FINANCIAL TRANSFORMATIONS BEYOND THE COVID-19 HEALTH CRISIS

The COVID-19 global health pandemic, which started in late December 2019, forced many countries to adopt unusual measures such as social distancing and strict lockdowns. It changed many of our certainties and practices, including the foundations of the market-led version of capitalism, by bringing social and health considerations back to the forefront of firms' considerations, investors' strategies and governments' priorities. Under the effects of this unprecedented crisis, all sectors of finance and real economy have been seriously affected.

Health uncertainties and their increasing consequences for human life and activities require stronger and faster actions to shape pathways towards sustainability and better resilience. The COVID-19 health crisis is a visible part of a greater iceberg: the World Health Organization has tracked, over recent years, a large number of epidemic events around the world, suggesting that many other similar diseases could appear and evolve in the future from epidemic to pandemic in a globalized world.

Financial Transformations Beyond the COVID-19 Health Crisis was specifically designed to provide the readers with new results, recent findings and future outlook on the impacts of COVID-19 on financial markets, firm behaviors, and finance and investment strategies. It favors multidimensional perspectives and brings together conceptual, empirical and policy-oriented chapters, using quantitative and qualitative methods alike. This is a timely and comprehensive collection of theoretical, empirical and policy contributions from renowned scholars around the world, and provides the thoughts and insights required to rethink the financial sector in the event of new shocks of the same nature.

Contents:

• COVID-19: Macroeconomic Effects:
  • Health and Social-Economic Consequences of the COVID-19 Pandemic: Government Responses and Recovery (Linh Tu Ho and Christopher Gan)
  • The Pandemic's Pernicious Public Debt Legacy (Anthony J Makin)
  • The Importance of Negative Feedback and Countervailing Measures for Financial System Stabilization and Constrained Inequality: A COVID-19-induced Reminder (John L Haracz)
  • New Evidence on the Interactions Between International Integration and Real Economy During the COVID-19 Crisis (İlkay Şendeniz-Yüncü)
  • Great Recession: Mere Dry Run for COVID-19? (Alfredo Martín-Oliver and Florina Silaghi)
• COVID-19: Stock Market Behavior:
  • Extreme Events: What are US Stock Market Sectors Afraid of More? (Veni Arakelian)
  • Rational Behavior or Mere Panic? The Effects of the COVID-19 Pandemic on the Stock Markets (Moritz Johannes Herber and Matthias Scherf)
  • COVID-19 Effects on Intraday Stock Market Behavior (Jiayang Nie, Xiao Qiao, and Sibo Yan)
  • The Short-Term Effects of COVID-19 on China's Stock Market (Huy Pham, Vikash Ramiah, Nisreen Moosa, Giancarlo Giudici, and Vijay Pereira)
  • Impact of the Severity of the COVID-19 Pandemic on the Interaction Between Foreign Trading and Stock Market Volatility (Zeynep Kantur and Gülserim Özcan)
  • COVID-19 Pandemic and Co-movement Dynamics Among American and European Stock Markets (Abdelkader Derbali, Mohamed Bechir Chenguel, Lamia Jamel, Meriem Jouirou, and Fathi Jouini)
• COVID-19: Effects on Financial Institutions, Money, and Instruments:
  • Insuring Against Pandemics: A Private Sector Instrument for the Private Sector (Marco Rossi)
  • From One Crisis to Another: Impact of COVID-19 Pandemic on Peer-to-Peer Lending Market (Asror Nigmonov and Hussein Daradkeh)
  • Equity Crowdfunding: Brave Market or Safe Haven for the Crowd During the COVID-19 Crisis? (Francesca Battaglia, Francesco Busato, and Maria Manganiello)
  • The Nexus Between Oil and Gold Prices During the COVID-19 Pandemic (Saroja Selvanathan and Eliyathamby A Selvanathan)
  • The Resilience of the Euro in the Era of COVID-19 (Stelios Markoulis and Neophytos Vasilioub)
• COVID-19: Implications for Corporate Governance and Finance:
  • Does a High ESG Score Pay Off During the Pandemic Outbreak? (Jędrzej Białkowski and Anna Sławik)
  • Firm Liquidity During the COVID-19 Crisis (Valdonė Darškuvienė, Bernadeta Goštautaitė, Egidijus Kundelis, Dalius Misiūnas, and Siuzana Ščerbina-Dalibagienė)
  • The Implications of the COVID-19 Pandemic on Corporate Governance: The Board of Directors' Response (Grazia Dicuonzo and Francesca Donofrio)
  • COVID-19 Pandemic: Impact of Lockdown on Firm-Level Returns in India (Nidhi Kaicker, Radhika Aggarwal, and Raghav Gaiha)
  • Business Group Affiliation and Resilience to COVID-19 Outbreak in India (Shreya Biswas and Nivedita Sinha)
• Perspective Transformations in the Era of COVID-19:
  • Two Questions on the Banking Sector After the Pandemic Hit (Magdalena Grothe and Antonio Sánchez Serrano)
  • How Will the 2020 Crisis Accelerate the Evolution of the Banking System? (Frederic de Mariz)
  • Future Research Avenues for Finance in Transformation (Wissem Ajili-Ben Youssef and Yves Rakotondratsimba)
  • Impacts of COVID-19 on Digital Financial Transformation: Insights from Consumer Behaviors in Vietnam (Jasmine T Ha, Jason Q Nguyen, and Quan V Le)
  • Transformation of Derivatives Securities in Emerging Markets: Policy Implications in Light of the 2007–2009 Global Financial Crisis and COVID-19 Pandemic (Mazin A M Al Janabi)
  • Impact on Financial Markets and Institutions (Qiyu Wang)

Readership: A valuable resource for students (undergraduate, graduate, and post-graduate) in economics and finance or business studies, and practitioners and policymakers (financial analysts, financial institutions, rating agencies, lawyers, regulators, etc.). A necessary resource for all academic libraries. While the volume is not primarily a textbook, it can definitely be used in class teaching.

Key Features:

• The first book addressing the financial transformations in the follow-up of COVID-19
• Gives perspectives on potential solutions and measures for global coordination