This study examines COVID-19 pandemic effects on the stock market and exchange rate of South Korea. With daily data from January 2, 2019 to August 31, 2020, we show that a new infection spike increases stock price index volatility and decreases foreign investors' holdings of domestic stocks, and indirectly leads to the depreciation of the South Korean won. We indicate that investors may have repurchased the South Korean won seven days after an infection spike, thereby slightly increasing its value. We also find that the Bank of Korea's foreign exchange intervention had a short-run effect with a limited impact. The intervention did not have a significant effect on exchange rate volatility.

中文翻译：

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COVID-19大流行对韩国股市和汇率的影响

这项研究研究了COVID-19大流行对韩国股市和汇率的影响。根据2019年1月2日至2020年8月31日的每日数据，我们显示出新的感染高峰增加了股价指数的波动性并减少了外国投资者持有的国内股票，并间接导致韩元贬值。我们指出，感染高峰后的7天之内，投资者可能已经回购了韩元，从而使其价值略有上升。我们还发现，韩国银行的外汇干预具有短期影响，影响有限。干预措施对汇率波动没有重大影响。