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Death and the stock market: international evidence from the Spanish Flu

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  • Richard C. K. Burdekin

Abstract

The coronavirus pandemic in 2020 was the most devastating worldwide health threat since the 1918–1919 Spanish flu. Panel regression analysis for ten countries suggests that European and US stock markets reacted significantly, and negatively, to the surging death rates that were seen during the Spanish Flu. It is possible that the greater death rates for the Spanish Flu vis-a-vis the coronavirus account for stock market effects being more evident in 1918–1919 than in 2020.

Suggested Citation

  • Richard C. K. Burdekin, 2021. "Death and the stock market: international evidence from the Spanish Flu," Applied Economics Letters, Taylor & Francis Journals, vol. 28(17), pages 1512-1520, October.
    • Handle: RePEc:taf:apeclt:v:28:y:2021:i:17:p:1512-1520
    DOI: 10.1080/13504851.2020.1828802
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    Cited by:

    1. Hou, Wenxuan & Li, Mao & Main, Brian G.M. & Liu, Xiaofan, 2023. "Pandemics and financial development: A lesson from the 1918 influenza pandemic," Journal of Corporate Finance, Elsevier, vol. 83(C).
    2. Richard C. K. Burdekin & Samuel Harrison, 2021. "Relative Stock Market Performance during the Coronavirus Pandemic: Virus vs. Policy Effects in 80 Countries," JRFM, MDPI, vol. 14(4), pages 1-18, April.
    3. Pierre L. Siklos, 2022. "Did the great influenza of 1918–1920 trigger a reversal of the first era of globalization?," International Economics and Economic Policy, Springer, vol. 19(3), pages 459-490, July.
    4. Ran Tao & Richard C. K. Burdekin & David Berri, 2022. "Effects of Deflation and Macroeconomic Shocks on Leisure Spending in the Pre-War Era: Evidence from Major League Baseball, 1890–1940," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 50(3), pages 119-132, December.
    5. Burdekin, Richard C.K. & Tao, Ran, 2021. "The golden hedge: From global financial crisis to global pandemic," Economic Modelling, Elsevier, vol. 95(C), pages 170-180.

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