Unprecedented non-pharmaceutical interventions targeted to curb the spread of COVID-19
exerted a dramatic impact on the global economy and financial markets. This study is the
first attempt to investigate the influence of these government policy responses on global
stock market liquidity. To this end, we examine daily data from 49 countries for the period
January-April 2020. We demonstrate that the impact of the interventions is limited in scale
and scope. Workplace and school closures deteriorate liquidity in emerging markets, while …