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This paper examines relative stock market performance following the onset of the coronavirus pandemic for a sample of 80 stock markets. Weekly data on coronavirus cases and deaths are employed alongside Oxford indices on each nation’s stringency and government support intensity. The results are broken down both by month and by geographical region. The full sample results show that increased coronavirus cases exert the expected overall effect of worsening relative stock market performance, but with little consistent impact of rising deaths. There is some evidence of significantly negative stock market effects arising from lockdowns as reflected in the Oxford stringency index. There are also positive reactions to government support in March and December in the overall sample—combined with some additional pervasive effects seen in mid-2020 in Latin America.
Richard Burdekin; Samuel Harrison. Relative Stock Market Performance during the Coronavirus Pandemic: Virus vs. Policy Effects in 80 Countries. Journal of Risk and Financial Management 2021, 14, 177 .
AMA StyleRichard Burdekin, Samuel Harrison. Relative Stock Market Performance during the Coronavirus Pandemic: Virus vs. Policy Effects in 80 Countries. Journal of Risk and Financial Management. 2021; 14 (4):177.
Chicago/Turabian StyleRichard Burdekin; Samuel Harrison. 2021. "Relative Stock Market Performance during the Coronavirus Pandemic: Virus vs. Policy Effects in 80 Countries." Journal of Risk and Financial Management 14, no. 4: 177.
This paper examines whether gold, and gold mining stocks, were an effective hedge during the 2020 global pandemic and 2008–2009 global financial crisis. Prior research suggests that gold’s hedging value is most evident during crisis periods, but none has compared the 2008–2009 and 2020 episodes directly. Dynamic conditional correlations and hedge ratios are estimated to determine the impact of rising market volatility on the hedging properties of physical gold and gold mining stocks. The results suggest that gold provided strong hedging value during the global financial crisis but did not consistently exhibit this property in 2020. There was less scope for hedging against losses in 2020 because the market recovered so quickly from the March 2020 lows. This contrasts with the extended stock market weakness following the onset of the global financial crisis.
Richard C.K. Burdekin; Ran Tao. The golden hedge: From global financial crisis to global pandemic. Economic Modelling 2020, 95, 170 -180.
AMA StyleRichard C.K. Burdekin, Ran Tao. The golden hedge: From global financial crisis to global pandemic. Economic Modelling. 2020; 95 ():170-180.
Chicago/Turabian StyleRichard C.K. Burdekin; Ran Tao. 2020. "The golden hedge: From global financial crisis to global pandemic." Economic Modelling 95, no. : 170-180.
We examine whether China's growing importance to Australia as both a trade partner and engine of growth has been accompanied by financial market interdependence. We consider effects on the overall Australian market as well as the iron ore sector, which has been accounting for over half of Australia's exports to China in the years since the global financial crisis. Markov-switching analysis yields evidence of the Shanghai Composite being connected not only with the Australian iron ore sector but also the broad market Australian All Ordinaries index. These ties are found to be significant only during low volatility periods, however.
Richard C. K Burdekin; Ran Tao. From Shanghai to Sydney: Chinese stock market influences on Australia. Finance Research Letters 2020, 38, 101502 .
AMA StyleRichard C. K Burdekin, Ran Tao. From Shanghai to Sydney: Chinese stock market influences on Australia. Finance Research Letters. 2020; 38 ():101502.
Chicago/Turabian StyleRichard C. K Burdekin; Ran Tao. 2020. "From Shanghai to Sydney: Chinese stock market influences on Australia." Finance Research Letters 38, no. : 101502.
Even though experiences with falling prices have been rare during the postwar period, deflation was widespread during the 1930s, and recorded historical episodes extend back to ancient and medieval times. With deflation having resurfaced as a major policy concern in the years following the global financial crisis, this chapter compares the properties of the earlier deflations with more recent episodes in both Europe and Asia. In focusing upon the determinants of deflation, its impact upon the economy as a whole, and the role of monetary policy, we see that even though deflation remains, in essence, a monetary phenomenon, combatting its effects, remains far from straightforward. A striking feature of the twenty-first-century deflations, for example, has been the discrepancy between consumer and producer price movements seen after 2008 that occurred in conjunction with sharp declines in commodity prices. Policymakers both past and present have had to contend with a variety of downward pressures on the money supply as well as complications arising from supply shocks and other negative forces.
Richard C. K. Burdekin. Deflations in History. Handbook of the History of Money and Currency 2020, 1047 -1070.
AMA StyleRichard C. K. Burdekin. Deflations in History. Handbook of the History of Money and Currency. 2020; ():1047-1070.
Chicago/Turabian StyleRichard C. K. Burdekin. 2020. "Deflations in History." Handbook of the History of Money and Currency , no. : 1047-1070.
China’s growing importance to the Australian economy has been well recognized in policy circles but remained relatively untested in formal empirical analysis. This paper examines the reactions of Australian macroeconomic variables to Chinese money growth and inflation over the post-2002 period using VAR estimation, historical decompositions and long-run cointegration models. The consistent impact of Chinese money growth on Australian inflation and on the exchange rate seen in the VAR analysis is supplemented by evidence of cointegrating relationships between the Australian variables and both Chinese money growth and Chinese inflation.
Richard C. K. Burdekin; Ran Tao. Chinese liquidity effects on the Australian macroeconomy, 2002–2017. Applied Economics 2020, 52, 1973 -1985.
AMA StyleRichard C. K. Burdekin, Ran Tao. Chinese liquidity effects on the Australian macroeconomy, 2002–2017. Applied Economics. 2020; 52 (18):1973-1985.
Chicago/Turabian StyleRichard C. K. Burdekin; Ran Tao. 2020. "Chinese liquidity effects on the Australian macroeconomy, 2002–2017." Applied Economics 52, no. 18: 1973-1985.
Richard C. K. Burdekin; Thomas D. Willett. China’s Global Interdependence: International Reserves, Capital Inflows, Financial Market Transmission, and Exchange Rate Determination. The Chinese Economy 2019, 52, 295 -299.
AMA StyleRichard C. K. Burdekin, Thomas D. Willett. China’s Global Interdependence: International Reserves, Capital Inflows, Financial Market Transmission, and Exchange Rate Determination. The Chinese Economy. 2019; 52 (4):295-299.
Chicago/Turabian StyleRichard C. K. Burdekin; Thomas D. Willett. 2019. "China’s Global Interdependence: International Reserves, Capital Inflows, Financial Market Transmission, and Exchange Rate Determination." The Chinese Economy 52, no. 4: 295-299.
The potential connections between macroeconomic variables and the stock market becomes less straightforward for shares issued in one country but traded in another. Whereas past work has suggested that cross-listed stocks respond to country-specific sentiment factors in the location of trade, in this article we show how Chinese ADRs also generally respond more to U.S. macroeconomic developments than to home-country influences. Following the application of Markov-switching analysis, we find that Chinese macroeconomic effects become relatively more important during times of crisis, however. Particularly large responses to Chinese macroeconomic variables are seen in the case of a Chinese closed-end fund that trades in the United States, but invests directly in Shanghai A-shares.
Richard C. K. Burdekin; Junjie Zhang. Macroeconomic Drivers of Chinese ADRs: Home Country vs. US Effects. The Chinese Economy 2019, 52, 342 -357.
AMA StyleRichard C. K. Burdekin, Junjie Zhang. Macroeconomic Drivers of Chinese ADRs: Home Country vs. US Effects. The Chinese Economy. 2019; 52 (4):342-357.
Chicago/Turabian StyleRichard C. K. Burdekin; Junjie Zhang. 2019. "Macroeconomic Drivers of Chinese ADRs: Home Country vs. US Effects." The Chinese Economy 52, no. 4: 342-357.
This article considers the role of supply-side factors in the deflationary pressures seen in the aftermath of the global financial crisis. Although declines in consumer prices have been mild, much larger drops in producer prices occurred not only in China but also in Japan and Spain. Empirical examination of these three cases reveals a consistent impact of oil prices in contributing both to the deflationary pressures and the gap between consumer and producer prices. Not only did these downward pressures emerge in spite of record levels of monetary easing but also there is the risk of a fuller transmission from producer prices to consumer prices in the future.
Richard C. K. Burdekin; Xinyi Hu. Deflationary Pressures Today: The Chinese, Japanese and Spanish Cases Compared. The Chinese Economy 2018, 51, 471 -482.
AMA StyleRichard C. K. Burdekin, Xinyi Hu. Deflationary Pressures Today: The Chinese, Japanese and Spanish Cases Compared. The Chinese Economy. 2018; 51 (6):471-482.
Chicago/Turabian StyleRichard C. K. Burdekin; Xinyi Hu. 2018. "Deflationary Pressures Today: The Chinese, Japanese and Spanish Cases Compared." The Chinese Economy 51, no. 6: 471-482.
The November 2014 Shanghai-Hong Kong Stock Connect represented an important step in China's capital account liberalization, allowing relatively free movement of investor funds between the two markets for the first time. We offer a quantification of the effects of the new program, examining Northbound and Southbound flows of funds over the first two years of the Stock Connect. While controlling for other sentiment and liquidity effects, we test how these flows may have affected the extent of the premium seen for local A-share listings in Shanghai relative to the prices accruing to the same companies in Hong Kong market trading.
Richard C.K. Burdekin; Pierre L. Siklos. Quantifying the impact of the November 2014 Shanghai-Hong Kong Stock Connect. International Review of Economics & Finance 2018, 57, 156 -163.
AMA StyleRichard C.K. Burdekin, Pierre L. Siklos. Quantifying the impact of the November 2014 Shanghai-Hong Kong Stock Connect. International Review of Economics & Finance. 2018; 57 ():156-163.
Chicago/Turabian StyleRichard C.K. Burdekin; Pierre L. Siklos. 2018. "Quantifying the impact of the November 2014 Shanghai-Hong Kong Stock Connect." International Review of Economics & Finance 57, no. : 156-163.
Even though experiences with falling prices have been rare during the postwar period, deflation was widespread during the 1930s, and recorded historical episodes extend back to ancient and medieval times. With deflation having resurfaced as a major policy concern in the years following the global financial crisis, this chapter compares the properties of the earlier deflations with more recent episodes in both Europe and Asia. In focusing upon the determinants of deflation, its impact upon the economy as a whole, and the role of monetary policy, we see that even though deflation remains, in essence, a monetary phenomenon, combatting its effects, remains far from straightforward. A striking feature of the twenty-first-century deflations, for example, has been the discrepancy between consumer and producer price movements seen after 2008 that occurred in conjunction with sharp declines in commodity prices. Policymakers both past and present have had to contend with a variety of downward pressures on the money supply as well as complications arising from supply shocks and other negative forces.
Richard C. K. Burdekin. Deflations in History. Handbook of the History of Money and Currency 2018, 1 -24.
AMA StyleRichard C. K. Burdekin. Deflations in History. Handbook of the History of Money and Currency. 2018; ():1-24.
Chicago/Turabian StyleRichard C. K. Burdekin. 2018. "Deflations in History." Handbook of the History of Money and Currency , no. : 1-24.
Following the 2010 establishment of the offshore renminbi market in Hong Kong, renminbi deposits there quickly rose above RMB 1 trillion. In this article, we examine fluctuations between the offshore value of the renminbi in Hong Kong and its onshore value in mainland China. The size of the spot market spread appears to be influenced by stock market sentiment as reflected in the spread between A-shares listed in Shanghai and H-shares listed in Hong Kong. There is also some evidence of a link between the spread and the pace of renminbi deposit growth in Hong Kong.
Richard C. K. Burdekin; Ran Tao. An empirical examination of factors driving the offshore renminbi market. China Economic Journal 2017, 10, 287 -304.
AMA StyleRichard C. K. Burdekin, Ran Tao. An empirical examination of factors driving the offshore renminbi market. China Economic Journal. 2017; 10 (3):287-304.
Chicago/Turabian StyleRichard C. K. Burdekin; Ran Tao. 2017. "An empirical examination of factors driving the offshore renminbi market." China Economic Journal 10, no. 3: 287-304.
Global equity markets fell by nearly 5% overall on 24 June 2016 following news of the Brexit referendum result. Although nearly all EU stock market indices experienced additional significantly negative abnormal returns, especially poor performance was registered by the debt-ridden PIIGS group (Portugal, Ireland, Italy, Greece and Spain). In this article, we identify a systematic tendency for more severe stock market responses to be concentrated amongst countries with higher debt to GDP ratios. This effect endures even after controlling for the degree of openness, EU membership and for being part of the PIIGS group.
Richard C. K. Burdekin; Eric Hughson; Jinlin Gu. A first look at Brexit and global equity markets. Applied Economics Letters 2017, 25, 136 -140.
AMA StyleRichard C. K. Burdekin, Eric Hughson, Jinlin Gu. A first look at Brexit and global equity markets. Applied Economics Letters. 2017; 25 (2):136-140.
Chicago/Turabian StyleRichard C. K. Burdekin; Eric Hughson; Jinlin Gu. 2017. "A first look at Brexit and global equity markets." Applied Economics Letters 25, no. 2: 136-140.
Evidence on the degree to which central bank independence can constrain government budget deficits remains surprisingly scarce. This paper finds empirical support for the importance of the central institutional constraint for a 14-country sample of Latin American countries over 1990–2012. These results suggest that greater central bank autonomy has indeed helped reign in fiscal excesses in a region that has been plagued by inflationary deficit expansion for much of the post-war period. The ability to potentially discipline government policy adds to an independent central bank’s inherent role in adding to the checks and balances essential to a well-functioning democracy.
Richard C. K. Burdekin; Leroy O. Laney. Fiscal policymaking and the central bank institutional constraint Una Vez Más: New Latin American evidence. Public Choice 2016, 167, 277 -289.
AMA StyleRichard C. K. Burdekin, Leroy O. Laney. Fiscal policymaking and the central bank institutional constraint Una Vez Más: New Latin American evidence. Public Choice. 2016; 167 (3-4):277-289.
Chicago/Turabian StyleRichard C. K. Burdekin; Leroy O. Laney. 2016. "Fiscal policymaking and the central bank institutional constraint Una Vez Más: New Latin American evidence." Public Choice 167, no. 3-4: 277-289.
Richard C.K. Burdekin; Tom D. Willett. China’s Financial Sector Development and Global Presence: Editors’ Introduction. The Chinese Economy 2015, 48, 173 -175.
AMA StyleRichard C.K. Burdekin, Tom D. Willett. China’s Financial Sector Development and Global Presence: Editors’ Introduction. The Chinese Economy. 2015; 48 (3):173-175.
Chicago/Turabian StyleRichard C.K. Burdekin; Tom D. Willett. 2015. "China’s Financial Sector Development and Global Presence: Editors’ Introduction." The Chinese Economy 48, no. 3: 173-175.
Transfer spending among English Premier League clubs has increased drastically since the inception of the league, often funded by extremely wealthy owners who began purchasing majority stakes in clubs. Using data from the Deloitte Annual Review of Football Finance, we allow for different tiers of football clubs representing the haves and the have nots as well as a comparison between the first and second decades of the Premier League. Our finding that heightened spending has improved on-field performance only at the expense of hurting profitability is in line with win maximisation surmounting profit maximisation in today's Premier League.
Richard C.K. Burdekin; Michael Franklin. Transfer spending in the English premier league: the haves and the have nots. National Institute Economic Review 2015, 232, R4 -R17.
AMA StyleRichard C.K. Burdekin, Michael Franklin. Transfer spending in the English premier league: the haves and the have nots. National Institute Economic Review. 2015; 232 ():R4-R17.
Chicago/Turabian StyleRichard C.K. Burdekin; Michael Franklin. 2015. "Transfer spending in the English premier league: the haves and the have nots." National Institute Economic Review 232, no. : R4-R17.
Richard C.K. Burdekin; Marc D. Weidenmier. Assessing the impact of the Chinese stimulus package at home and abroad: A damp squib? China Economic Review 2015, 33, 137 -162.
AMA StyleRichard C.K. Burdekin, Marc D. Weidenmier. Assessing the impact of the Chinese stimulus package at home and abroad: A damp squib? China Economic Review. 2015; 33 ():137-162.
Chicago/Turabian StyleRichard C.K. Burdekin; Marc D. Weidenmier. 2015. "Assessing the impact of the Chinese stimulus package at home and abroad: A damp squib?" China Economic Review 33, no. : 137-162.
Richard C. K. Burdekin; Pierre L. Siklos. Gold resumption and the deflation of the 1870s. Routledge Handbook of Major Events in Economic History 2015, 1 .
AMA StyleRichard C. K. Burdekin, Pierre L. Siklos. Gold resumption and the deflation of the 1870s. Routledge Handbook of Major Events in Economic History. 2015; ():1.
Chicago/Turabian StyleRichard C. K. Burdekin; Pierre L. Siklos. 2015. "Gold resumption and the deflation of the 1870s." Routledge Handbook of Major Events in Economic History , no. : 1.
Although capital controls ensure that worldwide use of China’s currency, the Renminbi, has lagged far behind the nation’s influence on world markets, China’s currency is seeing greatly increased use in cross-border trade as a vehicle currency. This trend accelerated in the aftermath of the global financial crisis amidst successive agreements with neighbouring countries such as Japan and Russia to move away from the dollar in favour of using their own currencies for bilateral trade. Other key steps include the establishment of a full offshore Renminbi market in Hong Kong in 2010 and the September 2013 establishment of the Shanghai free-trade zone. Meanwhile, offshore Renminbi bond issuance not only reached a cumulative total of nearly RMB 400 billion in Hong Kong by the third quarter of 2013 but also was being joined by such new offshore Renminbi bond centres as Singapore, Taiwan and London. It is no longer so farfetched to imagine the greenback being replaced by a new ‘redback’ standard in the long run.
Richard C. K. Burdekin. The Renminbi as an Emerging World Currency. Journal of Stock & Forex Trading 2014, 3, 1 -4.
AMA StyleRichard C. K. Burdekin. The Renminbi as an Emerging World Currency. Journal of Stock & Forex Trading. 2014; 3 (2):1-4.
Chicago/Turabian StyleRichard C. K. Burdekin. 2014. "The Renminbi as an Emerging World Currency." Journal of Stock & Forex Trading 3, no. 2: 1-4.
Richard C.K. Burdekin; Yijing Shen; Hsin- Hui I.H. Whited. Cross- Strait linkages: historica perspective and empirical evidence. Economic Integration Across the Taiwan Strait 2013, 1 -29.
AMA StyleRichard C.K. Burdekin, Yijing Shen, Hsin- Hui I.H. Whited. Cross- Strait linkages: historica perspective and empirical evidence. Economic Integration Across the Taiwan Strait. 2013; ():1-29.
Chicago/Turabian StyleRichard C.K. Burdekin; Yijing Shen; Hsin- Hui I.H. Whited. 2013. "Cross- Strait linkages: historica perspective and empirical evidence." Economic Integration Across the Taiwan Strait , no. : 1-29.
The question of price level versus inflation targeting remains controversial. Disagreement concerns not so much the desirability of price stability but rather the means of achieving it. Irving Fisher argued for a commodity dollar standard where the purchasing power of money was fixed by indexing it to a basket of commodities. We show that movements in the price of silver closely track the movements in overall prices during the classical gold standard era. The one‐to‐one relationship between paper and silver bonds suggests that a simple “silver rule” could have sufficed to fix the purchasing power of money.
Richard C.K. Burdekin; Kris James Mitchener; Marc D. Weidenmier. Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer? Journal of Money, Credit and Banking 2012, 44, 733 -750.
AMA StyleRichard C.K. Burdekin, Kris James Mitchener, Marc D. Weidenmier. Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer? Journal of Money, Credit and Banking. 2012; 44 (4):733-750.
Chicago/Turabian StyleRichard C.K. Burdekin; Kris James Mitchener; Marc D. Weidenmier. 2012. "Irving Fisher and Price-Level Targeting in Austria: Was Silver the Answer?" Journal of Money, Credit and Banking 44, no. 4: 733-750.