Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments

This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral financi...

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Autores principales: Goldbach, Stefan, Nitsch, Volker
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer US 2022
Materias:
Research Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8882715/
http://dx.doi.org/10.1007/s11079-021-09647-1
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author Goldbach, Stefan
Nitsch, Volker
author_facet Goldbach, Stefan
Nitsch, Volker
author_sort Goldbach, Stefan
collection PubMed
description This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral financial interactions are negatively affected by stricter containment and closure policies as well as health system policies of a partner country, while German capital flows benefit from a partner’s economic support policies. Moreover, to the extent that public interventions to fight the pandemic affect financial interactions, the adjustment mainly takes place along the intensive margin.
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spelling pubmed-88827152022-02-28 Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments Goldbach, Stefan Nitsch, Volker Open Econ Rev Research Article This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral financial interactions are negatively affected by stricter containment and closure policies as well as health system policies of a partner country, while German capital flows benefit from a partner’s economic support policies. Moreover, to the extent that public interventions to fight the pandemic affect financial interactions, the adjustment mainly takes place along the intensive margin. Springer US 2022-02-28 2022 /pmc/articles/PMC8882715/ http://dx.doi.org/10.1007/s11079-021-09647-1 Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open AccessThis article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) .
spellingShingle Research Article
Goldbach, Stefan
Nitsch, Volker
Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments
title Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments
title_full Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments
title_fullStr Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments
title_full_unstemmed Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments
title_short Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments
title_sort covid-19 and capital flows: the responses of investors to the responses of governments
topic Research Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8882715/
http://dx.doi.org/10.1007/s11079-021-09647-1
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