FINANCIAL MARKET STABILITY DURING PANDEMICS: INSIGHTS FROM HISTORICAL CRISES AND STRATEGIES FOR FUTURE RESILIENCE
Keywords:
pandemic, COVID-19, Uzbekistan economic institutions, investments, economic stability, Information Technology.Abstract
The financial sector serves as a critical pillar of both global and national economies, yet it remains highly susceptible to disruptions arising from unforeseen pandemic events. This study emphasizes the necessity of enhancing systemic preparedness for potential future pandemics through a comprehensive analysis of historical cases. Drawing upon the experiences of past pandemics such as COVID-19 and SARS, the paper examines the responses of financial institutions and investor behavior. Furthermore, it explores the applicability of these insights to the context of Uzbekistan, proposing strategic measures to bolster financial resilience and economic stability.
References
Meadows, A.J., Stephenson, N., Madhav, N.K., et al., 2023. Historical trends demonstrate a pattern of increasingly frequent and severe spillover events of high consequence zoonotic viruses. BMJ Global Health, 8:e012026. Available at: https://gh.bmj.com/content/8/11/e012026.
Clary Estes, 2024. The next pandemic may be closer than we think, finds new study. Bio News, January. Available at: https://bio.news/biosecurity/the-next-pandemic-ginkgo-bioworks-zoonotic-spillover-study/.
World Economic Forum, 2022. Davos Annual Meeting 2022 – Preparing for the Next Pandemic. Available at: https://weforum.org/events/world-economic-forum-annual-meeting-2022/sessions/preparing-for-the-next-pandemic-efec19c283/.
Rai, A., 2024. World leaders to meet to discuss threat of hypothetical “Disease X” pandemic in Davos. The Independent, January. Available at: https://www.independent.co.uk/news/world/europe/next-pandemic-disease-x-b2479196.html.
Statista, 2020. Share of Gross Domestic Product (GDP) lost as a result of the coronavirus pandemic (COVID-19) in 2020, by economy. Available at: https://www.statista.com/statistics/1240594/gdp-loss-covid-19-economy/.
Malthus, T.R., 1798. An essay on the principle of population as it affects the future improvement of society, with remarks on the speculations of Mr. Godwin, M. Condorcet, and other writers. London: J. Johnson in St. Paul’s Churchyard.
Schumpeter, J.A., 1954. History of economic analysis. New York: Oxford University Press.
Bleakley, H., 2010. Health, human capital, and development. Annual Review of Economics, 2(1), pp.283–310.
Karlsson, M., Nilsson, T. and Pichler, S., 2014. The impact of the 1918 Spanish flu epidemic on economic performance in Sweden: an investigation into the consequences of an extraordinary mortality shock. Journal of Health Economics, 36, pp.1–19.
McKibbin, W. and Fernando, R., 2020. The global macroeconomic impacts of COVID-19: seven scenarios. In: CAMA Working Papers. Centre for Applied Macroeconomic Analysis, Canberra.
“G-Cubed” model documentation, n.d. Available at: https://documentation.gcubed.com/model/sym/model_2R_170logv7.html.
McKibbin, W. and Triggs, A., 2018. Modeling the G20. Centre for Applied Macroeconomic Analysis, Canberra.
Northeastern Global News, 2023. Available at: https://news.northeastern.edu/2023/11/16/next-pandemic-economic-model/.
Gopinath, G., 2020. The great lockdown: Worst economic downturn since the Great Depression. IMF Blog, April. Available at: https://www.imf.org/en/Blogs/Articles/2020/04/14/blog-weo-the-great-lockdown-worst-economic-downturn-since-the-great-depression.
Panchal, N., Kamal, R., Orgera, K., Cox, C., Garfield, R., Hamel, L., et al., 2020. The implications of COVID-19 for mental health and substance use. Kaiser Family Foundation, p.21.
World Trade Organization (WTO), n.d. Jahon Savdo Tashkiloti (WTO) statistikasi. Available at: https://stats.wto.org/dashboard/merchandise_en.html.
Congressional Research Service, 2021. Global Economic Effects of COVID-19. [pdf] 10 Nov. Available at: https://sgp.fas.org/crs/row/R46270.pdf.
