了解市场对东盟主要国家货币和财政刺激措施的反应

Q2 Economics, Econometrics and Finance

Buletin Ekonomi Moneter dan Perbankan Pub Date : 2021-09-30 DOI:10.21098/bemp.v24i3.1690

Syed Aun R. Rizvi, Solikin M. Juhro, P. Narayan

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引用次数: 22

摘要

在本文中，我们研究了新冠肺炎疫情期间财政和货币政策刺激行动对四个东盟国家（即印度尼西亚、新加坡、马来西亚和泰国）股市的影响。使用时间序列回归模型，我们展示了货币和财政政策的相对重要性。我们的研究结果表明，在政策宣布7天后，财政政策帮助缓解了印尼、新加坡和泰国金融市场的损失。我们没有发现任何有力的证据表明马来西亚的政策有效。虽然我们的调查是初步的，但它为理解政策刺激的有效性开辟了另一条途径。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

UNDERSTANDING MARKET REACTION TO COVID-19 MONETARY AND FISCAL STIMULUS IN MAJOR ASEAN COUNTRIES

In this paper, we examine the effect of fiscal and monetary policy stimulus actions during the COVID-19 pandemic on the stock markets of four ASEAN countries, namely, Indonesia, Singapore, Malaysia, and Thailand. Using time-series regression models, we show the relative importance of monetary and fiscal policies. Our findings suggest that 7-days after the policy announcement, fiscal policies helped cushion financial market losses in Indonesia, Singapore and Thailand. We do not find any robust evidence of policy effectiveness for Malaysia. While our investigation is preliminary it opens an additional avenue for understanding the effectiveness of policy stimulus.

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来源期刊

Buletin Ekonomi Moneter dan Perbankan Economics, Econometrics and Finance-Finance

CiteScore

2.20

自引率

0.00%

发文量

审稿时长

5 weeks