The aggregate and sectoral time-varying market efficiency during crisis periods in Turkey: a comparative analysis with COVID-19 outbreak and the global financial crisis.

This study aims to examine the time-varying efficiency of the Turkish stock market's major stock index and eight sectoral indices, including the industrial, financial, service, information technology, basic metals, tourism, real estate investment, and chemical petrol plastic, during the COVID-19 outbreak and the global financial crisis (GFC) within the framework of the adaptive market hypothesis. This study employs multifractal detrended fluctuation analysis to illustrate these sectors' multifractality and short- and long-term dependence. The results show that all sectoral returns have greater persistence during the COVID-19 outbreak than during the GFC. Second, the real estate and information technology industries had the lowest levels of efficiency during the GFC and the COVID-19 outbreak. Lastly, the fat-tailed distribution has a greater effect on multifractality in these industries. Our results validate the conclusions of the adaptive market hypothesis, according to which arbitrage opportunities vary over time, and contribute to policy formulation for future outbreak-induced economic crises.

THE ASYMMETRICAL IMPACT OF POLICY RESPONSES ON VOLATILITY OF SOVEREIGN DEFAULT SWAPS

The COVID-19 pandemic has adversely influenced economies around the world through supply and demand channels. The increasing uncertainty and the decreasing demand due to the strict social measures of the government to cushion the spread of the pandemic have transformed COVID-19 from a health crisis into an economic crisis. To moderate the negative economic atmosphere during this period, the governments have implemented expansionary fiscal policy. The purpose of this paper is to investigate the impacts of the social and economic measures taken during COVID-19 on the volatility of sovereign credit default swaps for Turkey, Italy, Spain, the United Kingdom, and the United States. The empirical findings indicate that social distancing measures increase uncertainty, but health and economic policies moderate the negative impacts on the economy of Turkey, Spain, and the United Kingdom. The impact of the policies in question is greater in the high number of case regimes.

Internet access and its role on educational inequality during the COVID-19 pandemic.

This study investigates the determinants of Internet access and its effect on educational inequality in OECD countries during the period of the Covid-19 pandemic. The spatial panel data model is used to include the neighborhood in the model relating to educational inequality. The findings from the study reveal that despite the increase in Internet access during the Covid-19 period, the response to the pandemic has caused education inequalities. Furthermore, economic development indicators are effective in increasing Internet access and reducing educational inequality. Finally, the study shows that, as improvements in income levels can increase Internet access, which results in a reduction in educational inequality.