Publikationsserver
The Real and Financial Impact of COVID-19 Around the World
In this paper, we study the impact of the COVID-19 pandemic in estimated panel VAR models for 92 countries. The large cross section of countries allows us to shed light on the heterogeneity of the responses of stock markets and NO2 emissions as high-frequency measures of economic activity. We quanti...
Enregistré dans:
| Publié dans: | MAGKS - Joint Discussion Paper Series in Economics (Band 01-2022) |
|---|---|
| Auteurs principaux: | , |
| Format: | Article |
| Langue: | anglais |
| Publié: |
Philipps-Universität Marburg
2021
|
| Sujets: | |
| Accès en ligne: | Texte intégral en PDF |
| Tags: |
Ajouter un tag
Pas de tags, Soyez le premier à ajouter un tag!
|
| Résumé: | In this paper, we study the impact of the COVID-19 pandemic in estimated panel VAR models for 92 countries. The large cross section of countries allows us to shed light on the heterogeneity of the responses of stock markets and NO2 emissions as high-frequency measures of economic activity. We quantify the effect of the number of infections and four dimensions of policy measures: (1) containment and closure, (2) movement restrictions, (3) economic support and (4) adjustments of health systems. Our main findings show that a surprise increase in the number of infections triggers a drop in our two measures of economic activity. Propping up economic support measures, in contrast, raises stock returns and emissions and, thus, contributes to the economic recovery. We also document vast differences in the responses across subsets of countries and between the first and the second wave of infections. |
|---|---|
| Description matérielle: | 48 Seiten |
| ISSN: | 1867-3678 |
| DOI: | 10.17192/es2024.0711 |