Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2021.1930092
The asymmetric effect of COVID-19 outbreak, commodities prices and policy uncertainty on financial development in China: evidence from QARDL approach
Chun Jiang
Yadi Zhang
Ummara Razi
Hafiz Waqas Kamran
Sažetak
COVID-19 epidemic has brought uncertainty to each sector of the
global economy, including the financial sector. The widely spread
disease has a drastic effect, which massively created health and
financial crisis and virtually pushed the economy to the brink of
recession. The study focused on the financial development of
China during the COVID-19 pandemic and analyzed the long-term
and short-term impact of COVID-19, oil prices, gold prices, and
global economic policy uncertainty on the financial development
of the country. The QARDL model, Wald test, and Granger causality tests are employed to assess the daily data of variables from
January 1, 2020, to March 15, 2021. The study’s empirical results
revealed that an increase in the number of COVID-19 registered
patients has an unprecedented negative effect on financial development, whereas the oil prices co-moved with the financial performance. On the other hand, gold prices and global economic
policy uncertainty are negatively correlated with financial development. This study offers various policy recommendations to
help the investors, government, and decision-makers to make better decisions for the improvement of the financial development
of China.
Ključne riječi
COVID-19; financial development; global economic uncertainty; gold prices; oil prices; QARDL
Hrčak ID:
302248
URI
Datum izdavanja:
31.3.2023.
Posjeta: 265 *