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Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments

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  • Goldbach, Stefan
  • Nitsch, Volker

Abstract

This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral financial interactions are negatively affected by stricter containment and closure policies as well as health system policies of a partner country, while German capital flows benefit from a partner’s economic support policies. Moreover, to the extent that public interventions to fight the pandemic affect financial interactions, the adjustment mainly takes place along the intensive margin.

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  • Goldbach, Stefan & Nitsch, Volker, 2022. "Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 155658, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:155658
    DOI: 10.26083/tuprints-00019880
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/155658/
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