We identify periods of mildly explosive dynamics and collapses in the stock markets of 18 major countries during the first wave of the COVID-19 pandemic of 2020. We find statistical evidence of instability transmission from the Chinese stock market to all other markets. The recovery is heterogeneous and generally non-explosive.
Contessi, Silvio and De Pace, Pierangelo, "The International Spread of COVID-19 Stock Market Collapses" (2020). Pomona Economics. 9.