The Macroeconomic Spillover Effects of the Pandemic on the Global Economy

Kohlscheen, Emanuel; Mojon, Benoı̂t; Rees, Daniel

doi:10.2139/ssrn.3569554

Cited by 67 publications

(48 citation statements)

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“…This study complements this work by quantifying the short-term implications of the pandemic on job losses and business closures and shows that these impacts further aggravate inequality in the region. Furthermore, [22] describes how macroeconomic spillovers can amplify the adverse economic effects of the pandemic, which would suggest that the estimates obtained are a lower bound. The results presented in this study may be useful to inform pandemic mitigation policy; by indicating where the economic impacts of large-scale lockdowns are particularly large [23].…”

Section: Introductionmentioning

confidence: 99%

The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries

2020

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The current coronavirus pandemic is an unprecedented public health challenge that is having a devastating economic impact on households. Using a sample of 230,540 respondents to an online survey from 17 countries in Latin America and the Caribbean, the study shows that the economic impacts are large and unequal: 45 percent of respondents report that a household member has lost their job and, among households owning small businesses, 59 percent of respondents report that a household member has closed their business. Among households with the lowest income prior to the pandemic, 71 percent report that a household member lost their job and 61 percent report that a household member has closed their business. Declines in food security and health are among the disproportionate impacts. The findings provide evidence that the current public health crisis will exacerbate economic inequality and provides some of the first estimates of the impact of the pandemic on the labor market and well-being in developing countries.

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Section: Introductionmentioning

confidence: 99%

The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries

2020

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“…In the literature, the pandemic is analysed in the context of the global economy. In their work, Kohlscheen et al (2020) present estimates of the negative impact of the pandemic on GDP in selected economic areas of the world, assuming one or two waves of this phenomenon. They also suggest coordinating macroeconomic policies internationally to make them more effective.…”

Section: Literature Reviewmentioning

confidence: 99%

Shaping the Public Perception of Economic Phenomena During the COVID-19 Pandemic: Priority of Goals or Values?

Piotrowski¹

2021

ERSJ

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Purpose: The coronavirus pandemic has posed serious challenges to governments almost all over the world. To stop its development authorities have overwhelmingly introduced social distancing and locked down the economy. Apart from implementing measures restoring socioeconomic activity, it was equally important how the government informed the society about them. The aim of this work is to determine the factors that impact the way in which the coronavirus pandemic is presented to the society in Poland. Design/Methodology/Approach: The analyses of selected literature and case study method were used to show how government communicated the actions taken in public finance and economy, as well as socio-political life. The uniqueness of the research should be related to the fact that two presidential campaigns were run during the epidemic. Findings: The research results indicate that the issue of the pandemic and the actions taken to combat the crisis it triggered, as well as the attitude towards social distancing, were used in the message addressed to the public with a view to achieving specific political objectives of the authorities. The coronavirus epidemic was presented differently by politicians and public media during each of the two campaigns accompanying the elections for the office of the President of Poland. Prior to the elections scheduled for 10 May 2020, the coronavirus pandemic was presented to the public as a serious threat to health and life which necessitated restrictive adherence to social distancing restrictions. In the second election campaign, those in power sent an optimistic message to society suggesting a victory over coronavirus had been achieved in terms of health and economy. Practical Implications: The paper shows the possibility of shaping the perception of economic phenomena by means of the mass media. Originality/Value: The research shows that topics important for the functioning of the state, such as the rapidly deteriorating condition of public finances or the entry of the economy into recession, were not the main axis of the political dispute during the election campaigns.

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“…The study also concluded that US uncertainty shocks again reduce the output and consumer prices while increasing net exports. Kohlscheen et al (2020) discussed the spillover effects of the COVID-19 pandemic on the global economy. Bayesian vector autoregression (BVAR) model was applied in this study, which concluded that the spillover effects across the big economic blocs are large.…”

Section: Literature Reviewmentioning

confidence: 99%

Sub-prime Crisis or COVID-19: A Comparative Analysis of Volatility in Indian Banking Sectoral Indices

Bhatia

Gupta²

2020

FIIB Business Review

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Stock market volatility may be a function of company, industry, or world over information made public. The present study has investigated the volatility of Indian banking sectoral indices with the general banking index for two shocking events: the Sub-prime crisis and COVID-19. A comparative analysis of both the shocks leading to these indices’ volatility has been conducted using symmetric and asymmetric models. This study’s findings show that these indices’ volatile behaviour has been strong enough to persist in the market with the leverage effect present during the sub-prime crisis. This effect disappeared for Nifty Bank Indices and Private Sector Bank Indices as compared to Public Sector Undertaking Bank Indices during COVID-19 (probably because the pandemic is not over yet). With GARCH and EGARCH models, the study suggests that the investors may use the diversification approach, in the long run, to safeguard their portfolio values to survive from global shocks.

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The Macroeconomic Spillover Effects of the Pandemic on the Global Economy

Cited by 67 publications

References 0 publications

The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries

The unequal impact of the coronavirus pandemic: Evidence from seventeen developing countries

Shaping the Public Perception of Economic Phenomena During the COVID-19 Pandemic: Priority of Goals or Values?

Sub-prime Crisis or COVID-19: A Comparative Analysis of Volatility in Indian Banking Sectoral Indices

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