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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | The Impact of the Financial Crisis on European Countries' Covid-19 Measures and their Subsequent Effects on the Stock Market |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Date | 2021 |
| Abstract Text | This thesis aims to answer the question of whether the severity of the outcome from the 2007- 2008 financial crisis has had a significant influence on Covid-19 measures taken by governments across EU countries? In order to achieve this, the relationship between four different financial crisis severity measures and several Covid-19 countermeasures has been analyzed. When regressing multiple normalized and aggregated Covid-19 measures in form of an index on financial crisis severity data no significant effects can be found. However, when regressing individual countermeasures on financial crisis measures it results in consistent and significant effects for some countermeasures like international travel controls or debt & contract relief policies. The second question this thesis tries to answer is whether the financial crisis severity as well as Covid-19 countermeasure policies had a significant impact on stock market returns across the major European stock indices? To answer this question an analysis of the relationship between said variables has been made for two different time periods, with the first period going from January through June 2020 and with the second period going from January 2020 until the beginning of May 2021. The result show that in case of the four different measures for the 2007-2008 financial crisis severity no consistently significant effect could be determined for either of the analyzed periods. On contrary, for both periods several different Covid-19 countermeasures showed a consistent and significant impact on returns, across the major European stock indices. |
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