Several countries are affected by the coronavirus, causing panic across the globe. The coronavirus
originated during late December,2019 and spread across borders in few months. The pandemic caused
by the virus has resulted in intense social and economic disruptions. It has caused a severe global recession. Social distancing
measures are undertaken to reduce the spread of the virus. According to the recent Global Financial Stability Report, further
aggravation of the virus will affect global nancial security and if nancial conditions are tightened even further, the global
nancial system will suffer more “cracks”. The prices of commodities and risk assets have begun to fall sharply, volatility of
assets has increased, corporate credit markets are crumbling, and market liquidity is seen to be deteriorating. Country
authorities are taking several scal measures, implementing social distancing and self-quarantine, supporting the corporate
sector and providing unemployment benets for those affected. Few countries that have been hugely affected by the crisis are
USA, Spain, Italy, Germany, France, United Kingdom, Turkey, Iran and China. The countries have been implementing various
policies for the same. The following article briefs on the measures taken by countries to minimize the spread of the virus and its
economic repercussions, the countries most affected and policies implemented in order to tackle COVID-19 repercussions.
An Empirical Analysis of the Dynamic Dependences in the European Corporate Credit Markets: Bonds vs. Credit Derivatives
