Further evidence of contagion effect between the Chinese and the G20 stock markets during the COVID-19 pandemic: A time-varying copula approach

This paper examines the presence of a contagion effect between Chinese and G20 stock markets as well as its intensity over a recent period from 1(st) January 2013 to 7 April 2022. The empirical study is conducted using the time-varying copula approach. The obtained results show strong evidence of a contagion effect between China and all countries except United States America, Argentina and Turkey during the COVID-19 period. In particular, the Chinese stock market exhibits the highest level of dependence with the Asian and European stock markets in addition to the greatest variability in dependence. These findings are interesting and have important implications for several financial applications.

The Causal Relationship Between Coronavirus (COVID-19) and Stock Indices: A Case Study for G20 Countries

Coronavirus (COVID-19 or SARS-CoV-2) spreads rapidly around the world. Coronavirus reached 8,000 cases on Jan 30, 2020. When the cases that lost their lives were examined, the majority of them were found to be elderly patients or patients diagnosed with chronic heart, lung and kidney, Parkinson's, and Diabetes. The number of cases worldwide was 509,164, the number of deaths worldwide was 23,335 while analyzing this study. COVID-19 also affected many economic variables in the world. Some of these variables are stock indices. In this study, it is aimed to discover the causal relationship between stock indices and coronavirus. Daily data were used in the research. Stock indices and total deaths and total cases of coronavirus are matched for each country. Unit root tests, Pairwise Granger Causality Tests, and regression analysis were made. The stationarity and level of significance were calculated. Causality Tests used to test hypotheses regarding the presence and the direction of causality. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

A Brief History of the G20 Institutional Dynamics (2008-2021)

The Group of 20 (G20) brought together leaders of the key advanced and emerging market countries to manage the 2007-08 financial and economic crises, reform the international architecture, devise a new global consensus, ensure recovery, and promote strong, sustainable, and balanced growth. Established as an anti-crisis mechanism and designated by its members as a premier forum for international economic cooperation, the G20 transformed into a global governance hub. Since its first summit, the G20 has generated high expectations and has become a subject of research and assessment for analysts, mass media, and the general public. Each summit's deliberations, decisions, and engagements have been scrutinized. Critics of the G20 claim it has lost relevance and was not capable of responding to the degradation of multilateralism, or the COVID-19 pandemic and the crisis it induced. In this article, the logic of historical institutionalism is applied to explore the confluence of dynamics in the G20's evolution: demand for G20 leadership;agenda expansion and institutionalization;and legitimation, accountability, and engagements. It is concluded that the G20 changed global governance trends, creating a more inclusive global governance that integrates the G20's own extensive and diverse cooperation networks with the networks of the other international institutions and engagement groups involved in G20 policy processes. The networked governance, alongside the rotating presidency, the Troika, and various outreach mechanisms, augment the G20's authority and reduce the legitimacy gap perception. The benefits from the early decisions, established and expanding agenda, patterns of engagement, cognitive scripts, embedded ideas, and internalized norms became strong endogenous sources of stability, reinforced in positive feedback loops. Despite tensions between members, the value that the G20 provides and the global public goods it generates, real and expected returns, constitute significant incentives for the G20's continued engagement, sustain its evolving dynamics, and consolidate its path-dependency. The downside of the G20's resilience is its inability to undertake innovative initiatives in the wake of COVID-19 or to provide the powerful leadership the world needed to overcome the pandemic and the related economic and social crises. Notwithstanding these failures, the G20 remains the crucial hub of contemporary global economic governance. However, the lock-in may entail the risk of losing relevance to other institutions.

Inflation Spillovers among Advanced and Emerging Economies: Evidence from the G20 Group

The influence of recent global shocks such as the COVID-19 pandemic and the Russian–Ukrainian war on the variability of major macroeconomic trends not only shows synchronized behavior across economies but also induces similar policy responses to counter these shocks. The purpose of this article is to explore the transmission of inflation among the G20 economies and evaluate its contribution to domestic inflation. To this end, we use the Diebold and Yilmaz spillover approach. The results that emerge from unconditional analysis reveal stark dissimilarities in inflation spillover patterns between advanced and emerging economies. Advanced economies are subject to higher spillover rates and thereby more exposed to global shocks compared to their emerging counterparts. Inflation in emerging countries is mainly derived from idiosyncratic shocks, while global shocks have only a modest influence on domestic inflation. In addition, bilateral spillovers among the G20 members show that the average pairwise directional spillovers between emerging economies are lower compared to advanced economies. The results pertaining to the spillover dynamics, on the other hand, show that total inflation spillover has a clear upward trend, indicating that the overall interconnectedness between G20 countries is increasing over time. Moreover, the estimates of spillover dynamics show a growing influence of received inflation spillovers from external shocks in both advanced and emerging economies. Policymakers in advanced economies are expected to respond to global shocks to mitigate the influence of spillovers, which is essential for economies that display high spillovers and turn out to be net receivers of shocks. However, public agencies in emerging economies should concentrate more on internal shocks to control inflation while not ignoring global shocks.

COVID-19 impact, financial and ESG performance: Evidence from G20 countries

During the pandemic, all countries of the world were affected by a health pandemic was the largest in the twenty-first century, which affected the performance of companies and put them in a difficult situation with the escalation of uncertainty. Our study evaluates the impact of the COVID-19 pandemic on firms' financial performance and the moderating role of environmental, social, and governance (ESG) performance in this relationship. Based on a large international panel dataset that includes nine countries from G20 extracted from the Thomson Reuters EIKON database for the period from 2016 to 2021, a set of statistical analyses was applied, including descriptive statistics, correlation matrix, fixed effect regression, and robust regression using GMM model. The findings indicate that the pandemic negatively affected financial performance significantly, while the performance of ESG limits this effect. Thus, companies engaged in ESG activities are the least affected during the pandemic. Fulfilling stakeholders' demands enhances companies' performance during crises and corporate directors' resort to maintaining the performance of ESG as one of the effective strategies during the crisis to reduce the impact of COVID-19 on financial performance. This study shows that compliance with ESG issues can mitigate negative financial impacts during crises and that while implementing ESG practices is costly, it satisfies stakeholders and generates financial gains for companies. Theoretically, we directed the theoretical lens to research through crisis and stakeholder theories to explain events. © 2023 ERP Environment and John Wiley & Sons Ltd.

G20 entrepreneurship services report

This book focuses on the progress of G20 members on entrepreneurship services since the G20 Entrepreneurship Action Plan was issued at the G20 Hangzhou Summit in China. The authors analyse the similarities and differences of policy measures taken by G20 members from five aspects of entrepreneurship services: government services, fiscal and financial supports, entrepreneur services, entrepreneurship education, and fair competition for SMEs. The book aims to bridge academic research with the multilevel and diverse practice in entrepreneurial activities and explores how national policies and conditions can promote entrepreneurship among G20 members. This book will inspire the policy- makers, stakeholders in the entrepreneurship ecosystems and scholars on entrepreneurship research as well, on how to promote the entrepreneurship as an effective way to stimulate employment growth, boost innovation development, and realize economic recovery in the post- COVID-19 era. © Tsinghua University Press 2022. All rights reserved.

"Vasudaiva kutumbakam-one earth, one family, one future: "- India's mantra for a healthy and prosperous earth as the G20 leader.

India is a civilization, not just a country, nation, or government. Taking over the leadership of G20 by India, at a time when the world is battling pandemics, war, energy and climate crisis, and resource restriction is not just appropriately suited politico-economically but socio-culturally as well. COVID-19 proved that the unbelievably diverse world was too complex to be packed into a utopian hold-all one size fits all ideas. However, the fact is that COVID-19 may only have uncovered the crisis, which had been in the making for the latter part of the last century and extending into the current. India's leadership of G20 is therefore a window of opportunity for a more sustainable worldview as the ideas are coming from a civilization with a long history of acceptance of the entire world as one family- Vasudaiva Kutumbakam.

Dynamics of renewable energy index in G20 countries: influence of green financing.

The research intends to investigate the green financing trends movement with renewable energy dependence of G-20 economies. The data envelopment analysis (DEA) technique explains research results and illustrates current topicality. The Wald econometric method is utilized for robustness analysis, and a comparative picture of public support is provided. The research demonstrated that green financing metrics are significantly affected by public support during the COVID-19 crisis. Due to the volatility of COVID-19, public assistance funding plays an uneven role in green finance. G-20 member nations financed 17% of total green financing using public funds, which contributed 4% to GDP and achieved 16% of annual energy dependence improvement due to COVID-19 and 24% additional production from renewable energy resources. The results of this research demand maximal support by using positions in the government, ministries in charge of energy efficiency, and departments for energy efficiency improvement. Several possible policy interventions are discussed in this paper that may increase renewable energy efficiency via several alternative approaches, including on-bill financing, direct efficiency grant, guaranteed energy efficiency contracts, and credit lines for energy efficiency. If recommended policies are implemented successfully, they are expected to reduce the crisis' impact and elevate funding for energy efficiency.

Complex network analysis of volatility spillovers between global financial indicators and G20 stock markets.

This paper analyses the dynamic transmission mechanism of volatility spillovers between key global financial indicators and G20 stock markets. To examine volatility spillover relations, we combine a bivariate GARCH-BEKK model with complex network theory. Specifically, we construct a volatility network of international financial markets utilising the spatial connectedness of spillovers (consisting of nodes and edges). The findings show that spillover relations between global variables and G20 markets vary significantly across five identified sub-periods. Notably, networks are much denser in crisis periods compared to non-crisis periods. In comparing two crisis periods, Global Financial Crisis (2008) and COVID-19 Crisis (2020) periods, the network statistics suggest that volatility spillovers in the latter period are more transitive and intense than the former. This suggests that financial volatility spreads more rapidly and directly through key financial indicators to the G20 stock markets. For example, oil and bonds are the largest volatility senders, while the markets of Saudi Arabia, Russia, South Africa, and Brazil are the main volatility receivers. In the former crisis, the source of financial volatility concentrates primarily in the USA, Australia, Canada, and Saudi Arabia, which are the largest volatility senders and receivers. China emerges as generally the least sensitive market to external volatility.

Inflation volatility: A Bayesian approach

The ongoing trend of high inflation across much of the world has reignited interest in inflation volatility with varying foci and methods. In this paper, we employ a Bayesian framework to estimate inflation volatility using a sample of G20 countries. Estimation results suggest persistent heterogeneity in price volatility across time and countries. Furthermore, we use the Bayesian estimates of volatility to conduct several empirical analyses on the implications of interdependence of economies, development status for uncertainty. Further analyses on the determinants of price volatility suggest that trade openness, COVID-19, and the Ukraine crisis have positive impacts on volatility. Additionally, the nature of the political institutions and the share of manufacturing in total national output are also found to affect volatility to some extent. © 2023 The Author(s)

Indonesia in 2022: Development, Democracy, and…Delay?

After another surge in cases, COVID-19 slowly receded from Indonesia's foreground in 2022 as restrictions were lifted, schools and businesses reopened, and the economy rebounded. The Jokowi government posted several legislative victories while also testing the guardrails of democracy, for example with a public push to postpone the 2024 presidential elections. Corruption and misconduct grabbed global and national headlines and riveted the nation. In foreign policy, Indonesia chaired the G20 in a challenging year for the world economy and global politics.

Did ESG Save the Day? Evidence From India During the COVID-19 Crisis

Investors have shown increasing interest in Socially Responsible Investments (SRI) in the past few years, especially during the financial crisis caused due to the outbreak of the COVID-19 pandemic. SRI are evaluated on the basis of Environmental, Social and Governance (ESG) criteria. ESG information allows investors to assess the risks associated with a particular firm and how the firm manages or intends to manage future risks. Amidst the increasing investor interest in ESG products, we attempt to study the value addition of ESG performance to investors during crisis period. Using a sample of ESG rated firms listed on the Bombay Stock Exchange (BSE), we examine the investment performance, trading volumes and return volatility of ESG stocks in an emerging market like India during the COVID-19 crisis. The results of our event study conducted around the important events that have occurred in India during the COVID-19 pandemic provide evidence that investors can use ESG information as a signal of future stock performance. Most importantly, ESG performance provides downside protection during crisis times. Our results show that ESG performance does not prove to be detrimental to investment performance during normal times. Also, ESG performance was found to reduce stock return volatility during the COVID-19 pandemic. Overall, our study attempts to establish an investment case for ESG stocks in emerging markets in India by providing support to the good management hypothesis.

Co-movement between Covid-19 and G20 stock market returns: A time and frequency analysis.

In our study, we employ DCC-GARCH and Wavelet coherence analysis to examine the co-movement between global covid-19 indicators (cases, recoveries and deaths) and stock returns of main equity markets in G20 countries using daily data spanning between February 2, 2020 and August 28, 2021. Our empirical results show that the co-movement between COVID-19 and G20 stock returns has been switching between negative and positive correlations across the entire time window. The wavelet coherence analysis further reveal that negative (positive) co-movements predominantly exist as lower (higher frequencies) for cases and deaths and are more mixed for recoveries. The findings also show that the short-frequency components correspond to periods around the initial announcement of the initial pandemic and also around the announced of subsequent variants of the COVID-19 virus. Policy and market implications from our study are also discussed.

Disaster risk reduction and G20: A major step forward

Disaster risks are increasing and changing their nature. The global risk landscape is evolving as new risks – many of them arising from cascading and inter-connected hazards – are arising. While significant achievements have been made to reduce loss of lives, economic and asset damages are still on the increasing trend. G20, which started as the major economic group meeting, has emerged over years as an influential political forum. While there have been several attempts to bring disaster risk reduction agenda to G20, the issue has not been addressed in a comprehensive and sustained manner. A new working group on Disaster Risk Reduction has been established under India's Presidency. This paper analyzes G20 and DRR risk reduction agenda's evolution, provides insights on India's contribution to the thematic area, and suggest future interventions required at G20. While Indian Prime Minister's 10-points agenda sets the future DRR interventions targets, India's leadership in DRR can be seen in terms of local level risk management framework, resilient infrastructure, financing of disaster risk management, social protection, people's engagement, and resource management. In addition to that, response to COVID-19 through the Disaster Management Act has set up a new milestone for multi hazards and all hazards risk management, including complex and cascading risks. Five specific areas that are urgently required are: 1) investment in resilient infrastructure, 2) digital infra and data management protocol, including open data, open governance, 3) use of disruptive and emerging technologies, 4) enhancement of technology transfer and market creation through private sector involvement, and 5) fostering youth innovation and entrepreneurship in DRR. This will help not only the G20 nations, but also contribute to other vulnerable countries and communities. © 2023 The Authors

Inflation volatility: A Bayesian approach

The ongoing trend of high inflation across much of the world has reignited interest in inflation volatility with varying foci and methods. In this paper, we employ a Bayesian framework to estimate inflation volatility using a sample of G20 countries. Estimation results suggest persistent heterogeneity in price volatility across time and countries. Furthermore, we use the Bayesian estimates of volatility to conduct several empirical analyses on the implications of interdependence of economies, development status for uncertainty. Further analyses on the determinants of price volatility suggest that trade openness, COVID-19, and the Ukraine crisis have positive impacts on volatility. Additionally, the nature of the political institutions and the share of manufacturing in total national output are also found to affect volatility to some extent.

The Global Tourism Industry After the COVID-19 Pandemic: Prospects and Ways of Recovery

This work is devoted to the prospects for the recovery of the tourism industry after the Covid-19 pandemic in the context of the transformations of this industry, which are the consequences of the pandemic. The theoretical significance of the work is determined by tracing in it the patterns of recession and recovery of the globalized sphere of the world economy in the context of the global crisis, which has several dimensions, within the framework of a specific case. The practical significance of the work is due to the fact that, on the basis of identifying short and medium-term trends that contribute to the recovery of the tourism industry, recommendations are proposed to accelerate the latter and deepen the positive trends associated with it. The relevance of this work is due, on the one hand, to the need for the most effective means of restoring global tourism, on the other hand, the need to understand the impact of multidimensional crises on a global scale (such as the Covid-19 pandemic) on the globalized economy of the modern world and its individual industries. The world tourism industry as a part of the global economy was selected as the object of analysis. The subject of the study is the recovery process of the global tourism industry after the recession caused by the Covid-19 pandemic. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Gender-based violence in the period of the coronavirus pandemic in the G-20 countries: Social media advertising campaigns

The pandemic caused by SARS-CoV-2 showed an increase in cases of gender violence during home confinement and social isolation. This article studies the publicity campaigns promoted in the G-20 countries during the pandemic period. Social media became a space for interaction to promote cyberfeminist actions called hashtivism and make visible this social problem considered ‘the other pandemic'. The analysis focuses on the coding strategies of the advertising message and its link to the social ecosystem. The study shows that the pandemic became the creative axis for generation of informative campaigns with new symbolic codes to help the victims of gender violence. © 2022 Universidad Complutense de Madrid. All rights reserved.

Disaster risk reduction and G20: A major step forward

Disaster risks are increasing and changing their nature. The global risk landscape is evolving as new risks – many of them arising from cascading and inter-connected hazards – are arising. While significant achievements have been made to reduce loss of lives, economic and asset damages are still on the increasing trend. G20, which started as the major economic group meeting, has emerged over years as an influential political forum. While there have been several attempts to bring disaster risk reduction agenda to G20, the issue has not been addressed in a comprehensive and sustained manner. A new working group on Disaster Risk Reduction has been established under India's Presidency. This paper analyzes G20 and DRR risk reduction agenda's evolution, provides insights on India's contribution to the thematic area, and suggest future interventions required at G20. While Indian Prime Minister's 10-points agenda sets the future DRR interventions targets, India's leadership in DRR can be seen in terms of local level risk management framework, resilient infrastructure, financing of disaster risk management, social protection, people's engagement, and resource management. In addition to that, response to COVID-19 through the Disaster Management Act has set up a new milestone for multi hazards and all hazards risk management, including complex and cascading risks. Five specific areas that are urgently required are: 1) investment in resilient infrastructure, 2) digital infra and data management protocol, including open data, open governance, 3) use of disruptive and emerging technologies, 4) enhancement of technology transfer and market creation through private sector involvement, and 5) fostering youth innovation and entrepreneurship in DRR. This will help not only the G20 nations, but also contribute to other vulnerable countries and communities.

The Impact Covid-19 Outbreak, Green Finance, Creativity and Sustainable Economic Development on the Economic Recovery in G20 Countries

Economic growth has become a global issue, especially after Covid-19, and attain the focus of recent studies and policymakers. A question that repeatedly arises when compulsion of sustainability is sought in a system and economies are obligated to strive for creative outcomes in order to increase economic efficiency. Meanwhile, green financing and sustainable economic development are also expected to be a part of the requirement as they are directly or indirectly indicators of economic growth. Thus, the current research examines the role of the Covid-19 outbreak along with green finance, sustainable economic development and creativity on the economic recovery in the context of G20 economies. This study has used the World Development Indicators (WDI) to extract the data of the selected countries from 2016 to 2020. The present study has also executed the robust standard error along with the fixed-effect model (FEM) to examine the nexus among the variables. The results revealed that green finance (green credit and renewable energy production), sustainable economic development environmental dimension (GHG emissions) and creativity have a positive association with economic growth in G20 countries. These outcomes are suitable for the new researchers while studying this area in the future and helpful for the regulators while developing the regulation related to the economic recovery. © 2022, Econjournals. All rights reserved.

Financing energy transition in COVID-19 for energy efficiency: Does mitigation of energy price risk that essential?

The aim of the study is to test the nexus between energy prices risk and energy efficiency for energy transition to recommend the implication for the period of COVID-19 crises. This study uses short-term daily data of G-20 countries for COVID-19 crises was taken to better estimate the study findings. To estimate the results Data Envelopment Analysis estimation method was applied for empirical inference. The findings revealed that the COVID-19 crises have the biggest negative influence with 47.1% on oil prices which raised energy prices risk at large. The aforementioned results hold even after substituting the magnitude of extreme list of variables, re-estimating the equations with energy efficiency. Such risk has further halted energy efficiency with 33.69% in G-20 countries during COVID-19 which is one of the largest dent of the mankind history. Our results also inferred that the relationship of energy prices risk with energy efficiency remained significant but negative with energy transition. Extending to it, the post-COVID-19, the danger of energy stock price crashes is expected to diminish dramatically. The study suggest that the corporations must participate in greater corporate social responsibility activities have lower post-COVID-19 energy price collapse risk. Finally, we demonstrate that post-COVID-19, the impact of COVID-19 on energy price collapse risk.