NON-PHARMACEUTICAL INTERVENTIONS AND THEIR ECONOMIC EFFECTS DURING THE COVID-19 PANDEMIC

Öz

This paper evaluates the relationship between economic activity and non-pharmaceutical interventions implemented during the COVID-19 pandemic for 29 countries for the period between March 2020 and November 2020. Using industrial production as a proxy for economic activity and employing a dynamic panel data methodology to deal with the possible endogeneity problem, the empirical results suggest that non-pharmaceutical interventions negatively affect economic activity. Furthermore, this paper also contributes to the literature by analyzing the link between economic support provided by governments and economic activity during the pandemic. The findings indicate that governments can stabilize the decline in economic activity stemmed from non-pharmaceutical interventions by increasing the amount of economic support to households.

Anahtar Kelimeler

• Non Pharmaceutical Intervensions
• COVID-19
• Economic Activity
• Industrial Production
• Dynamic Panel Data

COVİD-19 PANDEMİ SÜRECİNDE UYGULANAN FARMAKOLOJİK OLMAYAN YÖNTEMLER VE EKONOMİK ETKİLERİ

Öz

Bu makale, Mart 2020 ve Kasım 2020 arasındaki dönem ve 29 ülke için COVİD-19 salgını sırasında uygulanan farmakolojik olmayan yöntemler ile iktisadi faaliyet arasındaki ilişkiyi incelemektedir. Endüstriyel üretimi iktisadi faaliyet için bir vekil olarak kullanarak ve olası içsellik sorunuyla başa çıkmak için dinamik panel veri metodolojisinden yararlanılarak elde edilen ampirik sonuçlar, farmakolojik olmayan yöntemlerin iktisadi faaliyeti olumsuz etkilediğini göstermektedir. Ayrıca bu makale, salgın sırasında hükümetler tarafından sağlanan ekonomik destek ile iktisadi faaliyet arasındaki bağlantıyı analiz ederek de literatüre katkıda bulunmaktadır. Bulgular, hükümetlerin farmakolojik olmayan yöntemlerden kaynaklanan iktisadi faaliyetteki düşüşü hane halklarına sağladıkları ekonomik destek miktarını artırarak dengeleyebileceklerini göstermektedir.

Anahtar Kelimeler

• Farmakolojik Olmayan Yöntemler
• COVİD-19
• Ekonomik Faaliyet
• Endüstriyel Üretim
• Dinamik Panel Veri

Kaynakça

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