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World Equity Markets and COVID-19: Immediate Response and Recovery Prospects

Seven, Ünal and Yilmaz, Fatih (2020): World Equity Markets and COVID-19: Immediate Response and Recovery Prospects.

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Following the spread of the COVID-19 pandemic, most global equity markets experienced significant falls. Recognizing the severe economic impacts of the pandemic, from mid-March, many governments announced unprecedented economic rescue packages, which appear to restore investors’ confidence, given the recoveries in most stock markets. However, the recovery performance significantly varies across countries. This paper provides an empirical analysis of how much of the recovery performance observed in equity markets can be explained by the size and types of rescue packages declared by countries. We find that among different types, fiscal stimulus supports seem to be a stronger predictor of equity market recovery performance. We also find that the severity of the outbreak, reliance more on natural resource and tourism revenues are negatively correlated with countries’ stock market recovery performance.

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