scholarly journals The effects of COVID-19 vaccines on economic activity

2022 ◽  
Vol 158 (1) ◽  
Author(s):  
Pragyan Deb ◽  
Davide Furceri ◽  
Daniel Jimenez ◽  
Siddharth Kothari ◽  
Jonathan D. Ostry ◽  
...  
Keyword(s):  
Economic Activity ◽  
High Frequency ◽  
Nonlinear Effects ◽  
Economic Benefits ◽  
Economic Effects ◽  
Equitable Access ◽  
Vaccination Rates ◽  
Containment Measures ◽  
Cross Country ◽  
Country Specific

AbstractThis paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high-frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for nonlinear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations.

scholarly journals The Economic Effects of COVID-19 Containment Measures

2020 ◽  
Vol 20 (158) ◽  
Author(s):  
Pragyan Deb ◽  
Davide Furceri ◽  
Jonathan Ostry ◽  
Nour Tawk
Keyword(s):  
Monetary Policy ◽  
Economic Activity ◽  
Economic Effects ◽  
Economic Costs ◽  
Short Term ◽  
Absolute Value ◽  
Containment Measures ◽  
Policy Measures ◽  
Fiscal And Monetary Policy ◽  
Global Data

Containment measures are crucial to halt the spread of the 2019 COVID-19 pandemic but entail large short-term economic costs. This paper tries to quantify these effects using daily global data on real-time containment measures and indicators of economic activity such as Nitrogen Dioxide (NO2) emissions, flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures have had, on average, a very large impact on economic activity—equivalent to a loss of about 15 percent in industrial production over a 30-day period following their implementation. Using novel data on fiscal and monetary policy measures used in response to the crisis, we find that these policy measures were effective in mitigating some of these economic costs. We also find that while workplace closures and stay-at-home orders are more effective in curbing infections, they are associated with the largest economic costs. Finally, while easing of containment measures has led to a pickup in economic activity, the effect has been lower (in absolute value) than that from the tightening of measures.

scholarly journals Vaccinate Early and Vaccinate Broadly: On the health and Economic Effects of COVID-19 Vaccines

2021 ◽  
Author(s):  
Michael Ganslmeier ◽  
Pragyan Deb ◽  
Davide Furceri ◽  
Jonathan Ostry ◽  
Nour Tawk
Keyword(s):  
Observational Data ◽  
Economic Activity ◽  
Vaccine Dose ◽  
Economic Effects ◽  
Policy Support ◽  
Social Distancing ◽  
Vaccination Rates ◽  
Great Relevance ◽  
Vaccine Distribution ◽  
Vaccination Campaigns

Abstract Recent progress in COVID-19 vaccination campaigns has provided real hope for people around the world to successfully end the pandemic, decrease fatality rates and lift social distancing rules for timely economic recovery. Even though several RCT and single-country case studies have shown the high efficacy of the developed vaccines, little is known about how vaccination will result in lower cases and higher economic activity at the macro level. Quantifying the speed of these effects using observational data is of great relevance for policymakers as they grapple with decisions on vaccine distribution and equity, costly containment and social distancing measures, healthcare planning and expenditures, and macroeconomic policy support. With this article, we aim to contribute to the pandemic literature by measuring the effect of vaccination rates on new cases and macroeconomic activity indicators using daily real-world observational data from 314 regions/states in 17 countries. Our results show that: (i) vaccination has a delayed containment effect which increases over time; (ii) the effects on changes in economic activity are transitory after large initial rises—that is, vaccination has permanent level effects; and (iii) the effect of the second vaccine dose is only present for new cases while being insignificant for economic activity.

scholarly journals Global economic impacts of COVID-19 lockdown measures stand out in high-frequency shipping data

PLoS ONE ◽  
2021 ◽  
Vol 16 (4) ◽  
pp. e0248818
Author(s):  
Jasper Verschuur ◽  
Elco E. Koks ◽  
Jim W. Hall
Keyword(s):  
Low Income ◽  
Economic Activity ◽  
High Frequency ◽  
Global Economy ◽  
Large Scale ◽  
Western Europe ◽  
Negative Impact ◽  
Maritime Trade ◽  
Policy Makers ◽  
Containment Measures

The implementation of large-scale containment measures by governments to contain the spread of the COVID-19 virus has resulted in large impacts to the global economy. Here, we derive a new high-frequency indicator of economic activity using empirical vessel tracking data, and use it to estimate the global maritime trade losses during the first eight months of the pandemic. We go on to use this high-frequency dataset to infer the effect of individual non-pharmaceutical interventions on maritime exports, which we use as a proxy of economic activity. Our results show widespread port-level trade losses, with the largest absolute losses found for ports in China, the Middle-East and Western Europe, associated with the collapse of specific supply-chains (e.g. oil, vehicle manufacturing). In total, we estimate that global maritime trade reduced by -7.0% to -9.6% during the first eight months of 2020, which is equal to around 206–286 million tonnes in volume losses and up to 225–412 billion USD in value losses. We find large sectoral and geographical disparities in impacts. Manufacturing sectors are hit hardest, with losses up to 11.8%, whilst some small islands developing states and low-income economies suffered the largest relative trade losses. Moreover, we find a clear negative impact of COVID-19 related school and public transport closures on country-wide exports. Overall, we show how real-time indicators of economic activity can inform policy-makers about the impacts of individual policies on the economy, and can support economic recovery efforts by allocating funds to the hardest hit economies and sectors.

Economic effects of monetary policy in Russia: What do large datasets tell us?

2020 ◽  
pp. 31-53 ◽  
Author(s):  
Anna A. Pestova ◽  
Natalia A. Rostova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
Economic Activity ◽  
Global Financial Crisis ◽  
Exchange Rate Regime ◽  
Aggregate Demand ◽  
Economic Effects ◽  
Theoretical Concepts ◽  
Empirical Estimates

Is the Bank of Russia able to control inflation and, at the same time, manage aggregate demand using its interest rate instruments? In other words, are empirical estimates of the effects of monetary policy in Russia consistent with the theoretical concepts and experience of advanced economies? This paper is aimed at addressing these issues. Unlike previous research, we employ “big data” — a large dataset of macroeconomic and financial data — to estimate the effects of monetary policy in Russia. We focus exclusively on the period after the 2008—2009 global financial crisis when the Bank of Russia announced the abandoning of its fixed ruble exchange rate regime and started to gradually transit to an interest rate management. Our estimation results do not confirm standard responses of key economic activity and price variables to tightening of monetary policy. Specifically, our estimates do not reveal a statistically significant restraining effect of the Bank of Russia’s policy of high interest rates on inflation in recent years. At the same time, we find a significant deteriorating effect of the monetary tightening on economic activity indicators: according to our conservative estimates, each of the key rate increases occurred in March and December 2014 had led to a decrease in the industrial production index by about 0.2 percentage points within a year.

Socio-economic effects of labor migration from small towns of Russia

2016 ◽  
pp. 103-123 ◽  
Author(s):  
N. Mkrtchyan ◽  
Y. Florinskaya
Keyword(s):  
Migrant Workers ◽  
Labor Migration ◽  
Small Towns ◽  
Economic Benefits ◽  
Economic Effects ◽  
Spatial Mobility ◽  
Positive Effects ◽  
High Labor ◽  
Standardized Interview

The article examines labor migration from small Russian towns: prevalence of the phenomenon, the direction and duration of trips, spheres of employment and earnings of migrants, social and economic benefits of migration for households. The representative surveys of households and migrant-workers by a standardized interview were conducted in four selected towns. Authors draw a conclusion about high labor spatial mobility of the population of small towns and existence of positive effects for migrant’s households and the economy of towns themselves.

scholarly journals The Economic Effects of Electromobility in Sustainable Urban Public Transport

Energies ◽  
2021 ◽  
Vol 14 (4) ◽  
pp. 878 ◽  
Author(s):  
Oliwia Pietrzak ◽  
Krystian Pietrzak
Keyword(s):  
Public Transport ◽  
Research Study ◽  
Renewable Energy Sources ◽  
Economic Benefits ◽  
Economic Effects ◽  
Urban Transport ◽  
Energy Mix ◽  
Zero Emission ◽  
The Impact ◽  
The Given

This paper focuses on effects of implementing zero-emission buses in public transport fleets in urban areas in the context of electromobility assumptions. It fills the literature gap in the area of research on the impact of the energy mix of a given country on the issues raised in this article. The main purpose of this paper is to identify and analyse economic effects of implementing zero-emission buses in public transport in cities. The research area was the city of Szczecin, Poland. The research study was completed using the following research methods: literature review, document analysis (legal acts and internal documents), case study, ratio analysis, and comparative analysis of selected variants (investment variant and base variant). The conducted research study has shown that economic benefits resulting from implementing zero-emission buses in an urban transport fleet are limited by the current energy mix structure of the given country. An unfavourable energy mix may lead to increased emissions of SO2 and CO2 resulting from operation of this kind of vehicle. Therefore, achieving full effects in the field of electromobility in the given country depends on taking concurrent actions in order to diversify the power generation sources, and in particular on increasing the share of Renewable Energy Sources (RES).

scholarly journals Tracing divergence in crisis governance: responses to the COVID-19 pandemic in France, Germany and Sweden compared

2021 ◽  
pp. 002085232097935
Author(s):  
Sabine Kuhlmann ◽  
Mikael Hellström ◽  
Ulf Ramberg ◽  
Renate Reiter
Keyword(s):  
Central Government ◽  
Institutional Settings ◽  
Containment Measures ◽  
Local Discretion ◽  
Institutional Contexts ◽  
Administrative Procedures ◽  
Decentralized Management ◽  
Cross Country ◽  
Legally Binding Regulations ◽  
Governance Modes

This cross-country comparison of administrative responses to the COVID-19 pandemic in France, Germany and Sweden is aimed at exploring how institutional contexts and administrative cultures have shaped strategies of problem-solving and governance modes during the pandemic, and to what extent the crisis has been used for opportunity management. The article shows that in France, the central government reacted determinedly and hierarchically, with tough containment measures. By contrast, the response in Germany was characterized by an initial bottom-up approach that gave way to remarkable federal unity in the further course of the crisis, followed again by a return to regional variance and local discretion. In Sweden, there was a continuation of ‘normal governance’ and a strategy of relying on voluntary compliance largely based on recommendations and less – as in Germany and France – on a strategy of imposing legally binding regulations. The comparative analysis also reveals that relevant stakeholders in all three countries have used the crisis as an opportunity for changes in the institutional settings and administrative procedures. Points for practitioners COVID-19 has shown that national political and administrative standard operating procedures in preparation for crises are, at best, partially helpful. Notwithstanding the fact that dealing with the unpredictable is a necessary part of crisis management, a need to further improve the institutional preparedness for pandemic crises in all three countries examined here has also become clear. This should be done particularly by way of shifting resources to the health and care sectors, strengthening the decentralized management of health emergencies, stocking and/or self-producing protection material, assessing the effects of crisis measures, and opening the scientific discourse to broader arenas of experts.

scholarly journals Ekonomiczna efektywność gospodarowania w zależności od formy własności użytkowanej ziemi

2018 ◽  
Vol 105 (2) ◽  
pp. 25-37
Author(s):  
Adam Kagan ◽  
Wojciech Ziętara
Keyword(s):  
Economic Activity ◽  
Foreign Capital ◽  
Limited Liability ◽  
Economic Effects ◽  
Economic Effectiveness ◽  
Research Hypothesis ◽  
Capital Productivity ◽  
Group 3 ◽  
Group 2 ◽  
Group 1

The article presents the economic effectiveness of farming by land lessees when compared to farms using their own land. The study was carried out on the selected groups of limited liability companies using leased land (Group 1.), own land but with a significant share of foreign capital (Group 2.) and own land with a predominance of own capital (Group 3.). All farms participaded in the „Ranking 300” carried out by the IAFE-NRI in the years 2009-2014. The study adopted the following research hypothesis: „Land lease makes it possible to pursue the economic activity giving the higher current economic effects from land being used than in a situation where this land is owned”. The studies confirmed this hypothesis. Farms run by land lessees obtained the higher values for land, labour, assets and own capital profitability indices than those using own land. With regard to the land, labour and capital productivity, the better effects were obtained by farms from Group 3.

scholarly journals THE CONTRIBUTION OF MIGRATION TO ECONOMIC GROWTH: THE EXAMPLE OF THE CITY OF ZAGREB

2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Vinko Miličević ◽  
Danijel Knežević ◽  
Zoran Bubaš
Keyword(s):  
Economic Growth ◽  
European Union ◽  
Economic Activity ◽  
Economic Benefits ◽  
Gdp Per Capita ◽  
The European Union ◽  
Per Capita ◽  
The Republic ◽  
The Impact ◽  
The City

The problems in this paper belong to the field of migration and economy. The connection between migration and the economy has been proven on a global level, and as far as the Republic of Croatia is concerned, it is especially important to observe it through the City of Zagreb, which is the most important migration and economic center in the Republic of Croatia. Also, the accession of the Republic of Croatia to the European Union emphasized the observation and research of this connection because it created the preconditions for freer movement and employment of the population of the Republic of Croatia and the City of Zagreb within the European Union. The aim of this paper is to determine the contribution of migration to the economic growth of the City of Zagreb. The hypothesis presented in the paper is that there is a significant contribution of migration to the economic growth of the City of Zagreb. The disposition of the paper consists of six parts. The introduction explains the relevance of the topic, states the aim of the paper and hypotheses, explains the empirical part, the contribution of the paper and the disposition. The second part of the paper refers to the theoretical framework of the impact of migration on economic growth. The third part of the paper presents the migration processes of the City of Zagreb in the period from 2011 to 2018. The fourth part deals with economic activity in the City of Zagreb in the period from 2011 to 2017. The observed indicators of economic activity in the City of Zagreb are GDP and GDP per capita, and the graph in this part of the paper shows that GDP and GDP per capita in the observed period are higher at the end of the period than at the beginning. The fifth part of the paper refers to the empirical research of the contribution of migration to the economic growth of the City of Zagreb. The empirical part of the paper is based on correlations and regression analyses. This paper proves the hypothesis because the results indicate a significant impact of the variables of total and external migration on the GDP of the City of Zagreb and GDP per capita of the City of Zagreb. Decision-makers in the City of Zagreb can use the results of the research as a basis for maximizing the economic benefits they can get from migration. The conclusion provides an overview of the aim of the work, the results of the research, the limitations, the implications and the recommendations for future research.

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