Journal
EMERGING MARKETS FINANCE AND TRADE
Volume 56, Issue 10, Pages 2151-2161Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2020.1784716
Keywords
Coronavirus; pandemic; Market Liquidity; Stringency Index; flattening the curve
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In this study, we focus on two dimensions of COVID-19 pandemic and their impact on liquidity in emerging equity markets, the real human costs and the government response. Using a sample of 23 emerging markets across three regions, our findings suggest that decreasing (increasing) trend in the number of confirmed coronavirus cases is associated with improving (deteriorating) liquidity in financial markets. We also find that policy interventions in terms of restrictions on movement and businesses are associated with improved liquidity. Results suggest that flattening curve of coronavirus infections helps reduce uncertainty among investors.
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