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Impact of the COVID-19 Pandemic on Economic Sentiment: A Cross-Country Study

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  • Hongyuan Zhang
  • Yibing Ding
  • Jing Li

Abstract

This paper empirically analyzes the impact of the COVID-19 pandemic on economic sentiment by constructing an econometric model using monthly data from 36 countries from December 2019 to October 2020. The results of this study show: (1) After the outbreak of the COVID-19 pandemic, economic sentiment fluctuated greatly, and even turned pessimistic. (2) It has a significant negative impact on economic sentiment. (3) It, however, has a substantial positive impact on consumer confidence, a major negative impact on industrial confidence, and no significant impact on services confidence.

Suggested Citation

  • Hongyuan Zhang & Yibing Ding & Jing Li, 2021. "Impact of the COVID-19 Pandemic on Economic Sentiment: A Cross-Country Study," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(6), pages 1603-1612, May.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:6:p:1603-1612
    DOI: 10.1080/1540496X.2021.1897005
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    Cited by:

    1. Rizvi, Syed Aun R. & Pathirage, Kasun, 2023. "COVID-19 policy actions and inflation targeting in South Asia," Journal of Asian Economics, Elsevier, vol. 84(C).
    2. Celso-Arellano, Pedro & Gualajara, Victor & Coronado, Semei & Martinez, Jose N. & Venegas-Martínez, Francisco, 2023. "Impact of the global fear index (covid-19 panic) on the S&P global indices associated with natural resources, agribusiness, energy, metals and mining: Granger Causality and Shannon and Rényi Transfer ," MPRA Paper 117138, University Library of Munich, Germany, revised 06 Feb 2023.
    3. Daria Motala, 2021. "The Impact of the Covid-19 Pandemic on the Application of Management Methods by Industrial Goods Processing Enterprises," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 5), pages 459-474.
    4. Anna Tomková & Jaroslav Gonos & Katarína Čulková & Martin Rovňák, 2024. "The Impact of the COVID-19 Pandemic on the Economy of the Slovak Republic," Economies, MDPI, vol. 12(2), pages 1-15, January.
    5. Dash, Saumya Ranjan & Maitra, Debasish, 2022. "The COVID-19 pandemic uncertainty, investor sentiment, and global equity markets: Evidence from the time-frequency co-movements," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).

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