The COVID-19 pandemic has exerted a noteworthy impact on stock market volatility around the world. Can vaccination programs revert these adverse effects? To answer this question, we scrutinize daily data from 66 countries from January 1, 2020 to April 30, 2021. We provide convincing evidence that COVID-19 vaccination assists in stabilizing the global equity markets. The drop in volatility is robust to many considerations and does not result solely from either the pandemic itself or the government policy responses—the negative correlation remains significant after controlling for these factors. The impact of vaccinations is relatively stronger within developed markets than in emerging ones.

COVID-19 大流行对全球股市波动产生了显着影响。疫苗接种计划能否逆转这些不利影响？为了回答这个问题，我们仔细审查了 66 个国家从 2020 年 1 月 1 日到 2021 年 4 月 30 日的每日数据。我们提供了令人信服的证据，证明 COVID-19 疫苗接种有助于稳定全球股市。波动性的下降在许多方面都是稳健的，而不仅仅是由于大流行病本身或政府的政策反应——在控制了这些因素后，负相关性仍然很显着。与新兴市场相比，疫苗接种在发达市场的影响相对更大。