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The Effect of COVID – 19 Pandemic on Global Stock Market Volatility: Can Economic Strength Help to Manage the Uncertainty?

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JournalJOURNAL OF BUSINESS RESEARCH
DateAccepted/In press - 31 Jan 2021
DateE-pub ahead of print (current) - 11 Feb 2021
Volume128
Number of pages14
Pages (from-to)31-44
Early online date11/02/21
Original languageEnglish

Abstract

Stock markets across the world have exhibited varying degrees of stock market volatility following the recent COVID-19 pandemic. We have examined the effect of this pandemic on stock market volatility and whether economic strength, measured by a set of selected country-level economic characteristics and factors such as economic resilience, intensity of capitalism, level of corporate governance, financial development, monetary policy rate and quality of health system, can potentially mitigate the possible detrimental effect of the global pandemic on stock market volatility. Using data from 34 developed and emerging markets, we have found that these country-level economic characteristics and factors do help to reduce the volatility arising from the virus pandemic. The results of this paper are important as policymakers can use these economic factors to set policy responses to tackle extraordinary heat in the global stock market in order to avoid any possible future financial crisis.

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