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Do stock markets play a role in determining COVID-19 economic stimulus? A cross-country analysis
World Economy ( IF 2.000 ) Pub Date : 2021-04-20 , DOI: 10.1111/twec.13130
Muhammad Shafiullah 1 , Usman Khalid 2 , Sajid M Chaudhry 3
Affiliation  

This paper makes an innovative contribution to the extant literature by analysing the determinants of economic stimulus packages implemented by governments in response to the COVID-19 pandemic. In particular, we explore whether stock market declines observed in many countries can predict the size of COVID-19 stimulus packages. Moreover, we explore whether a country's level of income can augment the underlying relationship between stock market declines and stimulus packages. The findings reveal that a larger stock market decline results in a larger stimulus package; however, this effect is only observed in countries that have an income level greater than the mean and/or median per capita gross domestic product (GDP). Moreover, our results show that monetary policy is more responsive to a stock market decline than fiscal policy. Thus, our results underscore the importance of international donor agencies such as the World Bank and International Monetary Fund (IMF) in supporting less affluent countries in coping with the adverse impacts of the COVID-19 pandemic on their economies.

中文翻译:

股市在确定 COVID-19 经济刺激措施方面是否发挥作用?跨国分析

本文通过分析政府为应对 COVID-19 大流行而实施的经济刺激计划的决定因素,对现有文献做出了创新贡献。特别是,我们探讨了在许多国家观察到的股市下跌是否可以预测 COVID-19 刺激计划的规模。此外,我们探讨了一个国家的收入水平是否可以增强股市下跌与刺激计划之间的潜在关系。研究结果表明,股市下跌幅度越大,刺激计划的规模越大;然而,这种影响只在收入水平高于人均国内生产总值(GDP)平均值和/或中位数的国家中观察到。此外,我们的研究结果表明,货币政策比财政政策更能应对股市下跌。因此,
更新日期:2021-04-20
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