Trade policy responses to the COVID‐19 pandemic crisis: Evidence from a new data set

Abstract

This paper presents new high‐frequency data on trade policy changes targeting medical and food products since the beginning of the COVID‐19 pandemic, documenting how countries used trade policy instruments in response to the health crisis on a week‐by‐week basis. The data set reveals a rapid increase in trade policy activism in February and March 2020 in tandem with the rise in COVID‐19 cases but also uncovers extensive heterogeneity across countries in both their use of trade policy and the types of measures used. Some countries acted to restrict exports and facilitate imports, others targeted only one of these margins, and many did not use trade policy at all. The observed heterogeneity suggests numerous research questions on the drivers of trade policy responses to COVID‐19, on the effects of these measures on trade and prices of critical products, and on the role of trade agreements in influencing the use of trade policy.

Effects of COVID-19 on trade flows: Measuring their impact through government policy responses

“…We focus on the corresponding period coincident with our sample, but further trade policy actions have been implemented after this period because of the increasing number of cases related to COVID-19 in subsequent waves. They can be checked at the IMF Policy Tracker previously reported, which is updated regularly [ 70 ]. Summarizes the major stylized facts during the first nine months of the pandemic.…”

“…To this end, we compare trade drops for the most affected countries relative to January 2020 and their governmental response, from May 2020 to October 2020. As described by [ 70 ], countries experienced a substantial relaxation in most of their trade measures in May 2020.…”

Do Stock Markets Play a Role in Determining the COVID-19 Economic Stimulus? A Cross-Country Analysis

“…An interest rate cut is an effective and relatively easy expansionary monetary policy instrument, and stock market returns have been documented as responding considerably and swiftly to it ex post facto (Bernanke & Gertler, 1989;Bjørnland & Leitemo, 2009;Thorbecke, 1997). In contrast, an expansionary fiscal policy involves aggravating the debt burden of the government, while balance of payments measures involve timeconsuming and costly modifications to trade and exchange rate policies that can adversely affect the importation of vital medical and essential supplies (Evenett et al, 2021).…”

Sacral neuromodulation implanted patients: Patient concerns during the COVID-19 pandemic and practical modifications

“…Bekkers and Koopman 15 and Evenett et al 16 predict the COVID-19 pandemic will have major effects on the world economy, which might affect patient decisions. As sacral neuromodulation can be an expensive option, our patients had concerns about private insurance coverage in the future.…”