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Articles 1 - 19 of 19
Full-Text Articles in Macroeconomics
Analysis Of Government Stimulus During Covid-19 And The Bank Distress Of 2023, Kara Hagler
Analysis Of Government Stimulus During Covid-19 And The Bank Distress Of 2023, Kara Hagler
CMC Senior Theses
Due to the hardships that small businesses were facing from the onset of COVID-19 in March 2020, the government created the Payment Protection Program (PPP). This program used banks as the initial lenders for small business loans to facilitate loans from the government to small businesses. In this article, I study how participation in the PPP lending program contributes to the Bank Distress of 2023 by using a bank-level quarterly panel data set from 2019-2023. Estimation of difference-in-difference specifications reveals banks that opted into the PPP program experienced an increase in held-to-maturity securities relative to non PPP banks. The mechanism …
Exchange Rate Responses And Volatility Spillover Effects During The Covid-19 Pandemic In Indonesia, Panky Tri Febiyansah
Exchange Rate Responses And Volatility Spillover Effects During The Covid-19 Pandemic In Indonesia, Panky Tri Febiyansah
Economics and Finance in Indonesia
This paper aims to assess the impact of the confirmed COVID-19 cases, the timing of the outbreak, and physical measures on the returns and spillover effects of exchange rate in Indonesia. The model will be tested by the exponential generalized autoregressive conditional heteroskedastic (EGARCH) process and the spillover volatility index. The study discovers that the confirmed cases, outbreak news, and the implementation of large-scale social restrictions simultaneously contribute to a leverage effect on the volatility of a direct quote of Indonesian Rupiah to Australian Dollar, Euro, US Dollar, Singapore Dollar, and Great British Pound. To a certain extent, the heatwave …
A Comparative Analysis Of 14 Central Banks’ Monetary Responses Before And After The Covid-19 Pandemic In Relation To Central Bank Independence, Emelle Stottele
A Comparative Analysis Of 14 Central Banks’ Monetary Responses Before And After The Covid-19 Pandemic In Relation To Central Bank Independence, Emelle Stottele
CMC Senior Theses
In theory, during periods of economic downturn, economic policy should follow a countercyclical pattern. In this light, following the recent COVID-19 pandemic, monetary policy is expected to be contractionary. However, prior research shows that the cyclical nature of monetary policy can vary significantly across different countries. Research also suggests that these monetary responses differ based on the level of independence a central bank has for decision-making from government influence. This thesis studies the effects of the COVID-19 pandemic on the monetary responses across a panel of 14 countries from January 2018 to August 2022, capturing the impacts of the pandemic. …
The Impact Of Covid-19 Pandemic On Local Fiscal Revenue: Empirical Evidence From The Regions With Dominant Tertiary Sectors, Aisyah Nurrul Jannah, Khoirunurrofik Khoirunurrofik
The Impact Of Covid-19 Pandemic On Local Fiscal Revenue: Empirical Evidence From The Regions With Dominant Tertiary Sectors, Aisyah Nurrul Jannah, Khoirunurrofik Khoirunurrofik
Economics and Finance in Indonesia
The COVID-19 crisis has devastatingly affected social and economic sectors, including service or tertiary sectors such as banking, insuran;ce, hospitality, telecommunications, and industrial services. The pandemic has also aggravated fiscal conditions along with the slowing economy. This paper aims to assess the impact of COVID-19 on local own-source revenue in regions with dominant tertiary sectors and to examine how a fiscal incentive policy can increase the local own-source revenue. We applied the difference-in-difference panel random effect method by estimating total revenue and local own-source revenue as the outcome variables. The treatment variable is the districts/cities with dominant tertiary sectors of …
Analysis Of U.S. Labor Market Matching Efficiencies And New Hires Rates By Gender And State, Mary K. Klinko
Analysis Of U.S. Labor Market Matching Efficiencies And New Hires Rates By Gender And State, Mary K. Klinko
Electronic Theses and Dissertations
The first section of this thesis investigates the primary dynamics and trends of the labor market matching efficiency over time. Instead of utilizing the aggregate U.S. matching efficiency in our analysis, we instead use state-level data to create a measure of matching efficiency for each U.S. state in our panel dataset. We also utilize two empirical models: a “base” model, which covers the entire time period of analysis from 2001 to 2021, and a “pandemic” model, which focuses specifically on the time period the COVID-19 pandemic was present in the U.S. The base model attempts to control for supply-side childcare …
A Study Of Canadian Bankruptcies, 2014-2022, Luis Guilherme Mazzali De Almeida
A Study Of Canadian Bankruptcies, 2014-2022, Luis Guilherme Mazzali De Almeida
Undergraduate Student Research Internships Conference
This paper studies Canadian monthly bankruptcy data from January 2014 to February 2022 with an aim towards identifying the existence of underlying heterogeneity in the decision-making of firms across different industry sectors during periods of economic adversity. The data used include provincial two-digit NAICS bankruptcy level data, provincial pandemic-related data concerning the evolution of cases and stringency of adopted policies, and external factors pertaining to the domestic and foreign economies such as industry GDP, the overnight rate target, exchange rates, imports and exports, prices, and bond liquidity premium. The method is two-fold. First, we identify changes in bankruptcy trends caused …
United States: Primary Dealer Credit Facility, Carey K. Mott
United States: Primary Dealer Credit Facility, Carey K. Mott
Journal of Financial Crises
In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …
United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer
United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer
Journal of Financial Crises
At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …
Sweden: Corporate Bond Purchases, Carey K. Mott
Sweden: Corporate Bond Purchases, Carey K. Mott
Journal of Financial Crises
In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …
Sweden: Commercial Paper Purchases, Carey K. Mott
Sweden: Commercial Paper Purchases, Carey K. Mott
Journal of Financial Crises
In March 2020, governments took measures to curb the spread of the COVID-19 pandemic that significantly impacted corporate revenues. The uncertainty surrounding the pandemic drove investors out of corporate securities and into safe assets, complicating the ability of Swedish nonfinancial corporations to finance their operations. As the volume of commercial paper issuance dropped, the Sveriges Riksbank (Riksbank) announced on March 19, 2020, it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article 5 of the Sveriges Riksbank Act. …
Israel: Corporate Bond Purchase Program, Natalie Leonard
Israel: Corporate Bond Purchase Program, Natalie Leonard
Journal of Financial Crises
By March 2020, the quickly spreading novel coronavirus began disrupting business activity and industry, generating uncertainty throughout the global economy. As financial panic spread, Israeli investors fled to liquidity, impacting equities, corporate bonds, and even Israeli treasury securities. As short-term horizon mutual funds experienced high withdrawals in the first few weeks of March, they were forced to sell corporate bonds. This increase in supply pushed corporate bond prices down, and yields spiked. Between March and May, domestic rating agencies downgraded 23 companies (12% of all rated companies), and by July 2020, yields remained in the double-digits for 23% of corporate …
Canada: Provincial Bond Purchase Program, Natalie Leonard
Canada: Provincial Bond Purchase Program, Natalie Leonard
Journal of Financial Crises
In the beginning of 2020, the outbreak of the novel coronavirus placed significant strain on financial markets and especially affected commodity-producing countries like Canada. As the broad economy contracted, oil-exports fell, and the government imposed public health restrictions to contain coronavirus, the Bank of Canada (BoC) announced emergency measures to ensure functioning of financial markets and to "reach companies and households and foster a robust recovery" (Poloz 2020, 1). One market that faced acute strain was the Canadian provincial bond market. The BoC announced the Provincial Bond Purchase Program (PBPP) through a notice published on April 15, 2020. The stated …
Canada: Corporate Bond Purchase Program, Sharon M. Nunn
Canada: Corporate Bond Purchase Program, Sharon M. Nunn
Journal of Financial Crises
The Bank of Canada (BoC) activated its Corporate Bond Purchase Program (CBPP) from May 26, 2020, to May 26, 2021, in response to liquidity strains in corporate bond markets that stemmed from economic uncertainty and the COVID-19 pandemic. Policymakers enacted the CBPP as part of a broader suite of policies meant to stabilize the Canadian economy. Through the CBPP, the BoC purchased Canadian corporate bonds through a tender process on the secondary market. The CBPP could hold up to CAD 10 billion (USD 7.7 billion) par value of eligible bonds issued by specific non-deposit-taking firms incorporated in Canada. The bonds …
Finance And Fear: Sentiment, Media, And Financial Markets During The Covid-19 Pandemic, Alison N. Sommers
Finance And Fear: Sentiment, Media, And Financial Markets During The Covid-19 Pandemic, Alison N. Sommers
Honors Theses
This thesis aims to build on existing research of market psychology and the effect of sentiment on financial markets. The main objective of this study is to determine the ability of investors to make rational decisions during the most recent period of high sentiment. The anomalies that have occurred in the stock market can be better understood by market psychology which focuses on the biases and social factors that influence investors. The media is a newly relevant factor impacting the volume of sentiment present in the market. A review of literature reveals that many studies of sentiment and financial market’s …
The Great Resignation: A Content Analysis Of News Sources' Portrayals Of The Covid-19 Labor Shortage., Mackenzie Williams
The Great Resignation: A Content Analysis Of News Sources' Portrayals Of The Covid-19 Labor Shortage., Mackenzie Williams
College of Arts & Sciences Senior Honors Theses
When workers left the labor market in large numbers during the COVID-19 pandemic, proclamations of a labor shortage emerged extensively throughout the news. In this study, I analyze the coverage of the worker shortage among three news sources with different political orientations. Several themes emerged from analyzing a total of 75 articles. The findings showed that the perspective shown in the article, the cause of the labor shortage, restaurant worker portrayal, support of solutions, and opinion of the labor shortage all differed based on the political identity of the news source. This research supports previous findings that show there is …
Liquidity Outbreak: A 49 Country Analysis Of The Money Supply’S Effect On Stock Markets During The Covid-19 Pandemic, Dylan Porter
Liquidity Outbreak: A 49 Country Analysis Of The Money Supply’S Effect On Stock Markets During The Covid-19 Pandemic, Dylan Porter
CMC Senior Theses
This paper compares the effects of monthly money growth on monthly stock market performance in 49 countries around the world before and after the COVID-19 pandemic. Countries are grouped in aggregate, by continent, and development status. OLS panel regressions show that lagged monetary growth variables are better monetary indicators of stock market performance than contemporaneous values. Variables that measure the pandemic’s progress (infections/deaths and government responses) are included alongside macro-economic variables but are seldom significant. Monetary growth had less correlation with the stock market during the pre-pandemic period (January 2018 - December 2020), suggesting that the uncertain economic conditions of …
The Impact Of Covid-19 On Stock Market And Exchange Rate Uncertainty In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Mannan Zaheer
The Impact Of Covid-19 On Stock Market And Exchange Rate Uncertainty In Pakistan, Ateeb Akhter Shah Syed, Kaneez Fatima, Mannan Zaheer
Business Review
This paper examines the impact of coronavirus (COVID-19) on exchange rate (EXU) and stock market uncertainty (SMU) in Pakistan while controlling for the effects of interest rate and policy interventions by the Government and the Central bank to combat the pandemic. We employ the vector autoregressive (VAR) model over a sample period ranging from February 25, 2020 to May 6, 2021. We find that a shock to total daily coronavirus cases in Pakistan has a positive and significant impact on both the EXU and SMU. However, this impact is short-lived which may be attributed to a timely policy response and …
Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez
Macroeconomic Stabilization In The Digital Age, John Beirne, David Fernandez
Research Collection Lee Kong Chian School Of Business
Macroeconomic Stabilization in the Digital Age provides insights into factors affecting the macroeconomic management of the economy in the digital age. Policy makers need to be aware of the increasing prominence of the digital economy and digital finance and seek to better understand how continued digitalization will affect policies aimed at managing the economy. For emerging market economies (EMEs), macroeconomic policy challenges have been exacerbated by the digital finance revolution in the aftermath of the global financial crisis and the coronavirus disease (COVID-19) pandemic, when many EMEs experienced large and volatile capital flows. Policy makers must also navigate through fluctuating …
Short Notes On The Economy During The Covid-19 Crisis, Asma Hyder (Ed.)
Short Notes On The Economy During The Covid-19 Crisis, Asma Hyder (Ed.)
Faculty Research - Books
The coronavirus – COVID-19 – pandemic has had a huge, catastrophic, impact on the global economy and on economies of almost all countries. Even those countries which were posting record-breaking profits just four weeks ago, such as the US and Germany, are now faced with a substantial fall in incomes, earning, employment and profits. From record low unemployment levels, these countries are already projecting a huge spike in unemployment, and all indicators suggest that a global recession is now imminent.