ARTÍCULO
TITULO

Effects of COVID-19 Pandemic on International Capital Markets

Paulo Vitor Souza de Souza    
César Augusto Tibúrcio Silva    

Resumen

In this paper, we analyzed the effects of the crisis generated by the COVID-19 pandemic on international capital markets. We used the most representative indexes belonging to the stock markets of 44 world economies in daily time series with data from 01/02/2019 to 05/15/2020. Correlation analysis and average price tests, graphical analysis of returns, and multiple linear regression analysis of index efficiency were made, together with the cultural dimensions and macroeconomic aspects of the markets. The findings provide evidence that in the periods after the pandemic, the markets became more correlated by increasing the correlation levels of their indexes. We found a significant difference in the correlation coefficients of the periods before and after the pandemic, indicating a change in behavior of the correlation indexes. Markets presented a reduction in their returns and an increase in their volatility after the pandemic. The pandemic affected the efficiency behavior of the market indexes. In the pre-pandemic period reduced the market?s efficiency by individualism and aversion to uncertainty and increased inflation. In the post-pandemic period, efficiency was increased by individualism and reduced by indulgence. These results provide evidence that the behavior of efficiency changed, indicating an adaptive behavior of international capital markets.Keywords: Economic Crisis, Uncertainty, Pandemic, Adaptive Markets.JEL Classifications: G14, G15, G41.DOI: https://doi.org/10.32479/ijefi.10702

 Artículos similares

       
 
Florina Popa    
Ensuring the convergence in the process of the Romanian economic and social environment adaptation, to the requirements of internal market of European Union, but also the alignment of public policies with good practices of European Union, led to the emer... ver más

 
Goran Milovanovic,Goran Radisavljevic,Sandra Milanovic     Pág. 213 - 228
The aim of this paper is to consider the nature of changes in the fiscal deficit and public debt of the Republic of Serbia and propose measures to reduce them, based on the analysis of selected statistical and academic sources. The fiscal deficit and the... ver más

 
Siti Rohima,(Universitas SriwijayaIndonesia)Abdul Bashir,(Universitas SriwijayaIndonesia)Mardalena Mardalena,(Universitas SriwijayaIndonesia)Aning Kesuma Putri,(Universitas Bangka BelitungIndonesia)     Pág. 115 - 129
This study aims to determine tax revenues and capital expenditures before and during the COVID-19 pandemic on Indonesia's economic growth. The secondary data from 1980 to 2019 was collected through Badan Pusat Statistik (BPS). This study uses a descripti... ver más

 
Sarlina Sari     Pág. 63 - 74
This research is a descriptive qualitative study that aims to explore the practice of accounting records adopted by business people and companies in Indonesia during the Coronavirus pandemic by comparing it with previous literature which has similar char... ver más

 
Adel Necib, Amara Tijani, Saii Arem, Anis Jarboui     Pág. 39 - 66
The main objective of this article is to study the effect of the aglity decision-making of managers on performance of the company during the COVID 19 pandemic period. The empirical tests were carried out on panel data of companies belonging to the FTSE 1... ver más