2019年冠状病毒病(COVID-19)
灵敏度(控制系统)
2019-20冠状病毒爆发
严重急性呼吸综合征冠状病毒2型(SARS-CoV-2)
经济
国家(计算机科学)
病毒学
医学
内科学
爆发
算法
电子工程
计算机科学
工程类
传染病(医学专业)
疾病
作者
Babatunde Odusami,Iqbal Mansur
标识
DOI:10.1016/j.najef.2022.101693
摘要
• We analyzed the impact of the COVID-19 pandemic on the U.S. muni bond market. • We found that the pandemic negatively impacted the performance of the U.S. muni bond market. • We also found that the impact is state-specific. • It was evident mostly in states with robust economies and mitigation policies. This paper conducts a state-by-state analysis of the financial impact of the COVID-19 pandemic on the U.S. municipal bond market. Using panel regressions and state-by-state regressions, we find that the prevalence rates of the COVID-19 virus negatively impacted the aggregate performance of municipal bonds. The study also explored whether the disparities in the economic fundamentals of U.S. states, as well as the COVID-19 mitigation policies employed by each state, can explain the sensitivity of the state’s municipal bond to its COVID-19 prevalence rates. States with more desirable economic fundamentals and robust COVID-19 mitigation policies appeared to have higher COVID-19 sensitivities than states that do not. This finding may be due to a baseline effect, in which the higher levels of economic activities in these states also make them more susceptible to the deleterious effects of the stronger mitigation policies enacted by them.
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