The stabilizing effect of social distancing: Cross-country differences in financial market response to COVID-19 pandemic policies

Bickley, Steve J.; Brumpton, Martin; Chan, Ho Fai; Colthurst, Richard; Torgler, Benno

doi:10.1016/j.ribaf.2021.101471

Cited by 5 publications

(6 citation statements)

References 27 publications

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“…8. Research conducted by (Bickley et al, 2021). The purpose of this study was to analyze the stabilizing effect of social distancing practices in response to the COVID-19 pandemic policy on financial markets, considering differences between countries.…”

Section: Prior Researchmentioning

confidence: 99%

“…In recent years, local financial management has been in the spotlight in the context of public policy. This phenomenon has been triggered by various factors, including the increasing complexity of local finances, public demand for better public services, and the need to ensure transparency and accountability in public financial management (Bickley et al, 2021;Urquía-Grande et al, 2022). In addition, demographic changes, technological developments, and evolving economic challenges also affect the dynamics of regional financial management.…”

Section: Introductionmentioning

confidence: 99%

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Understanding Public Policy in Regional Financial Management: A Narrative Approach to Analyzing Policy Implementation and Its Impact on Local Development

Farida,

Kholidinna Qasabandiyah,

Ansar

2023

ATESTASI

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The discussion examined the relationship between local financial management, public policy, policy implementation, and their impact on local development. The focus of this discussion is on four main themes, namely financial inclusion, monetary policy, local financial strategies, and the role of the Small and Medium Enterprise (SME) sector. Through policy implementation analysis and a narrative approach, managerial and theoretical implications of each theme have been identified. The managerial implications highlight the importance of integrating public policies, considering monetary policy, developing human resources and infrastructure, adopting national industrial policies, and supporting the development of the SME sector in regional financial management strategies. Meanwhile, the theoretical implications emphasize the importance of understanding public policy, policy implementation, the role of the SME sector, and external factors in achieving the objectives of regional financial management and local development. This discussion provides important insights for practitioners and researchers in designing better public policies and optimizing regional financial management.

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Section: Prior Researchmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Understanding Public Policy in Regional Financial Management: A Narrative Approach to Analyzing Policy Implementation and Its Impact on Local Development

Farida,

Kholidinna Qasabandiyah,

Ansar

2023

ATESTASI

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“…Engelhardt et al (2021) concluded that the degree of trust in government could affect stock market volatility, so in countries with more trust in government, stock market volatility during the COVID-19 Crisis is lower. Some studies have focused solely on health policies; Bickley et al (2021) study the stabilizing effect of maintaining social distance and the response of the financial markets of different countries to health policies during the COVID-19 outbreak. In this study was shown that quarantine policies affected about 53% of markets in different countries and about 61% of cases market efficiency has increased.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Some studies have focused solely on health policies; Bickley et al. (2021) study the stabilizing effect of maintaining social distance and the response of the financial markets of different countries to health policies during the COVID-19 outbreak.…”

Section: Literature Reviewmentioning

confidence: 99%

Uncertainty governance in the stock market during the COVID-19: evidence of the strictest economies in the world

Owjimehr

Dastfroosh

2022

CFRI

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PurposeAccording to the Government Response tracker (oxCGRT) index, the strictest policy responses to the coronavirus pandemic from January 2020 to May 2022 belong to Italy, China, Hong Kong, Greece, Austria, Peru, Singapore and Malaysia. The main question is: “this level of strictness has been able to reduce the uncertainty of the stock market?”Design/methodology/approachTo achieve this goal, the authors investigated the effect of oxCGRT index, and the growth rate of COVID-19 confirms cases on stock market uncertainty from January 2020 to May 2022 in the GARCH, EGARCH and TGARCH models.FindingsAmong these countries, the oxCGRT index has reduced uncertainty in the stock market only in Malaysia and Singapore. This result says an appropriate pattern of applying government policy responses is more important than the degree of stringency.Originality/valueThe study will contribute to the existing literature by examining the impact of the comprehensive oxCGRT index on the uncertainty of the stock market.

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“…Baig et al [ 14 ] employed different dimension of pandemic related data and suggested that Stringency index which proxied for social distancing measures by government elevated the US market volatility significantly. Bickley et al [ 15 ] employed Hurst exponent method to measure the volatility persistence by comparing the pre and post policy exponents in conjunction with COVID-19 impact and found that stay-at-home policies elicited a stabilising response in market volatility across 28 countries in 6 continents.…”

Section: Introductionmentioning

confidence: 99%

Do non-pharmaceutical policies in response to COVID-19 affect stock performance? Evidence from Malaysia stock market return and volatility

2023

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This paper examines the impact of non-pharmaceutical intervention by government on stock market return as well as volatility. Using daily Malaysian equity data from January 28, 2020 to May 31, 2022, the regression analysis with bootstrapping technique reveals that the government’s response in combating the deadly virus through Stringency index has shown a positive direct effect on both stock market returns and volatility, and indirect negative effect on stock market returns. The study revealed that international travel restriction and cancelling public events are the major contributors to the growth of volatility when estimated for Malaysia stock market index. On the one hand, heterogenous impact is expected from the perspective of different sectors when the individual social distancing measures were taken into account in determining stock return and volatility. Apart from that, the robustness check for the main findings remains intact in majority of the regression models after incorporating daily COVID-19 death rate, log (daily vaccination) and day-of-the-week effect as additional control variable in alternative.

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The stabilizing effect of social distancing: Cross-country differences in financial market response to COVID-19 pandemic policies

Cited by 5 publications

References 27 publications

Understanding Public Policy in Regional Financial Management: A Narrative Approach to Analyzing Policy Implementation and Its Impact on Local Development

Understanding Public Policy in Regional Financial Management: A Narrative Approach to Analyzing Policy Implementation and Its Impact on Local Development

Uncertainty governance in the stock market during the COVID-19: evidence of the strictest economies in the world

Do non-pharmaceutical policies in response to COVID-19 affect stock performance? Evidence from Malaysia stock market return and volatility

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