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Financial Markets under Public Emergency
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Financial Markets under Public Emergency

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (24 September 2021) | Viewed by 9311

Special Issue Editor

Prof. Dr. Kuan Min Wang

E-Mail Website
Guest Editor
Department of Finance, College of Business and Management, Overseas Chinese University, Taichung 40721, Taiwan
Interests: international finance; financial markets; econometrics for finance; health economics

Special Issue Information

Dear Colleagues,                

Severe acute respiratory syndrome coronavirus 2, the causative agent of coronavirus disease 2019 (COVID-19), has infected most countries in the world. In the era of globalization, the open international community has affected public health and safety to human life and health. The public emergency has severely affected the global economy and supply chain, and has caused considerable damage to global finance. During the pandemic of COVID-19, governments of all countries adopted strict preventive and regulatory measures to avoid the spread of the virus and reduce the risk of infection. The move also caused the stagnation of international production activities and panic in financial markets. At the same time, financial markets and investors were flooded with false and asymmetric information. They may have made erroneous policies in efforts towards prevention and restriction, which brought unpredictable risks to the international financial market. In order to stabilize the financial markets and maintain reasonable and sufficient liquidity of the financial system, many countries using monetary policies to reverse the risk of stocks and foreign exchange markets are also being verified. This Special Issue aims to provide a discussion for scholars to share economic and financial insights on the COVID-19 pandemic. At the same time, it proposes the impact and corresponding policy of this public emergency.

Prof. Dr. Kuan Min Wang
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • impact of public emergency on financial markets
  • health shock and economics
  • health economics and management
  • public emergency and risk management

Published Papers (2 papers)

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Research

36 pages, 4845 KiB  
Article
Are Cryptocurrencies a Backstop for the Stock Market in a COVID-19-Led Financial Crisis? Evidence from the NARDL Approach
by Ahmed Jeribi, Sangram Keshari Jena and Amine Lahiani
Int. J. Financial Stud. 2021, 9(3), 33; https://doi.org/10.3390/ijfs9030033 - 22 Jun 2021
Cited by 23 | Viewed by 4146
Abstract
The study investigates the safe haven properties and sustainability of the top five cryptocurrencies (Bitcoin, Ethereum, Dash, Monero, and Ripple) and gold for BRICS stock markets during the COVID-19 crisis period from 31 January 2020 to 17 September 2020 in comparison to the [...] Read more.
The study investigates the safe haven properties and sustainability of the top five cryptocurrencies (Bitcoin, Ethereum, Dash, Monero, and Ripple) and gold for BRICS stock markets during the COVID-19 crisis period from 31 January 2020 to 17 September 2020 in comparison to the precrisis period from 1 January 2016 to 30 January 2020, in a nonlinear and asymmetric framework using Nonlinear Autoregressive Distributed Lag (NARDL) methodology. Our results show that the relationship dynamics of stock market and cryptocurrency returns both in the short and long run are changing during the COVID-19 crisis period, which justifies our study using the nonlinear and asymmetric model. As far as a sustainable safe haven is concerned, Dash and Ripple are found to be a safe haven for all the five markets before the pandemic. However, all five cryptocurrencies are found to be a safe haven for three emerging markets, such as Brazil, China, and Russia, during the financial crisis. In a comparative framework, gold is found to be a suitable safe haven only for Brazil and Russia. The results have implications for index fund managers of BRICS markets to include Dash and Ripple in their portfolio as safe haven assets to protect its value during a stock market crisis. Full article
(This article belongs to the Special Issue Financial Markets under Public Emergency)
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19 pages, 916 KiB  
Article
The Interactions between COVID-19 Cases in the USA, the VIX Index and Major Stock Markets
by Simon Grima, Letife Özdemir, Ercan Özen and Inna Romānova
Int. J. Financial Stud. 2021, 9(2), 26; https://doi.org/10.3390/ijfs9020026 - 20 May 2021
Cited by 11 | Viewed by 4586
Abstract
With this study, we aimed to determine (1) the effect of the daily new cases and deaths due to the COVID-19 pandemic in the United States on the CBOE volatility index (VIX index) and (2) the effect of the VIX index on the [...] Read more.
With this study, we aimed to determine (1) the effect of the daily new cases and deaths due to the COVID-19 pandemic in the United States on the CBOE volatility index (VIX index) and (2) the effect of the VIX index on the major stock markets during the early stage of the pandemic period. To do this, we collected and analysed the daily new cases and death numbers during the COVID-19 pandemic period in the United States and the country indexes of the USA (DJI), Germany (DAX), France (CAC40), England (FTSE100), Italy (MIB), China (SSEC) and Japan (Nikkei225) to determine the impact of the VIX index on the major stock markets. We then subjected this data to the Johansen co-integration test and the fully modified least-squares (FMOLS) method. The results indicated that there was co-integration between the VIX and the COVID-19 pandemic and that there was co-integration between the VIX index and major indexes, except for the CAC 40 and MIB. Moreover, the results showed that the new COVID-19 cases in the USA had a higher impact on the VIX than cases of deaths during the same period. Full article
(This article belongs to the Special Issue Financial Markets under Public Emergency)
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