This paper investigates the volatility spillovers across precious and industrial metal markets over the period 1993–2019 based on the DY and ​BK methods. Results are summarized as follows: (1) while volatility spillovers across industrial metals are higher than across precious metals, the opposite occurs during crisis periods where precious metals cause net volatility spillovers to industrial metals; (2) volatility spillovers of the two metal groups show different dynamics in the short-, medium- and long-term components, especially in the short- and medium-term components.

中文翻译：

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分析贵金属和工业金属市场波动溢出的频率动态

本文基于 DY 和 BK 方法研究了 1993 年至 2019 年期间贵金属和工业金属市场的波动溢出。结果总结如下：（1）虽然工业金属的波动溢出高于贵金属，但在危机时期则相反，贵金属对工业金属造成净波动溢出；(2) 两种金属的波动溢出在短期、中期和长期成分中表现出不同的动态，尤其是在短期和中期成分中。