König Michael, Winkler Adalbert
International and Development Finance, Frankfurt School of Finance and Management, Adickesallee 32-34, 60322 Frankfurt a. M., Germany.
Inter Econ. 2021;56(1):32-39. doi: 10.1007/s10272-021-0948-y. Epub 2021 Jan 26.
The COVID-19 pandemic has triggered an unprecedented economic crisis. This article analyses the impact of mandatory social distancing imposed by lockdown policies and voluntary social distancing triggered by COVID-19 fatality rates on GDP growth in the first three quarters of 2020 for a sample of 42 countries. OLS and IV results indicate an important role for the fatality rate, while panel regressions show that lockdown stringency is the more important driver of growth. When including lagged variables, more restrictive measures lead to lower GDP growth in the same quarter but are associated with a positive, catching-up effect in the following quarter.
新冠疫情引发了一场前所未有的经济危机。本文分析了封锁政策实施的强制性社交距离措施以及新冠死亡率引发的自愿性社交距离措施对42个国家样本在2020年前三季度GDP增长的影响。普通最小二乘法(OLS)和工具变量法(IV)的结果表明死亡率起着重要作用,而面板回归显示封锁严格程度是增长的更重要驱动因素。当纳入滞后变量时,更严格的措施会导致同一季度GDP增长降低,但与下一季度的积极追赶效应相关。