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Measuring Global Financial Market Stresses
We propose measures of ﬁnancial market stress for forty-six countries and regions across the world. Our measures indicate that worldwide ﬁnancial market stresses rose signiﬁcantly in March following the widespread economic shutdowns in the wake of the COVID-19 pandemic. However, hardly anywhere in the world did these March peaks in ﬁnancial stresses reach those seen during the trough of the 2007-09 Global Financial Crisis. Since March, ﬁnancial market conditions normalized rapidly with ﬁnancial market stresses around average levels. We also show that our ﬁnancial stress measures ...