Yanrui Wu,  University of  Western Australia Business School: This paper examines and compares three major crises, namely, the 2008–09 global financial crisis (GFC), the 2013 “taper tantrum” (TT), and the ongoing COVID-19 pandemic (C-19) and their potential spillover effects. The topic is interesting and timely given the current outbreak of COVID-19 in the world. The paper thus potentially adds to the literature and contributes to the understanding of the economic impacts of a major crisis or pandemic in the world.

The paper is essentially an empirical exercise involving standard time-series econometric methods, that is, the GARCH BEKK process and the multivariate vector autoregression (M-VAR). The authors would most probably be aware that there are competing, more advanced techniques available. It would thus be helpful if these new developments are at least acknowledged in the paper. Otherwise, the chosen research methods in the paper are appropriate and acceptable.

In the paper,...

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