Please use this identifier to cite or link to this item:
Full metadata record
DC FieldValueLanguage
dc.contributor.authorFeng, Quen_US
dc.contributor.authorWu, Laura Guiyingen_US
dc.contributor.authorYuan, Mengyingen_US
dc.contributor.authorZhou, Shihaoen_US
dc.identifier.citationFeng, Q., Wu, L. G., Yuan, M. & Zhou, S. (2022). Save lives or save livelihoods? A cross-country analysis of COVID-19 pandemic and economic growth. Journal of Economic Behavior and Organization, 197, 221-256.
dc.description.abstractThis paper studies whether containing COVID-19 pandemic by stringent strategies deteriorates or saves economic growth. Since there are country-specific factors that could affect both economic growth and deaths due to COVID-19, we first start with a cross-country analysis on identifying risk and protective factors on the COVID-19 deaths using large across-country variation. Using data on 100 countries from 3 January to 27 November 2020 and taking into account the possibility of underreporting, we find that for deaths per million population, GDP per capita, population density, and income inequality are the three most important risk factors; government effectiveness, temperature, and hospital beds are the three most important protective factors. Second, inspired by the stochastic frontier literature, we construct a measure of pandemic containment effectiveness (PCE) after controlling for country-specific factors and rank countries by their PCE scores for deaths. Finally, by linking the PCE score with GDP growth data in Quarters 2 and 3 of 2020, we find that PCE is positively associated with economic growth in major economies. Countries with average PCE scores, such as Malaysia, would gain more GDP growth by 3.47 percentage points if they could improve their PCE scores for deaths to South Korea's level in Q2 of 2020. Therefore, there is not a trade-off between lives and livelihood facing by governments. Instead, to save economy, it is important to contain the pandemic first. Our conclusion is also mainly valid for infections due to COVID-19.en_US
dc.description.sponsorshipMinistry of Education (MOE)en_US
dc.relation.ispartofJournal of Economic Behavior and Organizationen_US
dc.rights© 2022 Elsevier B.V. All rights reserved. This paper was published in Journal of Economic Behavior and Organization and is made available with permission of Elsevier B.V.en_US
dc.subjectSocial sciences::Economic theoryen_US
dc.titleSave lives or save livelihoods? A cross-country analysis of COVID-19 pandemic and economic growthen_US
dc.typeJournal Articleen
dc.contributor.schoolSchool of Social Sciencesen_US
dc.description.versionSubmitted/Accepted versionen_US
dc.subject.keywordsPandemic Containment Effectivenessen_US
dc.description.acknowledgementFinancial support from the MOE AcRF Tier 1 Grant RG162/18 at Nanyang Technological University is gratefully acknowledged.en_US
item.fulltextWith Fulltext-
Appears in Collections:SSS Journal Articles
Files in This Item:
File Description SizeFormat 
Save lives or save livelihoods A cross country analysis of COVID19 pandemic and economic growth.pdf
  Until 2025-06-07
2.83 MBAdobe PDFUnder embargo until Jun 07, 2025

Citations 20

Updated on Dec 4, 2023

Web of ScienceTM
Citations 20

Updated on Oct 27, 2023

Page view(s)

Updated on Dec 7, 2023

Google ScholarTM




Items in DR-NTU are protected by copyright, with all rights reserved, unless otherwise indicated.