Economic Consequences of Covid-19 Pandemic: An Analysis of Exchange Rate Behaviour

IF 0.9 Q3 ECONOMICS

Organizations and Markets in Emerging Economies Pub Date : 2021-12-22 DOI:10.15388/omee.2021.12.56

Maheswar Sethi,Sakti Ranjan Dash,Rabindra Kumar Swain,Seema Das

引用次数: 0

Abstract

This paper examines the effect of Covid-19 on currency exchange rate behaviour by taking a sample of 37 countries over a period from 4th January 2020 to 30th April 2021. Three variables, such as daily confirmed cases, daily deaths, and the world pandemic uncertainty index (WPUI), are taken as the measure of Covid-19. By applying fixed-effect regression, the study documents that the exchange rate behaves positively to the Covid-19 outbreak, particularly to daily confirmed cases and daily deaths, which implies that the value of other currencies against the US dollar has been depreciated. However, the impact of WPUI is insignificant. On studying the time-varying impact of the pandemic, the study reveals that the Covid-19 has an asymmetric impact on exchange rate over different time frames. Further, it is observed that though daily confirmed cases and daily deaths show a uniform effect, WPUI puts an asymmetric effect on the exchange rate owing to the nature of economies.

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Covid-19大流行的经济后果:汇率行为分析

本文以2020年1月4日至2021年4月30日期间的37个国家为样本，研究了Covid-19对货币汇率行为的影响。以每日确诊病例数、每日死亡病例数和世界大流行不确定性指数(WPUI) 3个变量作为衡量Covid-19的指标。通过应用固定效应回归，该研究证明，汇率对新冠肺炎疫情的影响是积极的，特别是对每日确诊病例和每日死亡病例的影响，这意味着其他货币对美元的价值已经贬值。然而，WPUI的影响是微不足道的。在研究大流行的时变影响时，研究表明，在不同的时间框架内，新冠肺炎对汇率的影响是不对称的。此外，可以观察到，虽然每日确诊病例和每日死亡人数显示出统一的影响，但由于经济的性质，WPUI对汇率产生了不对称的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Organizations and Markets in Emerging Economies ECONOMICS-

CiteScore

1.60

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The journal aims to contribute to the development and dissemination of multidisciplinary knowledge on organizations and markets in emerging economies, to increase dialogue among scholars focused on a specific emerging economy or region and to encourage and give an outlet to high quality scholarship, both local and international, to this subject. Organizations and Markets in Emerging Economies welcomes analysis of emerging economies from the perspectives of organizational sciences, marketing, economics, finance and related disciplines. The journal appreciates studies that highlight specificities and patterns that occur in emerging economies and develop new empirical and theoretical knowledge on the subject.