Covid 19 And Emerging Markets

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COVID-19 and Emerging Markets

Cem Çakmaklı
COVID 19 and Emerging Markets Book PDF

Author : Cem Çakmaklı
Publisher : Unknown
Page : 128 pages
File Size : 42,8 Mb
Release : 2020
Category : Electronic
ISBN : OCLC:1178732742

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COVID-19 and Emerging Markets by Cem Çakmaklı Pdf

Abstract: We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model to Turkey. Sectoral supply shocks are based on the proximity requirements in each sector and the ability to work from home. Physical proximity determines the supply shock through its effect on infection rates. Sectoral demand shocks incorporate domestic and foreign demand, both of which adjust with infection rates. We calibrate demand shocks during COVID-19 using real-time credit card purchase data. Our results show that the optimal policy, which yields the lowest economic cost and saves the maximum number of lives, can be achieved under a full lockdown of 39 days. Economic costs are much larger for an open economy as the shocks are amplified through the international production network. A decline in foreign demand leads to losses in domestic sectors through international input-output linkages, accounting for a third of the total output loss. In addition, the reduction in capital flows deprives the network from its trade financing needs, where sectors with larger external finance needs experience larger losses. The policy options are limited given sparse fiscal resources to fight the pandemic domestically, while serving the external debt. We present historical evidence from 2001 crisis of Turkey, when fiscal, monetary and exchange rate policies were employed altogether to deal with a triple crisis of balance of payments, banking, and sovereign debt

Cases on Emerging Market Responses to the COVID-19 Pandemic

Kovid, Raj K.,Kumar, Vikas
Cases on Emerging Market Responses to the COVID 19 Pandemic Book PDF

Author : Kovid, Raj K.,Kumar, Vikas
Publisher : IGI Global
Page : 357 pages
File Size : 46,5 Mb
Release : 2022-05-06
Category : Business & Economics
ISBN : 9781668435069

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Cases on Emerging Market Responses to the COVID-19 Pandemic by Kovid, Raj K.,Kumar, Vikas Pdf

The COVID-19 pandemic was an extreme exogenous shock that had an adverse impact on every facet of human lives, including business. However, the pandemic has also provided an opportunity for companies to alter their business models by adopting digitalization, innovative customer interfaces, and innovative cost and revenue structures. In order to continue not only surviving but thriving through the effects of the pandemic, businesses will have to further improve and realign their models to engage clients, reskill their workforce, and advance the use of supportive technologies. Cases on Emerging Market Responses to the COVID-19 Pandemic provides a set of case studies on corporate and functional strategies adopted by firms irrespective of their industry, ownership type, or size. It highlights the innovative approaches of dealing with crises to survive and sustain the performances that better suit the unique requirements of the pandemic. Covering topics such as crisis management, innovative management strategy, and social entrepreneurship, this book is an essential resource for business leaders, government organizations, hospital administration, educational administration, computer scientists, researchers, and academicians.

Capital Markets, COVID-19 and Policy Measures

Khalid ElFayoumi,Martina Hengge
Capital Markets COVID 19 and Policy Measures Book PDF

Author : Khalid ElFayoumi,Martina Hengge
Publisher : International Monetary Fund
Page : 36 pages
File Size : 48,6 Mb
Release : 2021-02-12
Category : Health & Fitness
ISBN : 9781513569413

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Capital Markets, COVID-19 and Policy Measures by Khalid ElFayoumi,Martina Hengge Pdf

The COVID-19 pandemic and associated policy responses triggered a historically large wave of capital reallocation between markets and asset classes. Using high-frequency country-level data, this paper examines if and how the number of COVID cases, the stringency of the lockdown, and the fiscal and monetary policy response determined the dynamics of portfolio flows. Despite more dominant global factors, we find that these domestic factors played an important role, particularly for emerging markets and bond flows, contributing to a global wave of reallocation to safer asset classes. Our results indicate that rising domestic COVID cases had a strong positive effect on portfolio flows, which responded to an increase in financing needs in affected economies. Lockdown and fiscal policy measures also led to an increase in portfolio flows; however, evidence from the CDS market suggests that the increase in flows was dominated by supply forces, reflecting investors' preference for stronger policy responses. In contrast, we find that interest rate cuts led to a decline in portfolio flows as investors searched for higher yield. Finally, we show that COVID policy responses also affected countries' exposure to the global shock and that pre-COVID macroeconomic conditions, such as lower sovereign risk and higher trade openness, contributed to larger flows during the COVID episode.

Revisiting Covid Scarring in Emerging Markets

Chris Jackson,Jason Lu
Revisiting Covid Scarring in Emerging Markets Book PDF

Author : Chris Jackson,Jason Lu
Publisher : International Monetary Fund
Page : 26 pages
File Size : 49,8 Mb
Release : 2023-08-04
Category : Business & Economics
ISBN : 9798400252136

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Revisiting Covid Scarring in Emerging Markets by Chris Jackson,Jason Lu Pdf

The Covid-19 pandemic is expected to result in large and persistent losses in economic output, known as scarring. These losses were expected to be more severe in Emerging Markets than in Advanced Economies. This paper examines the impact of Covid on output in Emerging Markets so far and its implications for projections of economic scarring. While Covid has had a material impact on activity, the recovery has been stronger than initially expected. We find that these positive data surprises have over time been treated increasingly as transitory rather than a signal for the state of scarring. Second, we show that the composition of output losses has been qualitatively different from past last shocks. History suggests that the main driver of scarring is weak productivity. Covid losses, however, have so far been more skewed to employment with a smaller than usual impact on productivity. We argue that these findings suggest that scarring, while substantial, may be ultimately less severe than initially feared, at least over the medium term. We provide alternative sets of medium-term projections to indicate potential magnitudes.

Business, Economic and Financial Issues in Emerging Markets and Advanced Economies after the COVID-19 Crisis

Giray Gozgor,Chi Lau
Business Economic and Financial Issues in Emerging Markets and Advanced Economies after the COVID 19 Crisis Book PDF

Author : Giray Gozgor,Chi Lau
Publisher : Frontiers Media SA
Page : 223 pages
File Size : 50,5 Mb
Release : 2023-11-22
Category : Medical
ISBN : 9782832534311

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Business, Economic and Financial Issues in Emerging Markets and Advanced Economies after the COVID-19 Crisis by Giray Gozgor,Chi Lau Pdf

This Research Topic is Volume 2 in the Research Topic series 'Economic and Financial Issues in the Post-COVID-19 World: Implications and Role of Public Health'. Both developed and developing economies have experienced significant risks and uncertainties due to the COVID-19 pandemic. There are still risks and uncertainty shocks of the COVID-19 in every aspect of the global economic and financial system, including investors' decisions and the financial sector's development. In this Research Topic, we aim to understand the dynamics of business, economic, and financial issues - including potential structural changes after the COVID-19 in emerging markets and advanced economies. This Research Topic’s main goal is to provide different aspects and consequences of economic and financial issues in emerging markets and advanced economies after the COVID-19 pandemic. In particular, we welcome interdisciplinary, empirical, and theoretical papers (panel data studies, survey studies, and time-series analyses) focusing on the business, economic, and financial issues after the COVID-19 crisis. We also welcome policy briefs of people working at central banks, governments, and other public institutions, focusing on these issues.

Business Recovery in Emerging Markets

Andrée Marie López-Fernández,Antonia Terán-Bustamante
Business Recovery in Emerging Markets Book PDF

Author : Andrée Marie López-Fernández,Antonia Terán-Bustamante
Publisher : Springer Nature
Page : 288 pages
File Size : 47,7 Mb
Release : 2022-01-23
Category : Business & Economics
ISBN : 9783030915322

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Business Recovery in Emerging Markets by Andrée Marie López-Fernández,Antonia Terán-Bustamante Pdf

The book analyzes the recovery process of different industries and sectors from the global health pandemic, as well as its collateral effects. Focusing on emerging markets, it examines the underlying factors that have impeded recovery and how businesses in various sectors have (or have not) responded. The chapters take both a micro and macro approach, surveying the topic from both organizational and national perspectives. Divided into sections on public policy, innovation, and social responsibility, this work explores the parameters of business and economic perspectives for the construction of effective models to pursue an effective recovery. It will appeal to scholars studying how business responds in the new normal.

Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic

Can Sever,Rohit Goel,Dimitris Drakopoulos,Mr.Evan Papageorgiou
Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID 19 Pandemic Book PDF

Author : Can Sever,Rohit Goel,Dimitris Drakopoulos,Mr.Evan Papageorgiou
Publisher : INTERNATIONAL MONETARY FUND
Page : 21 pages
File Size : 50,5 Mb
Release : 2020-12-18
Category : Business & Economics
ISBN : 1513564668

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Effects of Emerging Market Asset Purchase Program Announcements on Financial Markets During the COVID-19 Pandemic by Can Sever,Rohit Goel,Dimitris Drakopoulos,Mr.Evan Papageorgiou Pdf

The COVID-19 pandemic led many emerging market central banks to adopt, for the first time, unconventional policies in the form of asset purchase programs. In this study, we analyze the effects of these announcements on domestic financial markets using both event studies and local projections methodology. We find that these asset purchase announcements lowered bond yields, did not lead to a depreciation of domestic currencies, and did not have much effect on equities. While the immediate effect of asset purchases appears positive, further consideration of the risks and longer-term effects of unconventional monetary policies is needed. We highlight the trade-offs involved with the implementation of these measures, and discuss their risks. This working paper adds to the debate on how asset purchase programs should be a regular part of the emerging market policy toolkit.

Research on Pandemics

Yezhou Sha,Susan Sunila Sharma
Research on Pandemics Book PDF

Author : Yezhou Sha,Susan Sunila Sharma
Publisher : Routledge
Page : 306 pages
File Size : 47,6 Mb
Release : 2021-11-24
Category : Business & Economics
ISBN : 9781000483611

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Research on Pandemics by Yezhou Sha,Susan Sunila Sharma Pdf

The lasting turmoil associated with the unprecedented pandemic, triggered by the novel corona virus COVID-19, has dragged the world into a mud of uncertainty. Fiscal stimulation, interest rate cuts, global supply-chain redeployment, "pandemic bond" and circuit breakers kicked in and the world is responding to this great challenge. But how can finance and economic research help the world under such circumstances? This book dwells on this new area of research and tries to understand how pandemics impact the economic and financial ecosystem of both emerging and advanced economies. Lessons learnt from the experience of previous pandemics maybe presented and discussed through drawing on policy lessons to date. By gathering research on political economy, geopolitical issues, behavioral finance, international institutional responses and medical and health issues resulting from pandemics, the chapters in this edited volume help in expanding the knowledge of social and economic consequences of the pandemic as well as set the foundation for future research. This book would benefit scholars, policy makers and entrepreneurs worldwide as a valuable archive of research on pandemics. The chapters in this book were originally published as a special issue of Emerging Markets Finance and Trade.

Guidance Note For Developing Government Local Currency Bond Markets

International Monetary Fund,World Bank
Guidance Note For Developing Government Local Currency Bond Markets Book PDF

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 157 pages
File Size : 55,6 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513573922

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Guidance Note For Developing Government Local Currency Bond Markets by International Monetary Fund,World Bank Pdf

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

What Determines Social Distancing? Evidence from Advanced and Emerging Market Economies

Ms. Era Dabla-Norris,Hibah Khan,Frederico Lima
What Determines Social Distancing Evidence from Advanced and Emerging Market Economies Book PDF

Author : Ms. Era Dabla-Norris,Hibah Khan,Frederico Lima
Publisher : International Monetary Fund
Page : 36 pages
File Size : 44,7 Mb
Release : 2021-05
Category : Business & Economics
ISBN : 9781513582382

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What Determines Social Distancing? Evidence from Advanced and Emerging Market Economies by Ms. Era Dabla-Norris,Hibah Khan,Frederico Lima Pdf

The health and economic consequences of COVID-19 are closely tied to individual compliance with recommended protective behaviors. We examine the determinants of this compliance using survey data from the COVID Behavior Tracker for 29 advanced and emerging market economies between March and December 2020. Social distancing behaviors vary significantly by age, gender, occupation, and individual beliefs about COVID-19. In addition, those who trust their government’s response to COVID-19 are significantly more likely to adopt recommended behaviors and to self-isolate if advised, highlighting the need for well-coordinated actions on the health and economic fronts. We also find that mobility restrictions, such as stay-at-home orders, and mask mandates are associated with reduced social interactions and persistent increases in compliance. Together, these drivers account for over two-thirds of the regional differences in compliance, confirming their important role in increasing social distancing and containing the pandemic.

Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond

Mr. Tobias Adrian,Christopher J. Erceg,Mr. Simon T Gray,Ms. Ratna Sahay
Asset Purchases and Direct Financing Guiding Principles for Emerging Markets and Developing Economies During COVID 19 and Beyond Book PDF

Author : Mr. Tobias Adrian,Christopher J. Erceg,Mr. Simon T Gray,Ms. Ratna Sahay
Publisher : International Monetary Fund
Page : 49 pages
File Size : 46,8 Mb
Release : 2021-10-11
Category : Business & Economics
ISBN : 9781513594101

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Asset Purchases and Direct Financing: Guiding Principles for Emerging Markets and Developing Economies During COVID-19 and Beyond by Mr. Tobias Adrian,Christopher J. Erceg,Mr. Simon T Gray,Ms. Ratna Sahay Pdf

Many central banks in emerging market and developing economies have used asset purchases to reduce financial stresses during the COVID crisis, and some are doing so to provide macroeconomic stimulus.

Coronavirus News, Markets and AI

Pankaj Sharma
Coronavirus News Markets and AI Book PDF

Author : Pankaj Sharma
Publisher : Taylor & Francis
Page : 336 pages
File Size : 50,9 Mb
Release : 2020-12-27
Category : Computers
ISBN : 9781000327441

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Coronavirus News, Markets and AI by Pankaj Sharma Pdf

Coronavirus News, Markets and AI explores the analysis of unstructured data from coronavirus-related news and the underlying sentiment during its real-time impact on the world and on global financial markets, in particular. In an age where information - both real and fake - travels in the blink of an eye and significantly alters market sentiment daily, this book is a blow by blow account of economic impact of the COVID-19 pandemic. The volume: Details how AI driven machines capture, analyse and score relevant on-ground news sentiment to analyse the dynamics of market sentiment, how markets react to good or bad news across ‘short term’ and ‘long term’; Investigates what have been the most prevalent news sentiment during the pandemic, and its linkages to crude oil prices, high profile cases, impact of local news, and even the impact of Trump’s policies; Discusses the impact on what people think and discuss, how the COVID-19 crisis differs from the Global Financial Crisis of 2008, the unprecedented disruptions in supply chains and our daily lives; Showcases how easy accessibility to big data methods, cloud computing, and computational methods and the universal applicability of these tool to any topic can help analyse extract the related news sentiment in allied fields. Accessible, nuanced and insightful, this book will be invaluable for business professionals, bankers, media professionals, traders, investors, and investment consultants. It will also be of great interest to scholars and researchers of economics, commerce, science and technology studies, computer science, media and culture studies, public policy and digital humanities.

The Impact of the IMF’s COVID-19 Support to Developing and Emerging Economies

Sumin Chun,Karmen Naidoo,Nelson Sobrinho
The Impact of the IMF s COVID 19 Support to Developing and Emerging Economies Book PDF

Author : Sumin Chun,Karmen Naidoo,Nelson Sobrinho
Publisher : International Monetary Fund
Page : 61 pages
File Size : 41,7 Mb
Release : 2022-12-16
Category : Business & Economics
ISBN : 9798400229114

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The Impact of the IMF’s COVID-19 Support to Developing and Emerging Economies by Sumin Chun,Karmen Naidoo,Nelson Sobrinho Pdf

We construct a high-frequency dataset that combines information on all IMF lending and proxies of monthly economic activity during the first two years of the COVID-19 pandemic (2020–21). Using this novel dataset and standard econometric techniques we find a positive and significant marginal effect of IMF financing on economic activity in low-income countries (LICs) and emerging market economies. We also present tentative evidence that IMF financing may have helped economic outcomes by easing fiscal budget constraints, allowing for larger government spending in response to the pandemic. Overall, this evidence suggests that IMF financing helped lessen the negative impacts of the pandemic on economic activity, especially in LICs.

Corporate Debt Restructuring in Emerging Markets

Richard Marney,Timothy Stubbs
Corporate Debt Restructuring in Emerging Markets Book PDF

Author : Richard Marney,Timothy Stubbs
Publisher : Springer Nature
Page : 422 pages
File Size : 51,9 Mb
Release : 2021-09-02
Category : Business & Economics
ISBN : 9783030813062

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Corporate Debt Restructuring in Emerging Markets by Richard Marney,Timothy Stubbs Pdf

Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic and businesses look to pick up the pieces, this is even more true. For many, the financial hangover of the lockdowns and market disruptions linger and threaten their independence, even their survival. This peril is more acute in the emerging and frontier markets. Weaker economic fundamentals and institutional resiliency often intensify the challenge to return to pre-COVID-19 operating levels and financial sustainability. In this context, borrowers invariably must address the imbalance of substantial existing debt with the “new reality” of their business operations and revenues. This book, using case studies, presents a full, detailed narrative of a fictitious troubled bank in an emerging market, with characters, dialogues, and negotiations. It also includes a series of discussion questions with suggested answers, to draw out key issues from the case. In doing so, this initial narrative offers a substantive analysis of the five main phases and principles of a restructuring: (1) pre-restructuring, (2) the decision to restructure, (3) the case set-up, (4) structuring and negotiation, and lastly (5) implementation. In each chapter, the book outlines the main elements of the phases and shows how the elements are applied in practice. The book also presents separate chapters on exogenous shocks (with a focus on the COVID-19 pandemic as an example of such shocks), macroeconomics, and legal issues present in cross-border restructurings. It will be of interest to the international professional financial and legal community, primarily junior-to mid-level financiers, business people, and lawyers.

Spillovers to Emerging Markets from US Economic News and Monetary Policy

Philipp Engler,Mr. Roberto Piazza,Galen Sher
Spillovers to Emerging Markets from US Economic News and Monetary Policy Book PDF

Author : Philipp Engler,Mr. Roberto Piazza,Galen Sher
Publisher : International Monetary Fund
Page : 36 pages
File Size : 54,6 Mb
Release : 2023-05-19
Category : Business & Economics
ISBN : 9798400234811

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Spillovers to Emerging Markets from US Economic News and Monetary Policy by Philipp Engler,Mr. Roberto Piazza,Galen Sher Pdf

When the U.S. economy sneezes, do emerging markets catch a cold? We show that economic news, and not just monetary policy, in the United States affects financial conditions in emerging markets. News about U.S. employment has the strongest effects, followed by news about economic activity and about vaccines during the COVID-19 pandemic. News about inflation has instead limited effects on average. A key channel of international transmission of U.S. economic news appears to be the risk perceptions or risk aversion of international investors. We also show that some of the transmission of U.S. economic news occurs independently of the U.S. monetary policy reaction. Finally, we expand on evidence that financial conditions in the U.S. and emerging markets respond differently to U.S. monetary policy surprises, depending on the reaction of US stock prices.