising energy and cryptocurrency markets. To capture the dynamic relationships between energy‐related uncertainty (ERU), gold prices (GP), and cryptocurrency policy uncertainty (CPOU), this study employs the TVP‐SV‐VAR methodology. Through quantitative analysis, we find ERU has favourable and unfavourable effects on GP. The favourable impact underscores gold's safe‐haven role against energy market uncertainty. At the same time, the negative impact contradicts this view and theoretical models, likely due to the U.S. dollar's value and gold's hedging performance against other uncertainties. CPOU, however, positively impacts GP, supporting gold's safe‐haven characteristics against uncertainty in the cryptocurrency market and aligning with theoretical predictions. Gold's safe‐haven status in the cryptocurrency market is comparably more consistent but slightly less significant. Additionally, this study validates the findings by substituting CPOU with cryptocurrency price uncertainty (CPRU), confirming their robustness. Given the high volatility in energy and cryptocurrency markets, this article offers valuable insights for authorities to maximise profits and ensure stable growth.

This article detects the existence of bubbles in the Chinese art market and investigates when the bubbles originate and crash. We utilize the generalized supremum augmented Dickey–Fuller (ADF) test to detect explosive behavior in the Chinese art market. The empirical results indicate that there are two bubbles in the Chinese art market that happened in the periods from 2004 to 2005 and 2010 to 2011. The main reasons are the financialization of artworks, the speculation of investment institution, and the fluctuation of macroeconomics in China. Our findings are in agreement with the bubble model improved by Gürkaynak considering that asset price can be decomposed to bubbles and fundamental parts. Therefore, to favor the Chinese art market price stabilization, the regulators from this market should identify bubbles to notice their evolutions. The authorities should also manage the expectations of the public and reduce speculative behavior.