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Arbitrage apparent in overnight inter bank loan markets is studied. Brokered federal funds, non brokered federal funds and Eurodollars of the market are included for analysis.

• This study investigated factors affecting the effectiveness of lockdown measures during the coronavirus disease 2019 pandemic. • Country-specific differences in case numbers were explained using a panel data framework. • An association was found between greater stringency of lockdown measures and lower case numbers. • Rule of law enhanced this negative relationship. • Cultural tightness reduced the effectiveness of lockdown measures. This study considered the role of institutional, cultural and economic factors in the effectivemess of lockdown measures during the coronavirus pandemic. Earlier studies focusing on cross-sectional data found an association between low case numbers and a higher level of cultural tightness. Meanwhile, institutional strength and income levels revealed a puzzling negative relationship with the number of cases and deaths. Data available at the end of September 2021 were used to analyse the dynamic impact of these factors on the effectiveness of lockdowns. The cross-sectional dimension of country-level data was combined with the time-series dimension of pandemic-related measures, using econometric techniques dealing with panel data. Greater stringency of lockdown measures was associated with fewer cases. Institutional strength enhanced this negative relationship. Countries with well-defined and established laws performed better for a given set of lockdown measures compared with countries with weaker institutional structures. Cultural tightness reduced the effectiveness of lockdowns, in contrast to previous findings at cross-sectional level. Institutional strength plays a greater role than cultural and economic factors in enhancing the performance of lockdowns. These results underline the importance of strengthening institutions for pandemic control. [ABSTRACT FROM AUTHOR]