COVID-19 pension raids and sovereign risk

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dc.contributor.authorBastías Chian, Jaime
dc.contributor.authorRuiz Vergara, José Luis
dc.date.accessioned2025-06-11T21:13:29Z
dc.date.available2025-06-11T21:13:29Z
dc.date.issued2025-07
dc.description.abstractChile 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.
dc.identifier.citationInternational Review of Economics & Finance, Vol. 101, N°104155, (2025) p.1-12
dc.identifier.doihttps://doi.org/10.1016/j.iref.2025.104155
dc.identifier.issne1873-8036
dc.identifier.issne1059-0560
dc.identifier.orcidhttps://orcid.org/0000-0001-8264-734X
dc.identifier.urihttps://hdl.handle.net/20.500.12254/4138
dc.language.isoen
dc.publisherElsevier
dc.subjectRegulatory shocks
dc.subjectPension funds
dc.subjectBond spread rates
dc.subjectEmerging markets
dc.subjectCOVID-19
dc.titleCOVID-19 pension raids and sovereign risk
dc.typeArticle
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