《2019冠状病毒病、全球政府政策应对措施与股票市场流动性：一则说明》
COVID-19, government policy responses, and stock market liquidity around the world: A note.
作者信息
Zaremba Adam, Aharon David Y, Demir Ender, Kizys Renatas, Zawadka Dariusz
机构信息
Montpellier Business School, 2300 Avenue des Moulins, 34185, Montpellier, France.
Department of Investment and Financial Markets, Institute of Finance, Poznan University of Economics and Business, al. Niepodległości 10, 61-875, Poznań, Poland.
出版信息
Res Int Bus Finance. 2021 Apr;56:101359. doi: 10.1016/j.ribaf.2020.101359. Epub 2020 Dec 4.
Abstract
Unprecedented non-pharmaceutical interventions targeted to curb the spread of COVID-19 exerted a dramatic impact on the global economy and financial markets. This study is the first attempt to investigate the influence of these government policy responses on global stock market liquidity. To this end, we examine daily data from 49 countries for the period January-April 2020. We demonstrate that the impact of the interventions is limited in scale and scope. Workplace and school closures deteriorate liquidity in emerging markets, while information campaigns on the novel coronavirus facilitate trading activity.
摘要
为遏制新冠病毒传播而采取的前所未有的非药物干预措施对全球经济和金融市场产生了巨大影响。本研究首次尝试探究这些政府政策应对措施对全球股票市场流动性的影响。为此，我们考察了2020年1月至4月期间49个国家的每日数据。我们证明，这些干预措施的影响在规模和范围上是有限的。工作场所和学校关闭会使新兴市场的流动性恶化，而关于新型冠状病毒的宣传活动则促进了交易活动。
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