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COVID-19 pandemic-related policy stringency and economic decline : was it really inevitable?
ID Bajra, Ujkan Q. (Author), ID Aliu, Florin (Author), ID Aver, Boštjan (Author), ID Čadež, Simon (Author)

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Abstract
The coronavirus outbreak in 2020 shattered economies, public health and public well-being worldwide literally overnight. In response to the pandemic, most countries implemented a delicate balance of policy stringency and economic support to ensure public health, social security and a vibrant economy. With the pandemic slowly phasing out, our article explores the effectiveness of various governmental strategies for ensuring economic growth. The proposed econometric model is tested using panel quarterly data for 49 (37 OECD þ 12 non-OECD) countries for all four quarters of 2020 and the first quarter of 2021. Our findings show that policy stringency and economic support are both negatively associated with economic growth. We also find that the stringency was largely responsive, oriented to preventing the collapse of health systems after infections had already become widespread, not towards saving human lives by preventing soaring levels of infection. While our findings appear to lend support for the view that a trade-off between human lives and the economy was inevitable, we also challenge this view by evidence that some countries were able to secure a double dividend of maintaining public health and a vibrant economy by a prudent far-sighted stringency policy of preventing the virus outbreak.

Language:English
Keywords:pandemic, stagnation, crises, policy stringency, economic policy, COVID-19 pandemic, economic growth, public health
Work type:Article
Typology:1.01 - Original Scientific Article
Organization:EF - School of Economics and Business
Publication status:Published
Publication version:Version of Record
Publication date:01.06.2022
Year:2022
PID:20.500.12556/RUL-137649 This link opens in a new window
UDC:330.3
ISSN on article:1331-677X
DOI:10.1080/1331677X.2022.2077792 This link opens in a new window
COBISS.SI-ID:110366211 This link opens in a new window
Publication date in RUL:24.06.2022
Views:886
Downloads:90
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Record is a part of a journal

Title:Ekonomska istraživanja = Economic research
Publisher:Taylor & Francis, Sveučilište Jurja Dobrile u Puli
ISSN:1331-677X
COBISS.SI-ID:6796877 This link opens in a new window

Licences

License:CC BY 4.0, Creative Commons Attribution 4.0 International
Link:http://creativecommons.org/licenses/by/4.0/
Description:This is the standard Creative Commons license that gives others maximum freedom to do what they want with the work as long as they credit the author.
Licensing start date:01.06.2022

Secondary language

Language:Slovenian
Keywords:pandemija, ekonomska rast, stagnacija, krize

Projects

Funder:ARRS - Slovenian Research Agency
Funding programme:Raziskovalni program
Project number:P5-0410
Name:Digitalizacija kot gonilo trajnostnega razvoja posameznika, organizacij in družbe

Funder:ARRS - Slovenian Research Agency
Funding programme:Raziskovalni projekt - temeljni
Project number:J5-9329
Name:Poslovna analitika in poslovni modeli v oskrbovalnih verigah

Funder:ARRS - Slovenian Research Agency
Funding programme:Raziskovalni projekt - temeljni
Project number:J5-1783
Name:Okolju prijazno vedenje v turizmu

Funder:ARRS - Slovenian Research Agency
Funding programme:Raziskovalni projekt - temeljni
Project number:J5-2555
Name:Oblikovanje organizacije v digitalni dobi

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