Abstract The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further amplification of the shock through tighter financial conditions. Using an intraday event study, this paper examines how stock prices – a key driver of financial conditions – reacted to regulatory easing announcements in a sample of 18 advanced economies and 8 emerging markets. It finds that regulatory easing announcements contributed to looser financial conditions but effects varied across sectors and tools. News about regulatory easing led to lower valuations for financial sector stocks, mainly in jurisdictions with relatively lower capital buffers. These results stand in stark contrast with valuations of non-financial sector stocks, which increased in response to regulatory relief announcements, particularly in industries that are more dependent on bank financing. The effects also differed across tools. Valuations declined and financial conditions tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions loosened after those about liquidity regulation.

中文翻译：

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小心处理：COVID-19 时期的监管放松

摘要 对 COVID-19 冲击的政策反应包括在许多司法管辖区放宽监管，以促进信贷流向经济，并通过收紧金融条件来缓解冲击的进一步放大。本文通过盘中事件研究，考察了股票价格（金融状况的关键驱动因素）对 18 个发达经济体和 8 个新兴市场样本的监管宽松公告的反应。研究发现，监管放松公告有助于放松金融环境，但对不同行业和工具的影响各不相同。有关监管宽松的消息导致金融股估值下降，主要是在资本缓冲相对较低的司法管辖区。这些结果与非金融部门股票的估值形成鲜明对比，因监管放宽公告而增加，尤其是在更依赖银行融资的行业。不同工具的效果也不同。在有关放宽银行资本监管的公告发布后，估值下降，财务状况收紧，而在流动性监管发布后，股票估值上升，财务状况放松。