The global epidemic of COVID-19 has made a huge impact on global health and financial markets.And the spread of the virus has stalled economic development in many parts of the world.As stocks and bonds are two importa...The global epidemic of COVID-19 has made a huge impact on global health and financial markets.And the spread of the virus has stalled economic development in many parts of the world.As stocks and bonds are two important financial assets,how to take appropriate economic policies to restore the stock and bond markets is the focus of governments as they are seeking for quick recovery.Based on the Event Study method and the GARCH model,data from 1 October 2019 to 1 April 2020 were collected from 26 countries or regions as analytic samples.The results show:1)COVID-19 has made greater impacts on the stock market than the bond market;2)the economic policy responses after the COVID-19 has brought impacts on both of the stock and the bond markets;3)the monetary policy responses has brought greater volatility to the stock market than the fiscal policy responses,while the fiscal policy responses has brought greater volatility to the bond market than the monetary policy;4)the fiscal policy has brought more positive effects on the stock market,and monetary policy has brought more positive effects on the bond market.This research is helpful to understand the mechanism of COVID-19’s impacts on the stock and bond market.And it is of great practical significance to the governments’decisions to make economic policy responses after an epidemic.展开更多
Since the rapid spread of the COVID-19 worldwide,the pandemic has led to a huge impact on global sporting events.As a major international event,the 2022 Beijing Winter Olympics has commonalities with the 2008 Beijing ...Since the rapid spread of the COVID-19 worldwide,the pandemic has led to a huge impact on global sporting events.As a major international event,the 2022 Beijing Winter Olympics has commonalities with the 2008 Beijing Olympics,the 2014 Sochi Winter Olympics,and the 2020 Tokyo Olympics in terms of international public opinion context and epidemiological background.In this study,over 1 million pieces of UGC(User Generated Contents)in Chinese and English languages were obtained from social media platforms such as Twitter,YouTube,as well as traditional mass media in various countries to compare the differences between the two languages in international public opinion.Using sentiment analysis,this study explores the evolution of international public opinion topics and sentiment differences among the above four Olympic Games.The analysis results show that:1)regardless of traditional mass media or online social media,there is a more obvious tendency of general politicization in the topics of the 2008 Beijing Olympics and 2022 Beijing Winter Olympics,and extreme emotional remarks of the 2022 Beijing Winter Olympics are more frequent;2)in the topic of political opinion involving China,international Chinese public opinion presents more negative sentiment than those in English;3)Among the topics involving COVID-19,the negative level of public opinion in Chinese and English is opposite for the 2020 Tokyo Olympics and the 2022 Beijing Winter Olympics;4)International public opinion on the topic of sports events is significantly more positive in Chinese than in English;5)YouTube’s Chinese opinion environment is better than English.展开更多
During the SARS-CoV-2(COIVD-19)outbreak,China repeatedly stressed that the response to the pandemic required action at all levels of government,including the issuance of Pandemic Bonds to help the country return to wo...During the SARS-CoV-2(COIVD-19)outbreak,China repeatedly stressed that the response to the pandemic required action at all levels of government,including the issuance of Pandemic Bonds to help the country return to work and production.However,studies on the effectiveness of Pandemic Bonds during that period are rare.Starting with China’s national financial bond market data after COVID-19 in 2020,this paper focuses on the correlation between the Credit Spreads of the relevant bonds and the corresponding bond market rate of return,based on the Copula model.The empirical analysis is also carried out for multiple dimensional groupings such as enterprises,industries,provinces,and bond maturities.The results show that there is a significant positive correlation between the Credit Spreads of Pandemic Bonds and market returns.In addition,the market correlation is higher for Pandemic Bonds issued in Hubei Province,which is at the center of the 2020 pandemic,and the shorter the maturity of the Pandemic Bond issued,the stronger the relationship with market returns.Finally,this paper provides recommendations for financial regulators and policy makers to consider in their decisions on how to build a more resilient financial system under heavy economic,fiscal,and social pressures.展开更多
基金This research was supported by Key Programs of National Natural Science Foundation of China (71231002), Major Projects of National Social Science Foundation of China (16ZDA055), National Natural Science Foundation of China (91546121 and U1636215), and the National Key Research and Development Program of China (2017YFB0803300).
文摘The global epidemic of COVID-19 has made a huge impact on global health and financial markets.And the spread of the virus has stalled economic development in many parts of the world.As stocks and bonds are two important financial assets,how to take appropriate economic policies to restore the stock and bond markets is the focus of governments as they are seeking for quick recovery.Based on the Event Study method and the GARCH model,data from 1 October 2019 to 1 April 2020 were collected from 26 countries or regions as analytic samples.The results show:1)COVID-19 has made greater impacts on the stock market than the bond market;2)the economic policy responses after the COVID-19 has brought impacts on both of the stock and the bond markets;3)the monetary policy responses has brought greater volatility to the stock market than the fiscal policy responses,while the fiscal policy responses has brought greater volatility to the bond market than the monetary policy;4)the fiscal policy has brought more positive effects on the stock market,and monetary policy has brought more positive effects on the bond market.This research is helpful to understand the mechanism of COVID-19’s impacts on the stock and bond market.And it is of great practical significance to the governments’decisions to make economic policy responses after an epidemic.
基金supported by the Special Funds of the National Nat-ural Science Foundation of China(72042004)Also supported by the Research Project of Shanghai Science and Technology Commission(20dz2260300)the Fundamental Research Funds for the Central Universities.We would like to thank the anonymous reviewers for their valuable suggestions.
文摘Since the rapid spread of the COVID-19 worldwide,the pandemic has led to a huge impact on global sporting events.As a major international event,the 2022 Beijing Winter Olympics has commonalities with the 2008 Beijing Olympics,the 2014 Sochi Winter Olympics,and the 2020 Tokyo Olympics in terms of international public opinion context and epidemiological background.In this study,over 1 million pieces of UGC(User Generated Contents)in Chinese and English languages were obtained from social media platforms such as Twitter,YouTube,as well as traditional mass media in various countries to compare the differences between the two languages in international public opinion.Using sentiment analysis,this study explores the evolution of international public opinion topics and sentiment differences among the above four Olympic Games.The analysis results show that:1)regardless of traditional mass media or online social media,there is a more obvious tendency of general politicization in the topics of the 2008 Beijing Olympics and 2022 Beijing Winter Olympics,and extreme emotional remarks of the 2022 Beijing Winter Olympics are more frequent;2)in the topic of political opinion involving China,international Chinese public opinion presents more negative sentiment than those in English;3)Among the topics involving COVID-19,the negative level of public opinion in Chinese and English is opposite for the 2020 Tokyo Olympics and the 2022 Beijing Winter Olympics;4)International public opinion on the topic of sports events is significantly more positive in Chinese than in English;5)YouTube’s Chinese opinion environment is better than English.
基金supported by the National Natural Science Foundation of China(No.72042004)the Research Project of Shanghai Science and Technology 26 Commission(No.20dz2260300)the Fundamental Research Funds for the Central 27 Universities.
文摘During the SARS-CoV-2(COIVD-19)outbreak,China repeatedly stressed that the response to the pandemic required action at all levels of government,including the issuance of Pandemic Bonds to help the country return to work and production.However,studies on the effectiveness of Pandemic Bonds during that period are rare.Starting with China’s national financial bond market data after COVID-19 in 2020,this paper focuses on the correlation between the Credit Spreads of the relevant bonds and the corresponding bond market rate of return,based on the Copula model.The empirical analysis is also carried out for multiple dimensional groupings such as enterprises,industries,provinces,and bond maturities.The results show that there is a significant positive correlation between the Credit Spreads of Pandemic Bonds and market returns.In addition,the market correlation is higher for Pandemic Bonds issued in Hubei Province,which is at the center of the 2020 pandemic,and the shorter the maturity of the Pandemic Bond issued,the stronger the relationship with market returns.Finally,this paper provides recommendations for financial regulators and policy makers to consider in their decisions on how to build a more resilient financial system under heavy economic,fiscal,and social pressures.