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Conventional monetary policy, COVID-19, and stock markets in emerging economies

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  • Iyke, Bernard Njindan
  • Maheepala, M.M.J.D.

Abstract

We examine whether conventional monetary policy moderated the impact of the COVID-19 pandemic on stock markets. Using daily historical data on emerging economies, we show that the pandemic has an adverse impact on stock markets by reducing stock returns. We then show that, in the presence of conventional monetary policy, the adverse impact does not disappear. We probe into the robustness of these findings by considering, among others, alternative COVID-19 indicators, fixed effects, cointegrating dynamics, stock market characteristics, and monetary policy frameworks, and find them to be robust. An implication is that conventional monetary policy alone may not be an effective tool during the pandemic and that policymakers should coordinate conventional monetary policy with other policies to restore stock markets to their pre-crisis level.

Suggested Citation

  • Iyke, Bernard Njindan & Maheepala, M.M.J.D., 2022. "Conventional monetary policy, COVID-19, and stock markets in emerging economies," Pacific-Basin Finance Journal, Elsevier, vol. 76(C).
  • Handle: RePEc:eee:pacfin:v:76:y:2022:i:c:s0927538x22001780
    DOI: 10.1016/j.pacfin.2022.101883
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    More about this item

    Keywords

    COVID-19; Conventional monetary policy; Stock markets; Emerging markets;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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