ABSTRACT
COVID-19 has affected China's financial markets;accordingly, we investigate the effect of COVID-19 on the risk spillover between fintech and traditional financial industries. Using data from April 25, 2012 to April 22, 2022, which we divide into two parts (before and during the COVID-19 periods), we model the dynamic risk spillover relationship following the DCC-GARCH-BEKK and MMV-MFDFA methods. The results show that: (1) The dynamic relationship between fintech and traditional finance is almost positive most of the time, and the dynamic correlations between fintech and realty (real estate development and operation) are the largest. The dynamic linkage between fintech and traditional finance declines after the COVID-19 outbreak. (2) There exists a risk spillover from fintech to every type of bank before and during the COVID-19 periods. Notably, the risk spillover effect of fintech to large state-owned banks and city commercial banks is the largest separately before and during the COVID-19 periods. Meanwhile, there exist a two-way risk spillover between fintech and almost all other traditional financial industries before and during the COVID-19 periods. (3) Owing to the COVID-19 pandemic, the risk spillover relationship, which is in pairs and in the system become more complex. (4) Regarding the whole system, the correlation in the system is anti-persistent most of the time. Moreover, there are large fluctuations and more complex characteristics during the COVID-19 outbreak. However, the whole system was smooth most of the time before the outbreak of the COVID-19 pandemic.
ABSTRACT
Background: Since December 2019, COVID-19 has rapidly swept the world. It is particularly important to understand the dynamic changes of the whole disease course of non-severe patients from the onset to the follow-up after discharge.Methods: On February 1, 2020, 18 cases of non-severe COVID-19 appeared in a hospital in Beijing. All patients were SARS-CoV-2 RNA positive by RT-PCR for pharyngeal swabs. We recorded the clinical information and viral dynamics of these patients from the onset of the disease to 2 months after discharge. According to the severity of lung consolidation, 18 patients were divided into two groups (mild pulmonary consolidation group [imaging score ≤10]; severe pulmonary consolidation group [imaging score >10]).Results: Eighteen patients (median age 43) were included, including 14 females. Fever (11/18) and cough (8/18) were the most common symptoms. The duration of SARS-CoV-2 RNA positive in mild pulmonary consolidation group was significantly longer than severe pulmonary consolidation group (the median time was 30 days and 13 days, respectively, P= 0.0031). Two months after discharge, almost all patients were followed up for IgM antibody disappearance and IgG antibody production.Conclusion: In non-severe COVID-19 patients, the positive duration of the SARS-CoV-2 RNA in patients with mild pulmonary consolidation was longer than the severe pulmonary consolidation. However, it is necessary for a large sample to verify our conclusions.