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Original Article | Open Access | Br. J. Arts Humanit., 2025; 7(1), 390-398 | doi: 10.34104/bjah.02403900398

Covid-19s Impact and Consequences on International Capital Markets: A Critical Legal Analysis

Md. Abdul Mannan Bhuyean Mail Img Orcid Img ,
Md. Nahidul Islam* Mail Img Orcid Img ,
Md. Ahsan Habib Mail Img Orcid Img

Abstract

This paper mostly focused on the coronaviruss influence on the global capital market. Finding out how this virus affects every area of the global capital market is the core aim of this study. This article is solely based on credible secondary sources. Moreover, this virus is impacted by any industry, including oil prices, inventories, stock prices, manufacturing businesses, import/export, GDP, interest rates, and so on. Finally, the authors attempted to identify the actual barriers to the impact and consequences of COVID-19 on the international capital market. Since the capital market is a measure of a countrys economic development, and because of the COVID-19 virus, the entire capital market of over 200 countries has been still stagnating and struggling.

Keywords

Introduction

At the outset of the study, it can be said that the COVID-19 pandemics economic impact and globalization would probably flare over all worldwide economies, plunging several into recession and possibly financial catastrophe. Financial markets, particularly the stock, bond, and commodities markets, have been severely and widely impacted by the economic unrest brought on by the COVID-19 epidemic (BBC News: February 24, 2020). One World Bank Global Infrastructure Facility member, M. Nicolas Firzli, calls it “the greater financial crisis” (Weltman, J., 2020). Globally, coronavirus (COVID-19) is a contagious and infectious illness (Buheji, M., 2020). Most importantly, this study emphasizes the international capital market, which allows the government, businesses, and individuals to purchase and deposit resources within net national constraints.

Moreover, commitment and price are the two primary methods for bringing someone to the capital markets. To put it simply, the cash value invested to return resources to a certain level of ownership but not compensated, as well as the cash debt that is obtained and needs to be paid back (Baker, S. R., et al., 2020). Meanwhile, the coronavirus was first discovered in the Chinese town of Wuhan in December 2019. Over 190,561,907 people are currently infected in approximately 200 countries and territories throughout the world. According to World Meters, over 4,095,472 people have died and 173,655,616 have been recovered. The Coronavirus spreads quickly over the world, especially in India, Bangladesh, Italy, the USA, the UK, Iran, South Korea, France, Germany, Spain, and other nations. The graphs below indicate daily new cases:

Fig. 1: Daily News Cases per Day. [Source: https://www.worldometers.info/coronavirus/].

The majority of countries throughout the world are currently under lockdown due to the coronavirus, and all financial activities have been suspended (Barua, S., 2020). Every day, this problem becomes worse. As a result, there are several issues affecting various international transactions and enterprises Nahid AHM., (2021).

Objectives of the Study

The main objective of this study is to assess COVID-19s influence on the global capital market. In this regard, the articles primary purpose is to highlight the many detrimental implications of COVID-19 on the global capital market and provide alternative solutions.

Review of Literature

COVID-19s Impact on Financial Condition

COVID-19, a contagious disease caused by a unique kind of SARS-CoV2, has apparent financial ramifications in almost every part of life (Adnan, ATM, et al., 2020). Overall stock markets have dropped by almost 30%, implied equity and oil volatility have reached crisis levels, and non-investment grade debt credit spreads have widened dramatically as investors flee risk (OECD, 2021). This increasing volatility in international financial markets happened when the G20 financial authorities agreed to extensive and comprehensive financial reforms in the post-crisis period.


In addition to these, The European and Asian financial markets dropped in tandem with the downfall of the USs primary benchmark index; the FTSE100 has lost by more than 10% since 1987, and the DAX30 in Frankfurt has also declined severely as a result of the outbreak. The COVID-19 pandemic affected Asias key capital indexes, including the SENSEX (India), NIKKEI (Japan), and STI (Singapore). The EU and Asian financial markets also suffered, with the FTSE100, the largest benchmark index in the US, plummeting by more than 10% since 1987, and Frankfurts DAX30 plunging heavily as a result of the outbreak. The COVID-19 outbreak has had an influence on Asias key capital indexes, such as the SENSEX (India), NIKKEI (Japan), and STI (Singapore). Furthermore, the diseases long-term implications might include mass unemployment and business collapse. Some businesses, such as tourism and aviation, will undoubtedly experience issues (Zhang, D. et al., 2020). The flowchart below demonstrates the short- and long-term effects of COVID-19.

Fig. 2: A COVID-19 Pandemic Timeline [Source (Barua, B., 2020)].


Therefore, mapping the ramifications of the COVID-19 pandemic for banks in light of shifting trends and the overall economic prospects, the future of COVID-19 may be predicted to have long-term economic consequences. COVID-19 has transformed the operational mindset. The material repercussions of a shutdown or limitation on end-market demand, including the effects of travel restrictions and border closures, on our ability to operate and achieve commercial goals. The supply chain or distribution strategies have evolved, resulting in new distribution systems. COVID-19 has an extensive effect on consumers, suppliers, distributors, creditors, business partners, and other parties involved. COVID-19 disrupted the businesss human resources. The effects might include a viral pandemic among workers, company-imposed work constraints, and other productivity implications. Significant changes in the firms capital and financial resources, including overall liquidity and perspective, are the outcome of COVID-19 impacts.


COVID-19s Impact on Japans Capital Markets and Economy

Japan began the pandemic with a weakening economy already dealing with deflation and slow growth (International COVID-19 Stimulation and Relief, 2023). The COVID-19 outbreak has had a major impact on the whole world, including Japan. In April, the Japanese government declared a state of emergency and implemented strict public health measures in response to an increasing number of confirmed cases (Al-Awadhi AM, A. et al., 2020). Private consumption decreased by almost 20% in April compared to the previous year. In light of the new coronavirus, the Japan Exchange Group (JPX) recognizes the need to perform its function as a public infrastructure by ensuring the market operates effectively. That is why JPX responded by creating an emergency BCP (Business Continuity Plan), dubbed Novel Coronavirus, 2020. Japanese issuers had one of the most turbulent and uncertain years in decades.


Most importantly, while the impact of Covid-19 on capital markets was less severe than that of the post-financial crisis, significant factors such as economic development, trade, and asset assignment likely made things more difficult for both issuers and investors (Japans Top Credits Face COVID Volatility in April 2021). The COVID-19 epidemic had a negative influence on Japans stock market. Here, this graph shows that COVID-19 has adverse effect on Japans Capital Market and Economy.


Fig. 3: Virus Drags on Asian Assets and Asia Pacific stocks lag global peers as COVID-19 caseload grows.

COVID-19s Impact on the US Capital Market

The COVID-19 pandemic appears to be the most significant phenomenon observed in practically all countries since March 2020 (Buszko, M., et al., 2021). The COVID-19 epidemic has also had a significant effect on the socioeconomic position in the majority of countries worldwide. The stock markets performance demonstrates the impact of accelerated trends, growing gaps between winners and losers, and value flows for major projects. First, a lot of investors are still hoping that the pandemic would eventually cease. Five large tech firms already account for more than 21 percent of the S&P 500, one of the most closely monitored markets in the world. Additionally, smaller non-listed businesses have suffered significant economic hardship, as seen by the sharp rise in unemployment. Most importantly, the stock market as a whole may do rather well even if GDP and employment are sharply cut (Panda, S.S., et al., 2020). 

Due to realistic investment judgment that corporate revenues will be reduced due to COVID-19, as well as dread and unease, global stock markets lost almost $6 trillion in value in a single week from February 24 to 28 (Chevallier, J., December 3, 2020).  Section 303A: Corporate Governance the NYSEs fully integrated web interface, Listing Manager, allows for the online submission of affirmations. The impact of COVID-19 on the dynamic relationship between green bonds and various major financial assets, including the bond market, global stock markets, and the USD index (Naeem, MA., et al., May 2021).

COVID-19s Impact on the Hong Kong Capital Market
In the exercise of its legislative powers of investigation and enforcement, the Hong Kong Securities and Futures Commission (SFC) leads in market regulation and some listing regulatory areas, while also serving a complementary purpose. Prior to the 2020 pandemic, Hong Kong had serious economic troubles. The global Coronavirus 2019 (Covid-19) pandemic brought not only sickness and death, but also economic devastation unprecedented since the Great Depression (Laing, T., 2020).

Legal Repercussions of COVID-19 on Bangladeshs Economy and Capital Market
The fact is that the rise of the stock market has diverged from the real economy. The financial markets have predicted a significant economic recovery when vaccination rates rise and death rates fall (Daube, CH., 2021). Most importantly, Bangladesh Securities and Exchange Commission has established a new regulation known as Bangladesh Securities and Exchange Commission (Capital Market Stabilization Fund) Rules, 2021 (Bangladesh Securities and Exchange Commission Rules: 2021) to stabilize the capital market.

COVID-19s Adverse Impact on the Capital Markets
The COVID-19 epidemic damaged the worldwide economy, causing a business slowdown and economic slump. Any COVID-19-related situations, such as remote working arrangements, that have harmed the Companys ability to continue operations, including financial reporting systems, internal financial reporting control, and reporting controls and processes. Even before the pandemic, COVID-19 had a considerable effect on the economy, with severe impacts on business, tourism, and transportation, resulting in local food shortages. Furthermore, price bubbles exist in stock markets (COVID-19 and the volatility of US financial markets in January 2021). COVID-19s influence on the financial sector should not be overlooked (Albulescu, C. T., 2021). COVID-19 has significantly and consistently lowered all global financial markets, particularly share price trends (Sansa, NA., 2020). The impact of asset pricing regulations varies with countrys vulnerability to the pandemic. In summary, demonstrate that the markets began to become more connected following the epidemic, and that there are significant disparities in their correlation coefficients, indicating that the pandemic had a significant effect on the valuations of these assets (De Souza, PVS. et al., 2020).

COVID-19s Beneficial Impacts on the Economy and Capital Market
According to these good and negative consequences, COVID-19 has had some favorable impacts on countries, regions, and the world (Karunathilake, K., 2021). The global capital market benefits the economy by providing long-term funding for growth-oriented sectors and infrastructure (Bangladesh Securities and Exchange Commission, 2021). COVID-19 has a good probability of working from home or remotely. As a result, companies like Amazon, Alibaba, and Netflix are doing an excellent job of expanding their net earnings. During the corona epidemic, E-commerce also grew significantly. 

Fig. 4: The Impact of COVID-19 on Stock Markets since the start of the outbreak.

Here Fig. 4 shows that the position of the global stock market in a negative point (-29) due to the new coronavirus, although it was in a positive position prior to the corona (greater than 1). Within four months, the stock market has fallen. This situation is steadily deteriorating. This poses a serious risk to the worlds international financial market in particular. Cheap yields result in cheap financing costs for the American economy, but low interest rates do not assist private firms or organizations (or even certain sovereigns) which, due to a lack of confidence, consider capital markets too risky to lend to (Zayed, NM., et al., April, 2020). Fig. 4 illustrates the impact of the completely declining corona on Chinas financial market from October 2019 to February 2020. This virus was first identified in China and has since spread all over the world (Ruiz Estrada, M.A., 2020). At first, the perilous calamity affected China and the countrys overall economic situation (Ruiz Estrada, M. A., & Koutronas, E., 2020).

Fig. 5: Inception of COVID-19 in the Middle East Gulf-China. [Source: Baltic Exchange Dirty Tanker Route].

Here Fig. 5 stated that this virus started in China and ultimately spread to the rest of Asia and the worlds economies. Within two months, it has turned into a terrible issue. It falls (3% to -9%) and progressively declines. 

Fig. 6: Asian Stock Markets Ailing after COVID-19 outbreak.

Here Fig. 6 stated that the worldwide GDP growth rate is expected to be 2.9% between the end of 2019 and the beginning of 2020. However, it showed 20% in early 2020 and continued to fall. Furthermore, Asian economic growth is forecast to improve by 4.9% this year, up from 5.7% last year.

Fig. 7: Global Economic Growth Slowdown. [Source: S&P Global Economics].
 
Here Fig. 7 shows the pandemic has an impact on the industrial industry as well. The Chinese manufacturing sector has an index of 40.3, although it was near 50, as were the European and Japanese indexes (50.2 and 47.8, respectively). They are also steadily declining.

Fig. 8: Manufacturing Activity in Major Economies. [Source: Market Realist].

Here Fig. 8 explained the service sectors are experiencing significant decline. This industry has a Chinese index over 50, however it is now at 26.5. Its a terrible shame. On the other side, the US, European, and Japanese index areas (52.6, 49.2, and 46.8) are all extremely poorly positioned and falling rapidly.

Fig. 9: Services Activity in Major Economies [Source: Market Realist].
 
Additionally, there are breakout issues with stock market volatility (Baker S. R., et al., 2020). The Chinese market was shut down entirely in early January and is now making an effort to reopen. The P500 Index is down -10,79%, the STOXX Europe 600 is down -19,29%, the Shanghai SE Composite Index is down -1,25%, and the NIKKEI 255 Index is down -16,17%.

Fig. 10: Sell off in Stock Markets [Source: CNBC].
 
The Bond markets are dropping. The Chinese market was also closed in early January and is now at 2.67%, more than 3.0%. Meanwhile, the US -0.75% was above 2.0%, the UK -0.24% was almost 1%, and Japan -0.04% was above 0.6% (Zayed, M.N. et al., April 2020).

Fig. 11: Government Bond Yields Inch Lower of Major Economies [Source: CNBC].


Methodology

This paper is qualitative. Different graphs and data from various sources are used. Secondary data, mostly on the coronavirus and the international capital market, have been used. Different graphs were employed to understand the current situation. Data were largely gathered from the BBC, Dirty Tanker Route, Baltic Exchange, BRENT, Statista, S&P Global Economics, Market Realistic, and CNBC.

RESULTS AND DISCUSSION

At the outset of the legal analysis, it can be mentioned that the monetary impacts of the COVID-19 pandemic are visible at all levels, as is irreparable financial harm, which may be damaging to economic and security concerns sooner rather than later (Daube, C. H., 2020). Economic stimulation is widely applied in several coronavirus-affected locations and throughout the world (Zaremba, A., et al., 2021).  Market volatility frequently highlights a few crucial elements (Azad, A. S., et al., 2014). Firstly, a financial strategy should be developed. A budget approach prevents freezing in a down market or being forced to sell. Secondly, before making a contribution, determine the financial needs (Fernandes, N., 2020). Given their development dates, single bonds might be a useful tool for organizing income (Gormsen, N. J., & Koijen, R. S., 2020). Once more, pooled resources and assets often result in superior growth and can also make use of a functional head (Hoque, A., et al., 2020). Finally, think about include muni in the portfolio notwithstanding the dangers outlined above. As demonstrated, these factors have pushed Muni to reach an interesting level (Zeren, F., & Hizarci, A., 2020).

Conclusion and Recommendations

Finally, the core fact is that the COVID-19 outbreak had a disastrous initial impact on international and local capital markets, resulting in large price revisions in fixed-income and stock markets (COVID-19 epidemic: 2020). This research focuses only on the impact of COVID-19 on the international capital market. Any nations government should take strict steps in this respect by enacting new capital market laws (Ye, Z., & Florescu, I., 2020). Most importantly, each step may help the nation recover from the disaster. Each country should participate since the capital market is the cornerstone of a countrys financial market. Government and health agencies should take immediate steps to vaccinate the populace. After the virus is eliminated, each countrys economy should take suitable measures to fix the financial crisis, and global production and capital markets will work in tandem (Zeren, F., & Hizarci, A., 2020). In addition to all these, it can be mentioned that the overview of new rules, such as the Capital Market Stabilization Fund Rules, 2021, to stabilize the capital market can provide respite from the current chaotic scenario. Furthermore, the investors are currently uneasy and unsatisfied, and they have lost interest in participating in the global capital market due to the unexpected vast effect of Covid-19 in the world history of the arrival of pandemic attack. Therefore, the government and health agencies, i.e., the internationally renowned and reputable organizations, should implement the aforementioned steps on a worldwide scale for the sake of humanity, including humanitarian considerations, at least in the name of protecting human rights ever after. 

Author Contributions

M.A.M.B.: Conceptualization and composing the manuscripts initial draft, M.A.H.: Conceived the idea with data collections, developed the methodological notes and findings presented in this paper are all his own. and M.N.I.: Investigation, reviewing, abstract writing, supervision, editing, developing the concluding remarks, & corresponding of the manuscript.

Acknowledgement

The authors are first and foremost grateful to Almighty for granting them the strength, knowledge, ability, and opportunity to conduct this research study. Without His blessings, this work would not have been completed satisfactorily. The authors would like to express their heartfelt appreciation to their mentor, Professor Dr. AFM Mohsin, Department of Law, North Bengal International University (NBIU), Rajshahi, Bangladesh (Former Dean, Faculty of Law and Former Chairman, Department of Law, University of Rajshahi, Bangladesh) for his proper supervision and enthusiastic encouragement. Finally, the authors thank anonymous reviewers and the journal editor for their insightful suggestions and comments that helped to improve the manuscript too.

Conflicts of Interest

There are no conflicts of interest from the authors end with respect to the research work.

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Article Info:

Academic Editor

Dr. Antonio Russo, Professor, Dept. of  Moral Philosophy, Faculty of Humanities, University of Trieste, Friuli-Venezia Giulia, Italy.

Received

December 1, 2025

Accepted

January 1, 2025

Published

January 11, 2025

Article DOI: 10.34104/bjah.02403900398

Corresponding author

Md. Nahidul Islam*
Associate Professor & Dean (Acting), Faculty of Law, University of Information Technology & Sciences (UITS), Dhaka, Bangladesh

Cite this article

Bhuyean MAM, Islam MN, and Habib MA. (2025). Covid-19s impact and consequences on international capital markets: a critical legal analysis, Br. J. Arts Humanit., 7(1), 390-398. https://doi.org/10.34104/bjah.02403900398

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Introduction

Review of Literature

Methodology

RESULTS AND DISCUSSION

Conclusion and Recommendations

Author Contributions

Acknowledgement

Conflicts of Interest

Supplemental Materials

Article References

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