Contagion in Global Stock Markets during the COVID-19 Crisis,Global Challenges

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Contagion in Global Stock Markets during the COVID-19 Crisis
Global Challenges ( IF 4.4 ) Pub Date : 2021-07-15 , DOI: 10.1002/gch2.202000130
Shenze Fu ₁ , Chengkun Liu ₁ , Xinyang Wei ₁

Affiliation

The impact of the coronavirus disease (COVID-19) outbreak on global stock markets is investigated by analyzing the impact of the COVID-19 pandemic on the stock markets of 15 countries selected from Asia, Europe, Latin America, and North America. Using extremal dependence tests of contagion, it is found that contagion effects are widespread to global equity markets in four regions. Latin America and North America are highly exposed to contagion risks, followed by Europe, with Asia being least vulnerable. Based on the time window of the crisis severity index, it is found that Latin America is most likely to be affected. The results confirm that for countries with more severe epidemics, there are stronger contagion effects. Therefore, for the governing authorities of various countries, if they want to prevent the contagion of financial crises during the pandemic, strong and timely epidemic prevention measures are very necessary.

中文翻译：

COVID-19 危机期间全球股市的蔓延

通过分析COVID-19大流行对亚洲、欧洲、拉丁美洲和北美15个国家股票市场的影响，研究冠状病毒病（COVID-19）爆发对全球股票市场的影响。利用传染的极值依赖性测试发现，传染效应广泛传播到全球四个地区的股票市场。拉丁美洲和北美最容易受到传染风险，其次是欧洲，亚洲最不受影响。根据危机严重程度指数的时间窗口，发现拉丁美洲最有可能受到影响。结果证实，疫情越严重的国家，传染效应就越强。因此，对于各国政府来说，如果想在疫情期间防止金融危机蔓延，强有力、及时的防疫措施是非常必要的。

更新日期：2021-07-15

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