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We examine the time-frequency spillovers, contagion, and pairwise interrelations between the BRIC index and its constituents, and between BRIC and G7 economies. The extent of interdependencies between market blocs and their constituents needs to be ascertained in the time-frequency domain for efficient asset allocation and portfolio management. Accordingly, the Baruník and Křehlík spillover index is employed with daily data between 11th December 2015 and 28th May 2021. We find the overall and net spillovers between BRIC and G7 to be significant in the short-term, with France, Germany, and the UK transmitting the greatest shocks to BRIC markets. We find no significant evidence of any sporadic volatilities for the studied markets in the COVID-19 period across all frequencies. However, we reveal contagious spillovers between the BRIC and G7 economies across all time scales in 2017 and 2019, which respectively reflect the persistent effect of Brexit and the US-China trade tension. Our findings divulge that in the short-term (mid-to-long-term), France and the UK (Canada and the US), are the sources of contagion between the BRIC and G7 markets. From the net-pairwise spillovers, we report high connectedness between the BRIC index and its members. BRIC countries are found to be transmitters of net-pairwise spillovers to the G7 markets excluding Japan. We recommend portfolio diversification using BRIC and G7 stocks in the intermediate-to-long-term horizon, where spillovers are less concentrated. Additionally, since individual markets are impacted by their unique shocks, investors should pay close attention to these shocks when distributing assets. In the interim, policy-makers and governments across the globe should ensure effective liberalisation of their economies to encourage international trade flows to boost portfolio diversification., Competing Interests: The authors have declared that no competing interests exist.

In a time-frequency biwavelet framework, we analysed the short-, medium-, and long-term impacts of COVID-19-related shocks on ten energy commodities (i.e., Brent, crude oil, coal, heating oil, natural gas, gasoline, ethanol, naphtha, propane, and uranium) from January 2020 to April 2022. We document intervals of high and low coherence between COVID-19 cases and the returns on energy commodities across the short-, medium-, and long-term horizons. Low coherence at high frequencies indicated weak correlation and signified diversification, hedging, and safe-haven potentials in the short term of the pandemic. Our findings suggest that energy markets' dynamics were highly driven by the pandemic, causing significant changes in market returns, particularly across the medium- and low-frequency bands. Furthermore, the empirical results indicate dynamic lead-lag relationships between COVID-19 cases and energy returns between the medium- and long-term horizons, signifying that diversification could be sought through crossinvestment in different energy commodities. The results have significant implications for market participants, regulators, and practitioners. [ABSTRACT FROM AUTHOR]

We examine the co-movement between exchange rate (EXR) returns and stock (STK) returns in Africa amid COVID-19 in a time and frequency domain. Therefore, we employ the bi- and partial wavelet and the wavelet multiple correlation techniques using daily data from 13 February 2013 to 6 May 2021. Our findings divulge that COVID-19's effect does not increase the intensity of the relationship between EXR and STK returns in Africa but causes a significant difference in the lead-lag relationship between the two assets. We find a strong likelihood for a high market integration between African markets in the long run, regardless of market conditions. Under general market conditions, South African (Namibian) equities have the lead/lag potential in the short and long run (intermediate term). Namibian stocks are the first to respond to shocks before all other remaining variables in the intermediate term, while in the long term, the South African EXR market is the last variable to experience shocks. Owing to the recently intensified alliances between African markets, investors should be wary of the specific African equities they include in their portfolios in the periods ahead. Policymakers are required to have an in-depth understanding of the nature of the co-movement between the variables to ensure timely and operative policy responses are rolled out to minimise adverse fluctuations in stocks and the local currencies. [ABSTRACT FROM AUTHOR]

We revisit the flight-to-quality (FTQ) and flight-from-quality (FFQ) occurrences vis-à-vis the stock-bond nexus across differing investment time scales in the COVID-19 era, using a novel technique hinged on a denoised frequency-domain transfer entropy. Our findings divulge that flights, both FTQ and FFQ, could be attained during stress periods. Generally, in the intermediate term of the COVID-19 pandemic, both Islamic and conventional bonds could act as safe havens, diversifiers, and hedges for international equities, and the same could be observed for international equities. We reiterate empirically that flights may improve the financial system's stability and robustness by allowing diversity to be effective when it is most required. The findings have financial and portfolio implications for investors considering how to deploy their investments in the COVID-19 era. Our findings may impact policymakers' responses to changes in various asset classes, allowing them to better monitor financial markets and adjust macroeconomic policies. [ABSTRACT FROM AUTHOR]

This study investigated the impact of the novel coronavirus disease 2019 (COVID‐19) outbreak on prices of maize, sorghum, imported rice and local rice in sub‐Saharan Africa (SSA). We estimated dynamic panel data models with controls for macroeconomic setting using general method of moments estimation. The study found that the COVID‐19 outbreak led to increases in food prices of the sampled countries. Restrictions on movements or lockdowns in the wake of COVID‐19 was associated with an increase in the price of maize only. We also found that exchange rate, inflation and crude oil prices exerted a detrimental effect on food prices. We recommend that governments of SSA countries invest in infrastructure that improves efficiencies in the food supply chain during pandemics. Providing adequate support to industries in the value chain will also improve food availability and food price stability post‐COVID‐19. [ABSTRACT FROM AUTHOR]