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The Resilience of the Euro in the Era of COVID-19

In: Financial Transformations Beyond the COVID-19 Health Crisis

Author

Listed:
  • Stelios Markoulis
  • Neophytos Vasiliou

Abstract

In this chapter we examine the effect of the COVID-19 pandemic on foreign exchange markets and, in particular, on the price of the Euro versus other major currencies. We employ the event-study methodology to analyse a number of “key events” that occurred during the unfolding of the pandemic so far, and find that the Euro appears to show notable resilience, in most of the cases. It would appear that the policy responses of the European Commission and the European Central Bank were positively received by international markets. Our findings provide another building block in the academic literature related to the effects of exogenous shocks on international markets and could be of particular interest to market participants that engage in the foreign exchange market as well as policy markets.

Suggested Citation

  • Stelios Markoulis & Neophytos Vasiliou, 2022. "The Resilience of the Euro in the Era of COVID-19," World Scientific Book Chapters, in: Sabri Boubaker & Duc Khuong Nguyen (ed.), Financial Transformations Beyond the COVID-19 Health Crisis, chapter 16, pages 475-498, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781800610781_0016
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    Keywords

    COVID19; Pandemic; Pandemic Outbreak; Health Crisis; Economics; Macroeconomics; Finance; Sustainable Finance; Financial Crisis; Financial Integration; Economic Integration; Global Financial Crisis; Financial Institutions; Corporate Finance; Corporate Governance; Board of Directors; ESG; Corporate Social Responsibility; Sustainable Finance; Stock Markets; Financial Markets; Stock Market Behaviour; Firm Liquidity; Emerging Markets; China; Financial Institutions; Money; Banks; Banking System; Banking Sector; Business Groups; Resilience; Safe Heaven; Gold; Oil; Peer-to-Peer Lending Market; Foreign Trading; Stock Market Volatility; Extreme Events;
    All these keywords.

    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • G3 - Financial Economics - - Corporate Finance and Governance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G17 - Financial Economics - - General Financial Markets - - - Financial Forecasting and Simulation

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