O impacto da pandemia da Covid-19 sobre o mercado de capitais da América Latina

Abstract

This study analyzed the impacts of the COVID-19 pandemic on the stock markets of Brazil, Mexico, and Chile, using a methodological approach that combined descriptive and time series analyses. In the descriptive analysis, distinct behaviors were observed regarding the number of listed companies and the total market capitalization in each country. In the time series analysis, it was found that the number of domestic COVID-19 cases and fatalities did not have significant explanatory power on the stock market indices. However, when considering global data, Brazil and Mexico showed higher explanatory capacity, whereas Chile did not exhibit the same influence. Various factors, such as the size of the stock markets, the representation of foreign companies, and policy measures, may have influenced these results. The study suggests that the stock markets of Latin American countries reacted differently to the pandemic, however, all stock exchanges subjects to this study showed depreciation in the average capitalization value after 2020.