Combination forecast based on financial stress categories for global equity market volatility: the evidence during the COVID-19 and the global financial crisis periods

The 2008 global financial crisis and the COVID-19 pandemic both decrease economic growth and lead to high uncertainty in global stock markets, and financial stress information is closely linked to financial crises. To improve the predictability of the realized volatility of the global equity indices during crises, we examine the predictive role of the Global Financial Stress Index (GFSI) and its categories. We find that the combination predictions based on GFSI's five incorporated categories and three region-based categories outperform the predictions based on the raw GFSI for most indices. Specifically, the DMSPE combination model with a low discount factor has accurate forecasts for 5- and 22-day-ahead realized volatility, and it also performs better than the equal-weighted and the trimmed mean combination methods. In this study, we present a comprehensive analysis of the predictive role of financial stress information in stock market volatility during crises, and the empirical evidence provides a positive case against the ‘forecast combination puzzle'. Our findings are very instructive for policymakers and investors to make their own short-term and long-term plans in crisis. © 2023 Informa UK Limited, trading as Taylor & Francis Group.

Financial hardship, sleep disturbances, and their relationship among men and women in the United States during the COVID-19 pandemic.

OBJECTIVE: In the United States (US), the health and financial consequences of COVID-19 have disproportionately impacted women and minoritized racial-ethnic groups. Yet, few US studies have investigated financial hardship during the COVID-19 pandemic and sleep health disparities. Our objective was to investigate associations between financial hardship and sleep disturbances during the COVID-19 pandemic by gender and race and ethnicity in the United States. METHODS: We used the nationally representative COVID-19's Unequal Racial Burden cross-sectional survey data collected among 5339 men and women from 12/2020 to 2/2021. Participants reported financial hardship (eg, debt, employment/work loss) since the pandemic began and completed the Patient-Reported Outcomes Management Information System Short Form 4a for sleep disturbances. Prevalence ratios (PRs) and 95% confidence intervals were estimated using adjusted, weighted Poisson regression with robust variance. RESULTS: Most (71%) participants reported financial hardship. Prevalence of moderate to severe sleep disturbances was 20% overall, higher among women (23%), and highest among American Indian/Alaska Native (29%) and multiracial adults (28%). Associations between financial hardship and moderate to severe sleep disturbances (PR = 1.52 [95% confidence interval: 1.18, 1.94]) did not differ by gender but varied by race and ethnicity: associations were strongest among Black/African American (PR = 3.52 [1.99,6.23]) adults. CONCLUSIONS: Both financial hardship and sleep disturbances were prevalent, and their relationships were strongest among certain minoritized racial-ethnic groups, particularly Black/African American adults. Interventions that alleviate financial insecurity may reduce sleep health disparities.

The Monetary Component in Ensuring the Financial Security of the State

The paper studies the place and degree of the monetary component's influence on the level of financial security of the state in the conditions of political and socio-economic imbalances in the development of Ukraine. The aim of the research is to investigate the effectiveness of monetary policy instruments, to determine the level of the monetary component's impact on the financial security of the state, as well as to form perspectives for balancing the symbiosis of "monetary policy and national financial security". Based on the conducted research, it is established that in recent years the role of the financial security system formation at all levels has significantly increased, whether it is macroe-conomic security, the security of economical subjects, or the financial security of a household. At the same time, the monetary component plays a significant role in en-suring the financial security of the state, namely, it affects macroeconomic processes in the country. Therefore, in order to ensure macroeconomic stability and economic growth in the context of ensuring the financial security of Ukraine under martial law, it is necessary to improve the mechanisms of monetary policy. The article analyzes the latest threats that lead to the negative impact of the monetary component on the finan-cial security of the state. These include: the consequences of russian military aggression on the economic development of Ukraine, continued COVID-19 outbreaks, the introduc-tion of administrative restrictions on the use of monetary policy instruments by the National bank of Ukraine, violations of the economic security of financial institutions, an insufficient level of financial inclusion, and the contradictory nature of the coordination of monetary and fiscal policies. In the context of establishing the decisive role of the monetary component in ensuring the financial security of the state, the adopted devel-opment strategies at the level of national security of Ukraine and at the level of the monetary sector of Ukraine are considered and systematized. The block diagram of the implementation of monetary policy in the context of ensuring the financial security of the state is proposed. It is proved that the mechanism of such interrelationship is im-plemented through the instruments and methods of monetary policy in combination with key macroeconomic indicators. To confirm the proposed hypothesis, the econo-metric model of the influence of monetary instruments on the level of financial security of the state is developed. As a proxy indicator of the financial security of Ukraine, the Financial Stress Index is used, which reflects the current state of the financial sector (without considering future risks) and consists of sub-indices for the banking sector, households, government and corporate securities, and foreign exchange market. Esti-mated and re-estimated models made it possible to determine the most influential indi-cators of the monetary component of the Financial Stress Index, namely: consumer price index;producer price index;GDP to monetary aggregate M2 ratio;cash to GDP ratio;share of foreign currency in monetary aggregate M3;NBU key policy rate (annual average);share of non-performing loans (NPL). The proposed model can be used to forecast the influence of the parameters of the monetary component on the level of financial security of the state. Based on the results of the study, it is proved that, despite the difficult political and economic situation in Ukraine, it is necessary to focus on improving the coordination of monetary and fiscal policies, considering the further implementation of the main provi-sions of international documents adopted by International Monetary Fund on this issue.

Financial challenges and capacity among African refugees in the Southern USA: A study of socio-demographic differences

Refugees' successful integration into US society requires adaptation to economic, financial and social norms. Despite the importance of considering financial challenges (financial stress and financial anxiety) and financial capacity (financial literacy and financial self-efficacy) in reaching personal financial goals, literature examining the relationship between financial challenges and capacity-critical in refugee resettlement and integration-is sparse and fragmented. This study explored financial challenges and capacity amongst resettled African refugees (N = 130) in the southern USA using data from a larger community-based participatory research study that used a mixed-methods approach. We explored socio-demographic differences in financial stress, financial anxiety, financial literacy and financial self-efficacy across African refugee subpopulation groups. Our study highlights the importance of social work advocacy for data disaggregation, which helps establish the scope of the problem, unmask subpopulation differences and make vulnerable groups more visible to facilitate the development of tailored programmes and services to reach economic integration goals. We provide social work implications for data disaggregation in the current coronavirus context, which will leave long-term financial scars on refugee subpopulations. (PsycInfo Database Record (c) 2023 APA, all rights reserved)

Families' Financial Stress & Well-Being: The Importance of the Economy and Economic Environments.

The Great Recession and the unfolding COVID-19 Pandemic Recession-two major disruptions to the economy that occurred just one decade apart-unequivocally confirm the importance of the economy and economic environments for understanding families' financial stress and well-being. However, recent published literature places too little emphasis on the economy and economic environments and instead focuses on explanations rooted within individuals and families. In this article, we review research on families' financial stress and well-being published in JFEI between 2010 and 2019, which analyzed data collected during the Great Recession and were subsequently published in the shadow of the economic downturn. We discuss the economy and economic environments as gaps in the literature and encourage future research to focus on these explanations of stress and well-being, especially in response to the pandemic recession.

Development of a Questionnaire on Access to Sickle Cell Disease Care in the Indigenous Tharu Population of Nepal

Purpose of Study Sickle cell disease (SCD) disproportionately affects the Tharu population of Nepal, a marginalized indigenous group concentrated in the Dang district. SCD is a structural hemoglobinopathy resulting in abnormal red blood cells with a tendency to occlude microvasculature. Since 2015, University of British Columbia medical students and a local community partner, Creating Possibilities, have improved access to SCD screening and diagnosis for the Tharu population. However, interviews conducted in 2016- 2017 found that SCD-afflicted community members encounter a number of challenges to obtain treatment once diagnosed. The purpose of this study was to develop a questionnaire on barriers to accessing SCD care in this community. Methods Used The Barriers to Accessing SCD Care Questionnaire was developed from items in existing scales, deductive and inductive item generation, and feedback from expert local partners. Reviewing literature on barriers to accessing healthcare in the Western region of Nepal informed region-specific questionnaire items, while literature on accessing SCD treatment in resource-limited settings informed SCD-specific questionnaire items. We also reviewed the literature on barriers to treatment for various stigmatized chronic health conditions in low-resource settings. Summary of Results Qualitative interviews with SCD-afflicted Tharu individuals in 2016-2017 identified inadequate local medical resources, transportation, financial strain, and limited awareness as barriers to care. Based on the literature review, we organized all survey items under the themes transportation, medical infrastructure, finances, community attitudes, and personal attitudes. The questionnaire includes closed-ended questions using a Likert scale, as well as open-ended interview prompts. It was made in collaboration with local community members to ensure it is culturally appropriate, needs-specific, and easily understandable. The questionnaire received ethics board approval, and interviews will begin once local health authorities lift COVID-19 restrictions. Conclusions Results from the Barriers to Accessing SCD Care questionnaire will guide future community-based interventions.

FEASIBILITY of LINKING UNIVERSAL WELL-CHILD HEALTHCARE and FINANCIAL COUNSELLING: FINDINGS from the AUSTRALIAN HEALTHIER WEALTHIER FAMILIES (HWF) PILOT RANDOMISED CONTROLLED TRIAL

Background: We pilot-tested the feasibility and short-term impacts of "Healthier Wealthier Families" (HWF), which seeks to reduce financial hardship by developing a referral pathway between universal child and family health (CFH) services and financial counselling. Method(s): Setting: CFH services in five sites (Victoria, New South Wales), coinciding with the COVID-19 pandemic. Participant(s): Caregivers of children aged 0-5 years. Eligible clients disclosed financial hardship using a study-designed screening tool. Design(s): Pilot randomised controlled trial (RCT). With mixed progress in Sites 1-3, we conducted an implementation evaluation and adapted the protocol to a simplified RCT (Site 4) and direct referral with pre-post evaluation (Site 5). Intervention(s): Financial counselling. The comparator was usual care. Measures: Feasibility was assessed via proportions of clients screened, enrolled, followed-up, and who accessed financial counselling. Impacts (quantitative surveys, qualitative interviews) included finances to 6 months post-enrolment. Result(s): 72%-100% of clients across sites answered the financial screen. In RCT sites (1-4), less than one-quarter enrolled. In Site 5, n = 44/64 (64%) clients were eligible and engaged with financial counselling. Common challenges facing these clients were utility debts (73%), obtaining government entitlements (43%) and material aid/emergency relief (27%). On average, their household income increased $250 per fortnight ($6504 annually), and families received average single payments of $784. Caregivers identified benefits including reduced stress, practical help, increased knowledge and empowerment. Conclusion(s): Financial hardship screening via CFH, and direct referral, were acceptable to caregivers. Individual randomisation was infeasible. Matching between populations and CFH practice is necessary to incorporate a HWF model of care.

Increasing interest in post-secondary education in the CF population

Background: Planning for college and post-secondary education has historically been a challenge for people with cystic fibrosis PwCF) because of a shortened life expectancy and the high cost of CF treatments. According to the Cystic Fibrosis Foundation Patient Registry, the median age of death was 32 in 2019 for PwCF in the United States [1]. Those who are healthy enough to plan for post-secondary education typically need financial assistance to offset the cost of tuition. This need has led many PwCF to contact Cystic Fibrosis Foundation Compass, a free, personalized case management service that provides information and resource referrals, for assistance with education-related expenses. Over the course of the pandemic, Compass observed a spike in interest of people seeking financial assistance and other resources to explore further education. We sought to better understand the increase in education requests from 2019 to 2021. Method(s): Compass data from January 1, 2019, through December 31, 2021, were reviewed.We reviewed data for all inquiries categorized as education, which include requests for scholarships, financial aid, and vocational rehabilitation. Compass also collects information on caller demographic characteristics such as age, household size, and household income, and this information was reviewed for all education inquiries during the 3-year period. We do not typically ask why callers are requesting financial assistance. Result(s): There was an increase in requests for financial assistance for education in 2020 and 2021: 98 scholarship requests in 2019, 140 in 2020, and 238 in 2021. The average age of PwCF requesting financial assistance with educationwas 24 all 3 years. One PwCF with an income of $100,000 or more requested financial assistance with education in 2019, five in 2020, and 13 in 2021. Conclusion(s): The number of education requests Compass receives has increased every year since 2019. The average age of PwCF making requests was 24, which is considered a non-traditional student by the National Center for Education Statistics [2]. Therewas also an increase in callers with high household incomes requesting financial assistance with education expenses. The approval of elexacaftor/tezacaftor/ivacaftor in 2019 may have contributed to the increase in requests each year, because PwCF eligible for and taking this medication may be experiencing better health outcomes and able to focus on furthering their educations. The COVID-19 pandemic may also have contributed because fewer people were able to work outside the home and may have elected to further their education as a result. Financial hardships due to the pandemic may also explain the increase in requests for financial assistance, even for those with high household incomes. Our results showa continued increase in requests each year. We are interested in identifying and exploring the cause of this increase through survey or conversations with those seeking education assistance through Compass. We will continue to follow the data to see if the increase continues as the COVID-19 pandemic ends.Copyright © 2022, European Cystic Fibrosis Society. All rights reserved

Measuring caregiver stress and perceived self-efficacy during a worldwide pandemic

Background: Anxiety and depression levels are significant in caregivers of young people with cystic fibrosis (PwCF) [1]. Literature also shows that perceived self-efficacy (a person's beliefs about their capabilities) is lower in caregivers of children with chronic illness;particularly with increased stress, lack of resources, or ambiguity related to illness course [2,3]. There are few studies looking at the effects of the pandemic on self-efficacy in caregivers and children. Given the national distress, school closures, and uncertainty of the COVID-19 pandemic, our team aimed to investigate effects on caregivers of young PwCF (<=18) at our CF center, particularly their perceived stress, anxiety, and self-efficacy. Method(s): An anonymous survey using REDCap was developed to look at descriptive features of caregiver demographics, number of children in the home with CF, and perceptions related to COVID-19 and how it affected their lifestyle. Caregivers completing the survey rated their current stress, anxiety, and depression levels. The PROMIS self-efficacy tool, a validated measure of perceived self-efficacy, was incorporated into the survey. Most response options were on a Likert scale. The survey was available electronically through hyperlink and a QR scan code. Result(s): Of 17 caregivers who responded to our initial survey, 82% reported that COVID-19 had significantly affected their lives, 41% experienced financial hardship, 53% were feeling "more" or "much more" anxious, 76% were feeling angrier, and 94% reported "more" or "much more" stress than before the pandemic (Figure 1). Many respondents were worried about spreading illness to their children or being unable to care for their child. Perceived self-efficacy scores were average to high in most caregivers, indicating confidence in their abilities to manage difficult situations. Respondents were more likely to be female and well educated and have private insurance. (Figure Presented) Figure 1. Responses to difference in current perceived stress level before and durring the pandemic Conclusion(s): This is the first known descriptive study to look at effects of a worldwide pandemic on caregivers of young PwCF. It also is one of few studies examining caregiver perceived self-efficacy in CF. It was limited by the number of responses, skewed demographics of those who responded, and being administered at a single CF center. We found that caregivers of PwCF at our center are experiencing higher rates of stress, anxiety, and anger. This did not seem to affect their perceived self-efficacy, although therewas no pre-pandemic measurement.We learned thatwe need to find ways to reach a larger demographic and those who are underrepresented. This study shows the need to better understand caregiver emotional distress, especially during times of ambiguity. Understanding caregiver stress and perceived self-efficacy has the potential to provide insight for the medical team on supportive ways to abate negative outcomes in young PwCFCopyright © 2022, European Cystic Fibrosis Society. All rights reserved

Unconditional cash transfers and mental health symptoms among parents with low incomes: Evidence from the 2021 child tax credit.

The COVID-19 pandemic increased anxiety and depression in the U.S. population, particularly among low-income households, parents, and Black and Hispanic adults. To address the negative impacts of the pandemic, Congress temporarily expanded the Child Tax Credit (CTC) in 2021, providing a near-universal, unconditional cash transfer to families with children. Using a quasi-experimental, parameterized difference-in-differences research design, we examine the effects of the 2021 monthly CTC on symptoms of anxiety and depression in a large, national sample of parents with low incomes (N∼15,000). We study potential differences in the associations by race/ethnicity and consider whether CTC effects were stronger after a longer treatment period (for instance, due to greater dosage or delayed effects). We find some evidence that the monthly credit reduced parental anxiety and depression symptoms, although the results were not robust throughout all model specifications. Analyses stratified by race/ethnicity show stronger associations for non-Hispanic Black parents than for non-Hispanic White parents or Hispanic parents, although differences were small. We also find the credit reduced anxiety (but not depression) symptoms after three months of payments, suggesting that it took some time for the CTC to affect mental health symptoms. Overall, this study suggests that recurring cash transfers to families in poverty in the U.S. may have small beneficial effects on parental mental health.

Stress relief? Funding structures and resilience to the covid shock.

How did funding structures-the source, instrument, currency, and counterparty location of financing-relate to the financial stress experienced in different countries and sectors during Covid-19? Banks and corporates with a higher share of funding from non-bank financial institutions (NBFIs) or in US dollars experienced significantly greater stress, while more funding in debt instruments (versus loans) or cross-border (versus domestically) did not affect resilience. Policies targeting these structural vulnerabilities (US$ swap lines and NBFI policies) were more effective at mitigating stress than policies supporting banks, even controlling for macroeconomic policies. Macroprudential regulations should prioritize exposures to NBFI and dollar funding.

Financial Stress, Family, Marital, and Life Satisfaction of Turkish Families During Covid-19: What Did We Learn?

It is well known that the Covid-19 that hit the world caused a global economic crisis. This present study aimed at examining the economic impact of this crisis with respect to families with both quantitative and qualitative approaches. In this study, we intended to demonstrate how families (n=247) met their basic needs, how they coped with financial stress, how financial stress relates to family characteristics and how it affects marital, family, and life satisfaction. The impact of family characteristics on financial stress was examined through regression analysis. The impact of financial stress on marital, family, and life satisfaction was determined through content analysis. The results of the regression analysis showed that the influence of education, debt, minimum wage employment, and fear of being laid off on financial stress was significant. The qualitative results show that individuals' marital, family and life satisfaction were negatively affected due to the financial stress they experienced during the Covid-19. [ FROM AUTHOR] Copyright of Journal of Family Issues is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Worldwide responses of health systems to the financial challenges of the COVID-19 pandemic

The SARS-CoV-2 coronavirus (COVID-19) pandemic is a major public health issue;it is the greatest challenge facing humanity in the 21st century, and a sharp increase in the prevalence of the disease has resulted in an increase in morbidity and mortality in many countries. The global health community, in an effort to reduce the spread of the virus, has been taking precautionary measures to address the crisis and alleviate the economic impact of the pandemic on healthcare services. Global information exchange is vital for health systems to meet these challenges. Health systems, even those in developed countries, appear to have been unprepared to meet this challenge, partly because of pre-existing problems. This study identifies some important features of health systems around the world, and the policies implemented by those responsible for addressing this global health crisis caused by SARSCoV-2. In addition, it highlights the government decisions and mechanisms that were implemented to strengthen and finance health systems, and to mitigate the cost of the pandemic. The response of health systems to the requirements created by the coronavirus pandemic shows adaptation to successive changes, allowing recovery and satisfaction of their needs for the protection of public health.Copyright © Athens Medical Society.

Monetary Policies and Financial Stress During the COVID-19 Pandemic: An Event Study Analysis

Using an event study design, this paper examines the effects of announcements of financial policies, especially monetary policies, on a measure of financial stress in some advanced and emerging economies during the COVID-19 pandemic period. We construct a daily financial stress index for 15 countries during the period from April 1, 2019 to September 30, 2021 . Our results show that announcing financial policies of any type increased financial stress on the day the policy was announced but the effect faded away rather quickly. Moreover, different types of financial policy announcements had different effects on the financial stress subindices. We also find that each component of financial stress responds to the announcement of financial policies differently and announcements of financial policies affect financial stress in most of the countries in our sample, but to different degrees.

Risk spillover effect of global financial markets in the context of novel coronavirus epidemic

Since the outbreak of COVID-19 pandemic, the financial markets of many countries have been impacted severely. In this context, based on the event study method and orthogonal decomposition method, this paper studies the impact of the novel coronavirus epidemic on the spillover effect of global financial risk, and further analyses the financial risk transmission channels of various countries. The results suggest that the novel coronavirus significantly increases the overall risk level of global financial markets, and exacerbates the contagion effects of financial risk through the global risk spillover network. In addition, the analysis of transmission channels reveals the source and direction of the financial risks in each country, manifesting as the unidirectional risk transmissions from developed countries to developing countries and the bidirectional risk contagion paths of countries with similar level of development. Therefore, facing the challenges of public health emergencies such as novel coronavirus epidemic, the major economies should strengthen multilateral cooperation and promote the coordination of macroeconomic policies to jointly defuse global systemic financial risk. © 2023 Informa UK Limited, trading as Taylor & Francis Group.

COVID-19: Financial Stress and Well-Being in Families.

In all areas of knowledge, research has shown the devastating effects of COVID-19, and the impact on families' financial stress and well-being is one of them. Crises are predictors of families' financial stress as they produce changes in their income and negative feelings, such as fear and demotivation, which affect well-being. This study analyses the financial and social impact of COVID-19 on families, supported by the ABCE-WB model, with data collection being the result of snowball sampling. The results obtained allow the conclusion that the current pandemic crisis has caused financial stress in families, to a greater or lesser degree, and caused feelings of fear and demotivation as consequences of the general lockdown. The empirical evidence also shows that these effects are positively associated with the perception of their level of well-being. The contribution of the study lies in corroborating the model used. Final considerations are presented together with the limitations and suggestions for future research.

Online Gambling in the Midst of COVID-19: A Nexus of Mental Health Concerns, Substance Use and Financial Stress.

This study examined the emerging impact of COVID-19 on gambling during the first 6 weeks of emergency measures in Ontario, Canada. A cross-sectional online survey of 2005 gamblers, including a sub-sample of 1081 online gamblers (age 18 years and older), was administered to assess risky gambling behaviours and motivations, financial impacts from COVID-19, the influence of COVID-19 on online gambling, mental health concerns and substance use. A series of odds ratio comparisons and measures of association were carried out. Results show significant likelihood of online gambling among those classified as high-risk gamblers (according to the Problem Gambling Severity Index) and those with past experience of online gambling, though migration from land-based gambling was apparent. Among high-risk online gamblers, the most predictive risk factors included moderate and severe anxiety and depression, reduced work hours, being influenced to gamble due to COVID-19, gambling under the influence of cannabis or alcohol and risky gambling motives tied to mental health concerns, including gambling because it helps with nervousness and depression, chasing gambling losses and seeking to earn income. This study has confirmed many of the risk associations presented in emerging COVID-19-related studies and past research on global economic crisis relating to gambling risk, mental health concerns and substance use. However, unlike many past studies, the present paper takes note of all of these elements holistically and provides incremental clarity on online gambling risk factors during the pandemic, specifically.

FINANCIAL STRESS AS PERCEIVED JOB LOSS POTENTIAL IN PERU DURING THE COVID-19 PANDEMIC.

Introduction: The COVID-19 pandemic has caused insecurity in many aspects, mainly because of the possibility of losing one's job. Objective(s): To determine whether financial stress was associated with the perception of losing one's job in Peru during the COVID-19 pandemic. Material(s) and Method(s): Analytical cross-sectional study, in which 507 respondents participated. The main variable was obtained from a validated survey measuring job insecurity, which was crossed with financial stress and other socio-labor variables. Result(s): In the multivariate analysis, those with financial stress had greater job insecurity (RPa: 2.46;95%CI: 2.20-2.75;p-value<0.001), while the younger the age, the greater the job insecurity (RPa: 0.992;95%CI: 0.985-0.999;p-value=0.024), adjusted for marital status and type of work. Conclusion(s): The strong association between financial stress and job insecurity is confirmed. This finding may have repercussions on the occupational health of workers, generating an inadequate work environment.Copyright © 2022, Accion Medica S.A.. All rights reserved.

Asymmetric dynamic risk transmission between financial stress and monetary policy uncertainty: thinking in the post-covid-19 world

Considering the dramatically increasing impact of the COVID-19 outbreak on monetary policy and the uncertainty in the financial system, we aim to examine the dynamic asymmetric risk transmission between financial stress and monetary policy uncertainty. Our sample covers 30 years of data. We first employ the conventional Granger causality test to examine the average relationship between financial stress and monetary policy uncertainty, and the results cannot provide evidence of causality between them. However, from an asymmetric perspective, we further detect the strongly apparent existence of the asymmetric structure of causality between them. Finally, we conduct further research on the asymmetric impacts from a time-varying perspective. The time-varying test finds that this relationship can be influenced by major events, especially the dot-com bubble, the 2009 financial crisis, and the current COVID-19 pandemic. Thus, one can learn more information about the influencing mechanism between financial stress and monetary policy with our work, which may be beneficial for making better decisions in the future. © 2023, The Author(s).