Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/234197 
Year of Publication: 
2021
Series/Report no.: 
Deutsche Bundesbank Discussion Paper No. 17/2021
Publisher: 
Deutsche Bundesbank, Frankfurt a. M.
Abstract: 
This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral financial interactions are negatively affected by stricter containment and closure policies as well as health system policies of a partner country, while German capital flows benefit from a partner's economic support policies. Moreover, to the extent that public interventions to fight the pandemic affect financial interactions, the adjustment mainly takes place along the intensive margin.
Subjects: 
coronavirus
pandemic
JEL: 
F36
F60
I18
ISBN: 
978-3-95729-825-6
Document Type: 
Working Paper

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