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Did all Emerging Equity Markets get Equally Affected by Covid-19? Role of Market Characteristics, Economic Conditions, and Government Policies

Author

Listed:
  • Hilal Anwar Butt
  • Mohsin Sadaqat
  • Syed Mujahid Hussain

    (Sultan Qaboos University, Oman)

Abstract

The Covid-19 pandemic wreaked havoc on global economies. Emerging markets were hit particularly harder during the Covid- 19 pandemic due to their reliance on exports, tourism, and weaker fiscal policies. This paper aims to analyze the performance of the equity markets of 22 developing countries based on their average firm-related characteristics, macroeconomic conditions, and freedom variables during the early outbreak of Covid-19. Our results show that leverage, the fiscal health of the country, and financial freedom were the most important variables for emerging market countries as they provided resilience during the Pandemic. These findings have clear policy implications and are important for the sustainability of emerging stock markets.

Suggested Citation

  • Hilal Anwar Butt & Mohsin Sadaqat & Syed Mujahid Hussain, 2022. "Did all Emerging Equity Markets get Equally Affected by Covid-19? Role of Market Characteristics, Economic Conditions, and Government Policies," Review of Development Finance Journal, Chartered Institute of Development Finance, vol. 12(2), pages 56-63.
    • Handle: RePEc:afj:journ3:v:12:y:2022:i:2:p:56-63
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    File URL: https://journals.co.za/doi/abs/10.10520/ejc-rdfin_v12_n2_a6
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    More about this item

    Keywords

    Covid-19; emerging markets; leverage; fiscal health; financial freedom;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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