Impacts of COVID-19 on financial markets: from the perspective of financial stress

Xiaoyang Yao, Jianfeng Li, Zezhong Shang, Wei Le and Jianping Li

Applied Economics Letters, 2023, vol. 30, issue 5, 669-673

Abstract: This research analyzes the impacts of COVID-19 on financial markets from the perspective of financial stress. Effects on financial stress and its cross-border spillovers are investigated, respectively. The results show that the stress of a country’s financial system is positively correlated with the severity of COVID-19 pandemic the country experiences. Although the volatilities of financial stress increased slightly, the cross-border spillovers have increased significantly after the COVID-19 outbreak. We provide a new insight to the impacts of the COVID-19 and suggest a more prudent look at financial risk management.

Date: 2023
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DOI: 10.1080/13504851.2021.2009756

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