Impact of Coronavirus Pandemic on Financial Market Stability in Africa

Emenike, Kalu O.

doi:10.35784/pe.2021.2.02

Artykuł - szczegóły

Tytuł artykułu

Impact of Coronavirus Pandemic on Financial Market Stability in Africa

Autorzy

Emenike Kalu O.

Treść / Zawartość

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Identyfikatory

DOI

10.35784/pe.2021.2.02

Warianty tytułu

Wpływ pandemii koronawirusa na stabilność rynków finansowych w Afryce

Języki publikacji

Abstrakty

The outbreak of the coronavirus in December 2019, with its accompanying declaration as a pandemic by the World Health Organisation in March 2020, resulted in lockdown of the global financial markets. This paper uses data from pre-coronavirus, coronavirus endemic and coronavirus pandemic periods to evaluate the impact of coronavirus pandemic on stability of Africa stock markets, sovereign bond markets and U.S. dollar exchange rates in Kenya, Morocco, Nigeria and South Africa as well as Africa Sharia equity and Sukuk indices. Findings from study suggest that Africa financial markets became very unstable during the coronavirus pandemic than during the endemic and pre-coronavirus periods. Results from bivariate regression model show evidence of negative impact of coronavirus pandemic on financial market returns. The results further show that Africa financial markets return volatility increases as the number of coronavirus cases increases. Overall, the findings suggest that coronavirus has negative impact on financial markets’ returns and exacerbated financial markets instability thus retarding sustainable economic development in the continent. JEL Classification Numbers: G10, I12, O55

Pojawienie się w grudniu 20129 r. koronawirusa, wraz z ogłoszeniem przez Światową Organizację Zdrowia w marcu 2020 r. pandemii, spowodowało zablokowanie światowych rynków finansowych. W niniejszym artykule wykorzystano dane z okresów przed koronawirusem, koronawirusa endemicznego i pandemii koronawirusa do oceny wpływu pandemii koronawirusa na stabilność afrykańskich giełd papierów wartościowych, rynków obligacji skarbowych i kursów dolara amerykańskiego w Kenii, Maroko, Nigerii i RPA, w powiazaniu z zasadami szariatu i indeksu Sukuk. Wyniki badań sugerują, że rynki finansowe w Afryce podczas pandemii koronawirusa stały się bardzo niestabilne, o wiele bardziej niż w okresie endemicznym i przed koronawirusem. Wyniki dwuwymiarowego modelu regresji wskazują na negatywny wpływ pandemii koronawirusa na zwroty z rynków finansowych. Wyniki pokazują ponadto, że zmienność zwrotów na afrykańskich rynkach finansowych rośnie wraz ze wzrostem liczby przypadków koronawirusa. Ogólnie rzecz biorąc, wyniki sugerują, że koronawirus ma negatywny wpływ na zyski na rynkach finansowych i zaostrza niestabilność rynków finansowych, opóźniając tym samym zrównoważony rozwój gospodarczy na kontynencie.

Słowa kluczowe

Coronavirus COVID-19 stock market sovereign bond market exchange rates volatility skewness market stability Africa

koronawirus COVID-19 giełda rynek obligacji skarbowych kursy walut zmienność skośność stabilność rynku Afryka

Wydawca

Lublin University of Technology

Czasopismo

Problemy Ekorozwoju

Rocznik

2021

Tom

Vol. 16, nr 2

Strony

18--25

Opis fizyczny

Bibliogr. 29 poz., tab.

Twórcy

autor

Emenike Kalu O.

kalu@uniswa.sz

University of Eswatini, Department of Accounting and Finance, Private Bag No 4, Kwaluseni M201, Kingdom of Eswatini

https://orcid.org/0000-0002-3599-0281

Bibliografia

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Uwagi

Opracowanie rekordu ze środków MNiSW, umowa Nr 461252 w ramach programu "Społeczna odpowiedzialność nauki" - moduł: Popularyzacja nauki i promocja sportu (2021).

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Bibliografia

Identyfikator YADDA

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