ANALYZING THE RESILIENCE OF THE CENTRAL AND EASTERN EUROPEAN STOCK MARKETS DURING THE COVID-19 PANDEMIC

Ștefan Constantin Radu and Beatrice Maria Poenaru

Management Strategies Journal, 2021, vol. 54, issue 4, 61-68

Abstract: In the recent period there has been much speculation regarding the adaptation of the economy to the COVID-19 pandemic, and to the fact that markets are gradually becoming resilient to news about the pandemic. This theory may be applicable for the North American and Western European markets, but when it comes to more volatile and less liquid markets like the ones analyzed in this article, Romania, Poland and Bulgaria, the effects can be divergent. Our proposal is a method for assessing the influence of the COVID-19 pandemic on the stock markets of the Central and Eastern European countries. For each of the country taken into consideration, the main stock exchange index has been selected, BET, WIG20, SOFIX, and the influence of the daily COVID-19 registered cases has been examined. The sampled period is situated between the 3rd of September and the 29th of October of the current year, 2021. The volatility fluctuations, correlation and the impact of the chosen markets have been investigated through statistical and econometric methods, using panel data for Vector Error Correction model.

Keywords: COVID-19; resilience; regional development; Vector Error Correction; panel data (search for similar items in EconPapers)
JEL-codes: C1 G1 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:brc:journl:v:54:y:2021:i:4:p:61-68

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