COVID-19 pension raids and sovereign risk
Fecha
2025-07
Profe guía
Perfil ORCID
Título de la revista
ISSN de la revista
Título del volumen
Editor
Elsevier
ISBN
ISSN
ISSNe
1873-8036
1059-0560
1059-0560
Resumen
Chile was among the nations where the regulations allow individuals to make withdrawals from their retirement savings to cope with the COVID-19 pandemic. We analyze these quasi-natural experiments using the Autoregressive Distributed Lag Stationarity model and event study methodology spanning from March 2020 to April 2021. We find evidence that the first regulatory shock reduces the spread between the ten-year nominal sovereign bond yield and the annual interbank rate and amplify the impact of agent economic perceptions in the short term. These findings are useful for policymakers and investors regarding to adverse repercussions of this the policy on the economy going forward.
Descripción
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Sponsorship
Citación
International Review of Economics & Finance, Vol. 101, N°104155, (2025) p.1-12
Palabras clave
Regulatory shocks, Pension funds, Bond spread rates, Emerging markets, COVID-19