We identify periods of mildly explosive dynamics and collapses in the stock markets of 18 major countries during 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 not explosive in all markets.
Contessi, Silvio and De Pace, Pierangelo, "The International Spread of COVID-19 Stock Market Collapses" (2020). Pomona Economics. 9.