Bojan Đorđević – Megatrend University, Faculty of Management Zaječar, Zaječar, Serbia
Sunčica Stanković –
Megatrend University, Faculty of Management Zaječar, Zaječar, Serbia



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6th International Scientific Conference – EMAN 2022 – Economics and Management: How to Cope With Disrupted Times, Ljubljana, Slovenia, March 24, 2022, SELECTED PAPERS, published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; ISBN 978-86-80194-58-5, ISSN 2683-4510



The existence of a real possibility that the current health crisis could lead to an economic crisis has prompted governments worldwide to make great efforts to sustain their markets. This paper explores the im­pact of COVID-19 and Serbian government anti-Covid activities on the do­mestic stock market using the Autoregressive Distributed Lag (ARDL) Coin­tegration model. In its research, the paper considers the impact of the num­ber of newly infected and the number of deaths from coronavirus daily, as well as measures taken by governments to combat viruses on the represent­ative Belgrade stock exchange index BELEX15. The results showed a signifi­cant long-term negative impact on the number of deaths per day and inter­national travel control on the BELEX15 index. In terms of reducing the neg­ative consequences of the crisis caused by the global pandemic, these re­sults could be a good guideline for effective management of government measures.


COVID-19; BELEX15 stock index; Autoregressive Distributed Lag Cointegration Method; Error Correction Model


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