The Resilience of the Euro in the Era of COVID-19

Stelios Markoulis and Neophytos Vasiliou

Chapter 16 in Financial Transformations Beyond the COVID-19 Health Crisis, 2022, pp 475-498 from World Scientific Publishing Co. Pte. Ltd.

Abstract: In this chapter we examine the effect of the COVID-19 pandemic on foreign exchange markets and, in particular, on the price of the Euro versus other major currencies. We employ the event-study methodology to analyse a number of “key events” that occurred during the unfolding of the pandemic so far, and find that the Euro appears to show notable resilience, in most of the cases. It would appear that the policy responses of the European Commission and the European Central Bank were positively received by international markets. Our findings provide another building block in the academic literature related to the effects of exogenous shocks on international markets and could be of particular interest to market participants that engage in the foreign exchange market as well as policy markets.

Keywords: COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events (search for similar items in EconPapers)
JEL-codes: F4 F62 G15 G17 G3 O16 (search for similar items in EconPapers)
Date: 2022
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