{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T01:25:42Z","timestamp":1760145942602,"version":"build-2065373602"},"reference-count":85,"publisher":"MDPI AG","issue":"10","license":[{"start":{"date-parts":[[2024,9,24]],"date-time":"2024-09-24T00:00:00Z","timestamp":1727136000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"FCT\u2014Funda\u00e7\u00e3o para a Ci\u00eancia e a Tecnologia, I.P.","award":["UIDB\/04630\/2020","UIDB\/05037\/2020"],"award-info":[{"award-number":["UIDB\/04630\/2020","UIDB\/05037\/2020"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Economies"],"abstract":"<jats:p>The COVID-19 pandemic was a health, economic, and financial crisis. The aviation sector was one of the most severely hit. Despite the extensive literature on this, COVID-Finance has been focused on stock returns, neglecting what could be learnt from the spreads of airlines\u2019 credit default swaps (CDSs). This would seem of the utmost importance, given the epicenter of the crisis within the credit market. In this paper, an in-depth analysis of airlines\u2019 CDS spreads is conducted. It is found that they were severely hit, for all airlines studied. However, the results of the PSY test showed that speculative trading led the surge, as explosive roots were found in the spreads of all these aviation firms. The dramatic increase in CDS spreads has contributed to already high borrowing costs for airlines. Our results suggest that aviation bail outs have helped to mitigate spreads\u2019 explosiveness. Monetary policy measures have also limited, albeit indirectly, the funding risk posed by the government bail outs. By the end of March 2021, spreads were no longer explosive, and were approaching, at highly heterogeneous paces, their pre-pandemic values. Notwithstanding, airlines\u2019 stock prices have been notably resistant to recovery.<\/jats:p>","DOI":"10.3390\/economies12100258","type":"journal-article","created":{"date-parts":[[2024,9,24]],"date-time":"2024-09-24T10:41:47Z","timestamp":1727174507000},"page":"258","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":2,"title":["Assessing the Pandemic Aviation Crisis: Speculative Behavior, Government Bail Outs, and Accommodative Monetary Policy"],"prefix":"10.3390","volume":"12","author":[{"given":"Viviana","family":"Costa","sequence":"first","affiliation":[{"name":"Business Sciences Department, University of Maia, Avenida Carlos de Oliveira Campos\u2014Cast\u00ealo da Maia, 4475-690 Maia, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-2918-1354","authenticated-orcid":false,"given":"Maria Alberta","family":"Oliveira","sequence":"additional","affiliation":[{"name":"Business Sciences Department, University of Maia, Avenida Carlos de Oliveira Campos\u2014Cast\u00ealo da Maia, 4475-690 Maia, Portugal"},{"name":"NECE-UBI\u2014Research Centre for Business Sciences, Universidade da Beira Interior, Estrada do Sineiro, s\/n, 6200-209 Covilh\u00e3, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-5100-0794","authenticated-orcid":false,"given":"Carlos","family":"Santos","sequence":"additional","affiliation":[{"name":"Business Sciences Department, University of Maia, Avenida Carlos de Oliveira Campos\u2014Cast\u00ealo da Maia, 4475-690 Maia, Portugal"},{"name":"NECE-UBI\u2014Research Centre for Business Sciences, Universidade da Beira Interior, Estrada do Sineiro, s\/n, 6200-209 Covilh\u00e3, Portugal"},{"name":"Faculty of Economics, University of Coimbra, CeBER, Av Dias da Silva 165, 3004-512 Coimbra, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2024,9,24]]},"reference":[{"key":"ref_1","unstructured":"Air France\u2013KLM (2024, April 03). 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