




































Australian Finance & Banking Review 

 Vol. 5, No. 1; 2021 

                                                                               ISSN 2576-1196   E-ISSN 2576-120X 

           Published by CRIBFB, USA 

 

29 

AN ANALYSIS ON THE EFFECTS OF CORONAVIRUS (COVID-19) ON 

THE FINANCIAL MANAGEMENT OF MULTINATIONAL 

CORPORATIONS  

 
Nurul Mohammad Zayed 

Assistant Professor & Head 

 Department of Real Estate 

 Daffodil International University, Dhaka, Bangladesh 

E-mail: zayed.bba@daffodilvarsity.edu.bd 

 

K. M. Anwarul Islam 

Associate Professor 

 Department of Business Administration 

The Millennium University, Dhaka, Bangladesh 

 E-mail: ai419bankingdu@gmail.com 

 

Shahiduzzaman Khan Shahi 

Independent Researcher 

Department of Real Estate 

 Daffodil International University, Dhaka, Bangladesh 

E-mail: shahi27-334@diu.edu.bd 

 

Md. Sazidur Rahman 

Executive Officer 

Dutch-Bangla Bank Limited, Dhaka, Bangladesh 

E-mail: sazid191017@gmail.com 

 

Tahsin Sharmila Raisa 

Lecturer 
Department of Business Administration 

Daffodil International University, Dhaka, Bangladesh 

E-mail: raisa.bba@diu.edu.bd 

 
ABSTRACT 

This paper develops a sensible framework to get a handle on the spatiotemporal plans of the 

COVID-19 event, its real nature, and its implications to the Financial Management of MNCs 

(Multinational Corporations). In the most straightforward structure, the construction of 

multinational Corporations is included a parent organization that holds all licensed innovation 

rights, contract makers or undeniable makers which complete the creative work in the nations 

with low work costs, and the restricted or undeniable wholesalers that sell the completed 

merchandise in different business sectors and behaviors market explores in their nations of 

activity. The pandemic effect on financial movement contrasts as far as extent and force. This 

mailto:zayed.bba@daffodilvarsity.edu.bd
mailto:ai419bankingdu@gmail.com
mailto:shahi27-334@diu.edu.bd
mailto:sazid191017@gmail.com
mailto:raisa.bba@diu.edu.bd


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30 

has delivered unrivaled proportions of shortcomings. This paper tries to diagram the overall 

elements of worldwide Financial Management of MNCs (Multinational Corporations) with 

country explicit dangers and primary dangers. Fundamental data is accumulated from different 

online media, adroit journals, various kinds of examination papers, and other online sources, 

etc. The globalization of Financial Management of MNCs (Multinational Corporations) is 

coordinated to the enormous extension of greatness and enhancement of monetary exchanges. At 

long last, all areas show and portray in detail this subject and give a few suggestions to conquer 

the present circumstance. 

 

Keywords: Coronavirus, COVID-19, International, Financial Management, Multinational 

Corporations, Economy, Market. 

 

JEL Classification Codes: F36, G32, F23. 

 

INTRODUCTION 
The COVID-19 episode has just started to influence how financial specialists carry on across 

economies, i.e., starting from the way of life and socialization to monetary exercises of 

individuals and firms. The financial effects of the new coronavirus ("COVID-19"), which arose 

in Wuhan, China in December 2019 and spread to the world in a brief time frame with the 

commitment of between reliance among nations, happen at an exceptional level contrasting with 

emergencies experienced previously. 

The International Financial Market is where budgetary wealth is traded among 

individuals (and between countries). It will, by and large, be viewed as a wide blueprint of rules 

and establishments where resources are exchanged between specialists in overabundance and 

managers in insufficiency and where affiliations set out the standards. Also, found on this market 

is a wide scope of widespread trade. Along these lines, this market is a pointer to the money-

related turn of events. As of now daily of COVID affects the everyday issue. 

A Multinational Corporation (MNC) is an organization that works in its nation of origin, 

just as in different nations around the planet. It keeps a focal office situated in one country, 

which arranges the administration of all its different workplaces, like regulatory branches or 

manufacturing plants. In the easiest structure, the construction of worldwide undertakings is 

contained a parent organization that holds all protected innovation rights, contract makers or 

undeniable makers which do the creative work in the nations with low work costs, and the 

restricted or undeniable wholesalers that sell the completed merchandise in different business 

sectors and behaviors market explores in their nations of activity (contingent upon the 

conditions). 

The financial effects of the COVID-19 happen at an exceptional level contrasting with 

the emergencies experienced previously. For some businesses, both the store network has been 

hindered and client request has contracted simultaneously. Restructurings and changes in transfer 

pricing policies will be inescapable for the progression of organizations and exercises since the 

COVID-19 emergency has caused an unanticipated worldwide danger acknowledgment that 

couldn't be anticipated when the intra-bunch legally binding connections were set up and the 

gathering activity model was planned. Albeit the presence of conditions that require the 

requirement for strategy changes is frequently viewed as negative, it can likewise be transformed 

into a chance by worldwide endeavors. 



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31 

Additionally, this reciprocal pressing factor contrasts from one industry to another, yet 

besides from one country to another and even from one area to another inside a similar country. 

Removed the common wellbeing impacts of local or worldwide arising and endemic irresistible 

disease, occurrences spread more extensive financial results that win frequently not mulled over 

in harm's way or impact examinations. The far-reaching arrangement among financial specialists 

about the transnational money-related shut down because of the sickness pandemic is perceived 

to be the significant determinant of securities exchange instability that could supervise the 

biggest financial exchange impact in the 21st century. 

During the COVID-19 scourge, the whole world is going through on an edge of 

affliction. As a result of this infection was massively destructive. Every country has just 

embraced a technique to confine the stretch. A few nations have endured safety measures 

through open separation techniques, like shutting off scholarly associations, confining work, and 

limiting the portability of individuals. These arraignments have had a fast and significant impact 

on all economies around the world. The disintegration sought after because of reduced creation, 

the allowances in particular administrations that need close human association, the joblessness of 

workers because of this scourge, deterring numerous organizations incidentally and endlessly 

brought about a tremendous impact on the worldwide economy. 

The pandemics COVID-19 period has annihilated the production network in the 

worldwide economy. This is going on with both the nearby and worldwide business sectors. 

Worldwide market harmony is a distant memory. The essential utilization of organic market 

harmony is imbued into everyday activities whether somebody is a rancher, drug producer, 

scholarly, or a buyer. Market interest is critical for the economy since they influence the 

expenses of buyer items and ventures inside an economy. As per the hypothesis of the market 

economy, the association among market interests adjusts a point, which is known as the harmony 

cost or market balance. Market balance is something vital for the global economy. How a market 

works with the standard market interest measure, it consequently will in general accomplish the 

harmony in a point. Due to the worldwide pandemic, supply is tremendously diminished where 

request generally stays as before. 

The prudent exchange of everywhere in the world is influenced generally. Coronavirus 

impact has now expanded past reasoning ability. This epic pandemic caused the biggest 

misfortune in financial history. The worldwide financial exchange has fallen. There is a 

deficiency of merchandise, staple goods, medications, machines, and gadget pieces of clothing 

items, food sources, oil, and so on in creation or an inventory organization, the individuals who 

are working if one individual gets influenced can without much of a stretch influence other. 

From a business perspective, there is a connection between each country on the planet so 

the assets produced in one nation are provided to another nation dependent on interest. The 

creation of merchandise has normally declined because of the conclusion of plants, individuals' 

pay has gone down because of the conclusion of the working area, because of which the interest 

for the item has additionally diminished and the stockpile has halted. So unique organization 

halted their creation only hence and supply moreover. They need to think often about their 

specialist's wellbeing. Worldwide security is likewise a major issue there. 

This contamination affected worker's lost compensation and all buyers cut back on 

spending and in like manner, the stockpile shock has incited a lot greater interest to paralyze. 

This paper recreates the impacts of (COVID-19) on the interest and supply of the global 

economy and how the decreasing popularity for administrations occurred and the decrease in the 

inventory of items that occurred due to joblessness and different aftermaths. 



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32 

It is anyway too quick to even think about expecting the outcome of COVID-19 on the 

Financial Management of MNCs (Multinational Corporations). The world depends on a full 

measurable sign. It is hard to assess the results and the aftermaths of the pestilence as it circles 

and to explicitly ascertain what amount of time it will require countries to withdraw to normal 

monetary movement. 

 

LITERATURE REVIEW 
The COVID-19 comes in to see close to the completion of December 2019 in China (Chahrour, 

2020). The COVID-19 spread rapidly in Wuhan. The specialists in Wuhan made extreme walks 

and lock the city on January 23, 2020 (Xiang, 2020). Inside a large portion of a-month, instances 

of COVID-19 were distinguished in a few distinct countries and soon it transformed into an 

around the world fear (Spina, 2020). The World Health Organization (WHO) broadcasted the 

crown plague a pandemic (WHO, 2020a). As of March 29, the disease had spread to more than 

177 countries and debased 722,435 patients, achieving 33,997 passings (Johns Hopkins 

University, 2020). Watching critical flare-ups out-breaks in China, Europe, Iran, South Korea, 

and the United States began to make starting strides (Khachfe, 2020). WHO communicated that 

Europe had become the new point of convergence of the pandemic on March 13 (WHO, 2020b). 

China took powerful action and winning concerning diminishing new cases. Deplorably, this 

diminishing was not the circumstance in various bits of the world, including Iran, Italy, the US, 

and other European countries (Remuzzi, 2020). To give a reaction to COVID-19, unique nations 

have now presented travel limitations (both inside and outside) to forestall the stretch of the 

infection. General wellbeing organizations and government experts are taking assessments like 

social disconnecting, self-separation, or withdrawal (Bedford, 2020). Jim (2020) decided 

"Associations encountering reduced benefits, more important working costs or pay difficulties 

because of COVID-19". It has been conveyed that as the world is encountering the slump 

monetarily to revamp and recuperate the economy will be over the long haul because of the 

extraordinary enormous negative result of the COVID-19 to the world economy. Ruiz Estrada 

(2020) investigated the chance and hugeness of a plague are appended to the financial elements 

of a comparable district. It is conceivable to expect that the result of Wuhan COVID can cause a 

broad financial disturbance. Ye (2020) found that gauges that worked in the rearward in a sad 

economy don't work today if the radix of the matter isn't tended to. The capital market today is 

very different from years prior when financial backers expect the fundamental organization grade 

before making a variety to their portfolio. Today in this existence where calculations are testing 

to discover how much the market can spill or rise. Buheji (2020) examined the savagery of these 

contaminations transport individuals vacillates from light to perilous. Mann (2020) said 

Manufacturing will show a 'V' or 'U' shape and administrations, will experience an 'L' shape. 

Amassing excess from assembling plant end represents a likely danger in the near term, by and 

by, creation will power to restock inventories once confines end and creation lines resuscitate. 

During the term of organizations, the race to the movement business, transportation 

organizations, and the family unit works out, generally, won't be recovered, and the indisputable 

set back of overall advancement will also trouble the L-formed vent of interest for these non-

trade able organizations. Furman (2020) expressed the impact of COVID-19 is another stun for 

the economy, which has never shown up before. Gopinath (2020) called attention to that the 

financial effect of this infection is expanding altogether harshly and as of now obvious in 

numerous nations. China is the case of that sort of economy where from the initial two months in 

2020 creation and assembling area exercises were strongly declined. Mauro (2020) cautioned 



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33 

that the pandemic could effectively affect agricultural nations. Ramelli (2020) demanded, "These 

early outcomes propose that the market decently fast started to react to worries about the 

conceivable financial results of the novel COVID". Baret et al. (2020) guaranteed that the 

COVID-19 has huge outcomes on the normal financial business areas. This COVID-19 has 

impacted the inventory and impacts the overall economy. There are constraints on making an 

excursion from one country to the next. During voyaging, amounts of cases are perceived as 

positive, especially taking worldwide visits. All legislatures, wellbeing affiliations, and various 

experts are perseveringly glancing in on perceiving the cases impacted by the COVID. Clinical 

benefits specialists face various inconveniences in staying aware of the idea of clinical benefits 

(Chinazzi, 2020). Hoque et al. (2020) depicted that the reinforcing of the Coronavirus is being 

thought to cause a drawn-out impact on the movement business of the country China by using 

assistant data. Antonakakis et al. (2013) saw time-fluctuating associations among monetary trade 

returns, engaging precariousness and approach weakness. Their revelations suggested that the 

connections are doubtlessly time-fluctuating and oil demand dazes and the US decline 

captivating. McKibbin et al. (2020) showed that an included erupt can essentially influence the 

overall economy in the short run. Chang et al. (2020) demanded that COVID-19 has adjusted the 

world endlessness and has drastically the worldwide travel, the travel industry, and 

accommodation organizations, which are profoundly powerless to pivotal stuns like COVID-19. 

It is vital to investigate how these indispensable businesses will recover and proceed with 

feasibility in a cutting-edge world pronouncement after COVID-19. Baret (2020a) battled that 

the COVID-19 has significant outcomes on the regular monetary business sectors as recently the 

world saw the breakdown of offers, oil, capital, and bonds all through the world. On account of 

the assorted macroeconomic stuns, bank borrowers' people and firms face a high danger of 

default (Vidovic, 2020). Notwithstanding default hazard, banks may likewise confront a liquidity 

emergency as numerous contributors may decide to pull out their investment funds to help their 

living and wellbeing costs (Baret, 2020b). In the pandemic, pay openings for individuals and 

partnerships become progressively restricted, which may constrain them to gobble up their 

investment funds. Especially, individuals losing positions will frantically attempt to get by on 

their reserve funds. This, whenever preceded for long, will cause a liquidity deficiency and 

cutoff the loaning limit of banks (Cheney et al., 2020). The financial area may see a shoot-up in 

default danger and rates due to diminished earnings and money inflows to their borrowers 

because of the monetary stoppage and constrained closure. The emergency will be more awful 

for borrowers depending on fares to the worldwide market, as the world economy battles to 

endure the pandemic. These impacts will be extreme additionally for private companies whose 

solitary help is doing everyday business and creating sufficient working money inflows to endure 

(Dua et al., 2020). Because of financial stoppage locally and worldwide, interest for credits will 

droop and it has just been going on in numerous economies. As firms limit their activity and 

creation, interest for both short-and long-haul financing decays considerably, which has no 

chance of bounce back until the monetary itself recuperate (Ryan et al., 2020)? Barua (2020) 

studied that the pandemic could influence global connections by influencing the current and the 

forthcoming financial projects under the public authority to government (G2G) collaboration 

especially among China and different economies. Because of the flare-ups, China-upheld public 

undertakings under-speculation or help structures have come to stop as materials and venture 

staff can't go to and for bringing about postponements or abrogation of G2G help or venture 

programs as China and their accomplice nations. 

 



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OBJECTIVES 
The significant goal of this paper is to find the effect of the COVID-19 on the Financial 

Management of MNCs (Multinational Corporations). The specific targets are to locate the 

current point of view on the world economy for the explanation of COVID-19, COVID-19 

repercussions for the world budgetary market, and the world market breakdown little by little 

and colossal moves in the stock organization. Recognizing the components and factors, which 

are identified with the Demand and Supply of the International Economy to the pandemic 

circumstance? Discover the gathering and situational impacts that influence the Financial 

Management of MNCs (Multinational Corporations). Deciding the various factors, which 

influence the Financial Management of MNCs (Multinational Corporations). 

 

METHODOLOGY 
The methodology of this study is mainly qualitative. The authors adopted a systematic 

literature review from recent distributions. The wellsprings of data are gathered from various 

types of writing, recent articles, reports which depend on the predominant pandemic 

circumstance. This structure is put together eventual outcomes of COVID concerning the 

Financial Management of MNCs (Multinational Corporations). For this evaluation, in any case, 

the optional data was endeavored circumspectly before managing them. 

 

RESULTS & DISCUSSIONS 
UNIDO's information showed a steady decrease in underway development, 

demonstrating a by and large financial lull as of now before the episode of the COVID-19 

emergency. Assembling yield development fell underneath the milestone of 1 percent and stayed 

at 0.7 percent in the final quarter of 2019 (Figure 01). 

 

 
 

Figure 1. Global GDP growth, 1995–2020 

Source: UNCTAD calculations based on IMF, WEO, October 2019 



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In the final quarter of 2019, just three ventures enrolled a positive year-over-year 

development rate on the whole nation gatherings, specifically essential medical items, drinks, 

and food items. While these three ventures address fundamental essential buyer merchandise and 

are probably going to keep on performing above and beyond the coming months, other 

assembling enterprises are relied upon to endure an extreme blow because of the COVID episode 

and the subsequent financial ramifications. Thus, world GDP development can be relied upon to 

decrease in the coming months.  

On the intriguing side, a blend of reduced compensation and fear of contamination will 

achieve lower private spending. But a part of these effects might be adjusted by extended 

government spending; the COVID-19 stagger's net interest sway is needed to be negative in the 

short run.  

At last, extended peril shirking and a flight-to-liquidity notwithstanding weakness 

achieved by the COVID-19 paralyze, the pressing factor of the financial market will weigh 

energetically on the overall economy. Further fluctuations are ordinary in the new exchange 

market. 

All around, projections suggest that inflows of external private cash to ODA-qualified 

countries in 2020 could plunge by USD 700 billion stood out from 2019 levels (Figure 02). With 

all wellsprings of external private records falling quickly, this presents an extraordinary 

squeezing element and financing void for making economies, outperforming the post-2008 

Global Financial Crisis experience by 60% and moving toward 35% of the 2018 level of outside 

cash. 

 
Figure 2 (A). The Overall COVID-19 Impact on External Private Finance in Developing 

Economies 

 



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36 

 
 

Figure 2 (B). The Overall COVID-19 Impact on External Private Finance in Developing 

Economies 

Source: IMF Balance of Payments (IMF, 2020) and National Central Bank Data. World Bank - 

World Development Indicators (2020). 

 

In the steady times of the economy, primary changes that are put on the table pull in more 

consideration and are examined by the expense specialists. Be that as it may, uncommon periods 

where vacillations and consistency are negligible, for example, the COVID-19 period, are 

reasonable for creating strong reasoning for perspective changes. Also, it would be sensible 

currently to sell out substantial and elusive resources which have been intended to be moved 

between related organizations as market esteems would be lower if exists than it is in the steady 

time frames. 

 

CONCLUSION AND RECOMMENDATIONS 
Notwithstanding, as COVID-19 showed its effects, the principal issue is advanced from how the 

benefit is distributed among bunch organizations to the issue of danger acknowledgment and 

how the misfortune ought to be apportioned. Even though industrial facilities are shut and 

merchants can't sell because of the decreasing interest and store network disturbance, they 

continue bearing the inactive limit and working costs which are unavoidable. As it is known, the 

income that the organizations in the gathering ought to acquire is dictated by considering the 

capacities played out, the dangers attempted and the resources possessed. Notwithstanding, for 

the current situation, there is normally no income to be ascribed to any recipient.  

As usual, rebuilding and changes in exchange estimating approaches will be inescapable 

for the progression of organizations and exercises since the COVID-19 emergency caused an 



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37 

unanticipated worldwide danger acknowledgment which couldn't be anticipated when the intra-

bunch authoritative connections were set up and the gathering activity model was planned.  

Before settling on how many offers the organizations in the plan of action ought to get 

from benefit or misfortune, the matter of who controls the dangers ought to be looked into.  

On the off chance that the plan of action of the worldwide undertakings contains 

generally safe level wholesalers or agreement makers which don't affect the dynamic system, the 

applicable organizations are relied upon to have a standard return dictated by one or the other 

expense in addition to or value-based net edge technique. Because of their low degree of danger, 

it can't be considered typical that those organizations get an offer from neither high benefit nor 

flighty misfortunes of the gathering.  

A few issues, for example, breaks in the inventory network, the reducing interest, and the 

end of the exercises brought about by COVID-19 wellbeing emergency would lead worldwide 

endeavors to survey, change and somewhat or end a portion of their exchange estimating 

arrangements and plans of action.  

The OECD is relied upon to distribute rules, as it did in the effect of the COVID-19 

emergency on assessment deals, on how misfortune brought about by worldwide danger 

acknowledgment ought to be divided between the organizations inside a gathering, the impacts 

of conceivable restructurings and effect of financing instruments on a manageable distance 

nature of the intercompany exchanges.  

Albeit the presence of conditions that require the requirement for strategy changes is 

frequently considered as negative, it can likewise be transformed into a chance by global 

endeavors. 

 

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