Initial Output Losses from the Covid-19 Pandemic: Robust Determinants

While the COVID-19 pandemic is affecting all countries, output losses vary considerably across countries. We provide a first analysis of robust determinants of observed initial output losses using model-averaging techniques—Weighted Average Least Squares and Bayesian Model Averaging. The results sug...

Full description

Bibliographic Details
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2021
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
LEADER 02469nmm a2200529 u 4500
001 EB002081667
003 EBX01000000000000001221757
005 20250910000000.0
007 cr|||||||||||||||||||||
008 220928 ||| eng
020 |a 9781513567013 
245 0 0 |a Initial Output Losses from the Covid-19 Pandemic: Robust Determinants 
260 |a Washington, D.C.  |b International Monetary Fund  |c 2021 
300 |a 53 pages 
651 4 |a Bangladesh 
653 |a Institutions and the Macroeconomy 
653 |a Communicable diseases 
653 |a Infectious & contagious diseases 
653 |a Population 
653 |a Health Behavior 
653 |a Fiscal stimulus 
653 |a Labor market regulations 
653 |a Demography 
653 |a Macroeconomics 
653 |a Income economics 
653 |a Population & demography 
653 |a Fiscal policy 
653 |a Covid-19 
653 |a Manpower policy 
653 |a Health: General 
653 |a Health 
653 |a Labor 
653 |a Diseases: Contagious 
653 |a Labour 
653 |a Financial Crises 
653 |a Demographic Economics: General 
653 |a Population and demographics 
653 |a Health economics 
653 |a Fiscal Policy 
653 |a Labor Law 
041 0 7 |a eng  |2 ISO 639-2 
989 |b IMF  |a International Monetary Fund 
490 0 |a IMF Working Papers 
028 5 0 |a 10.5089/9781513567013.001 
856 4 0 |u https://elibrary.imf.org/view/journals/001/2021/018/001.2021.issue-018-en.xml?cid=50025-com-dsp-marc  |x Verlag  |3 Volltext 
082 0 |a 330 
520 |a While the COVID-19 pandemic is affecting all countries, output losses vary considerably across countries. We provide a first analysis of robust determinants of observed initial output losses using model-averaging techniques—Weighted Average Least Squares and Bayesian Model Averaging. The results suggest that countries that experienced larger output losses are those with lower GDP per capita, more stringent containment measures, higher deaths per capita, higher tourism dependence, more liberalized financial markets, higher pre-crisis growth, lower fiscal stimulus, higher ethnic and religious fractionalization and more democratic regimes. With respect to the first factor, lower resilience of poorer countries reflects the higher economic costs of containment measures and deaths in such countries and less effective fiscal and monetary policy stimulus