The  COVID-19 crisis and its initial impacts on emerging countries: an analysis based on the exchange rate pressure index:

Adriano Vilela Sampaio; Mauricio  Andrade Weiss; Paulo Van Noije

doi:10.33834/bkr.v10i2.337

Adriano Vilela Sampaio Universidade Federal Fluminense https://orcid.org/0000-0002-1866-4118
Mauricio Andrade Weiss Universidade Federal do Rio Grande do Sul
Paulo Van Noije Universidade Estadual de Campinas

DOI: https://doi.org/10.33834/bkr.v10i2.337

Resumo

The objective of this article is to make an empirical characterization of the initial phase of the COVID-19 crisis, which caused greater turbulence on emerging countries, using an exchange rate pressure index that aims to measure the impacts on the exchange rate and international reserves. Conclusions: i) the most acute period of the crisis occurred in March/20, being among the three largest periods of exchange rate pressure since 2003 — behind October/08 and September/11; ii) Algeria, Brazil, Turkey, Pakistan, Nigeria, Angola and South Africa saw the most severe and persistent effects; iii) in most countries, the external adjustment occurred mainly through exchange rate devaluations — the same pattern as the 2008 crisis.

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