Economic policy responses to the COVID-19 pandemic: The role of central bank independence

Elgin, Ceyhun; Yalaman, Abdullah; Yaşar, Sezer; Basbug, Gokce

doi:10.1016/j.econlet.2021.109874

Cited by 56 publications

(72 citation statements)

References 7 publications

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“…Hence, these findings suggest that the negative effects of government control stringency on the GDP growth of the country are not sustainable. One possible explanation for this may be that stricter government control policies would have a positive impact on future economic recovery by reducing the number of diagnosed cases and, in turn, on future economic recovery [ 48 , 49 ]. In the long term, governments may have enough time to repair their public health care system and other drawbacks in public infrastructure such as the transition to online education, transportation systems, and disease detection systems in public hospitals, as in the UK and Spain [ 14 ].…”

Section: Resultsmentioning

confidence: 99%

Can Stringent Government Initiatives Lead to Global Economic Recovery Rapidly during the COVID-19 Epidemic?

Zhang

et al. 2023

IJERPH

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This paper investigates the effectiveness of government measures implemented against COVID-19 and the factors influencing a country’s economic growth from a global perspective. With the help of the data of the Government Response Stringency Index (GRSI), Google mobility, and confirmed COVID-19 daily cases, we conducted a panel model for 105 countries and regions from 11 March 2020 to 31 June 2021 to explore the effects of response policies in different countries against the pandemic. First, the results showed that staying in residential places had the strongest correlation with confirmed cases. Second, in countries with higher government stringency, stay-at-home policies carried out in the early spread of the pandemic had the most effective the impact. In addition, the results have also been strictly robustly analyzed by applying the propensity score matching (PSM) method. Third, after reconstructing a panel data of 47 OECD countries, we further concluded that governments should take stricter restrictive measures in response to COVID-19. Even though it may also cause a shock to the market in the short term, this may not be sustainable. As long as the policy response is justified, it will moderate the negative effect on the economy over time, and finally have a positive effect.

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Section: Resultsmentioning

confidence: 99%

Can Stringent Government Initiatives Lead to Global Economic Recovery Rapidly during the COVID-19 Epidemic?

Zhang

et al. 2023

IJERPH

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“…At the time of writing this article, governments in many countries were struggling to contain the COVID-19 pandemic and its economic fallout (Briguglio & Moncada, 2020; Elgin et al, 2020). Concurrently, individuals across the globe were experiencing considerable challenges in their day-to-day lives (Greyling et al, 2021; Zhang et al, 2020).…”

Section: Discussionmentioning

confidence: 99%

“…The COVID-19 pandemic has had far-reaching effects on a wide range of phenomena that are profoundly relevant to societal well-being. While governments across the globe focused on containing the COVID-19 pandemic and its economic fallout, individuals experienced considerable impacts on their lifestyles (Briguglio & Moncada, 2020; Elgin et al, 2020; Greyling et al, 2021; Zhang et al, 2020). In what follows, the effects of the pandemic on well-being are examined using unique data ( N = 1,821), collected during the third week of the coronavirus outbreak in Malta.…”

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confidence: 99%

“…In what follows, the effects of the pandemic on well-being are examined using unique data ( N = 1,821), collected during the third week of the coronavirus outbreak in Malta. A densely populated Mediterranean island state, erstwhile characterized by a thriving economy and high levels of social interaction, Malta had a generous COVID-19 economic policy response and the most trusted health-care system in the European Union (EU), (Elgin et al, 2020; Eurofound, 2020). Yet, as in many other countries, disparities in well-being received less attention.…”

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confidence: 99%

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Well-being disparities during the COVID-19 outbreak: Evidence from Malta.

Briguglio¹,

Caruana²,

DeBono³

2021

Traumatology

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As governments struggled to contain the COVID-19 pandemic and its economic fallout, individuals across the globe experienced considerable impacts on their lifestyles and well-being. This study examines these impacts in Malta, where COVID-19 first broke out in early March 2020. Within days, government authorities had instituted a range of restrictions, culminating in lockdown for older persons. A survey undertaken toward the end of the month (1,821 respondents) yielded the necessary data to estimate an econometric model of subjective well-being. This sheds light on the considerable impact that COVID-19 had on self-assessed happiness and life satisfaction and on the resulting disparities that arose. Significant effects were experienced by those who were exposed to or concerned about the effects of COVID-19. A significant and negative association was also found to exist between old age and happiness. Working from home and having a university degree were found to be positively associated with happiness. Typically important positive predictors of well-being, such as social interaction and engagement in outdoor activities, failed to predict well-being at all during the COVID-19 outbreak in Malta. On the other hand, engaging in sport, artistic work or voluntary work continued to be associated with higher levels of self-assessed happiness and life satisfaction. These findings yield insights on the broader impacts caused by the COVID-19 pandemic.

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“…The COVID-19 pandemic is not only negatively affecting the economic growth (Walmsley et al, 2020;Backer et al, 2021;Elgin et al, 2021), and business management (Andries et al, 2020;Fairlie and Fossen, 2021;Spiegel and Tookes, 2021;Verbeke and Yuan, 2021), but it is also influencing peoples' physical health (Shamim et al, 2021) and well-being (Khan et al, 2020;Ripp et al, 2020). The SMEs have suffered more from the pandemic than big companies.…”

Section: Introductionmentioning

confidence: 99%

The Influence of COVID-19 on Entrepreneur's Psychological Well-Being

Jia

2022

Front. Psychol.

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This research focuses on the influence of COVID-19 on entrepreneurs' psychological well-being (PWB) in China. A start-up's performance is believed to play an important moderating role. This study uses 2 years of tracking data of 303 entrepreneurs from Shandong Providence, China. Based on conservation of resources (COR) theory, this study found that COVID-19 will significantly decrease entrepreneurs' PWB. A start-up's past performance will enhance the negative influence of COVID-19 on entrepreneurs' PWB. This study contributes to the literature on entrepreneurship, COR, and PWB. The findings can also guide entrepreneurs to maintain well-being during the pandemic and post-pandemic era.

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Economic policy responses to the COVID-19 pandemic: The role of central bank independence

Cited by 56 publications

References 7 publications

Can Stringent Government Initiatives Lead to Global Economic Recovery Rapidly during the COVID-19 Epidemic?

Can Stringent Government Initiatives Lead to Global Economic Recovery Rapidly during the COVID-19 Epidemic?

Well-being disparities during the COVID-19 outbreak: Evidence from Malta.

The Influence of COVID-19 on Entrepreneur's Psychological Well-Being

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