Measuring economic freedom during the Covid-19 pandemic

Vincent J. Miozzi and Benjamin Powell

Journal of Institutional Economics, 2023, vol. 19, issue 2, 229-250

Abstract: The Covid-19 pandemic in 2020 led to extensive new government regulations and lockdown policies that, according to some prominent definitions, severely reduced economic freedom. However, many of these new pandemic-related regulatory restrictions on economic freedom are largely missed by the Economic Freedom of the World Report (EFW). This paper first adjusts the Our World in Data Covid-19 Stringency Index into a measure of lockdown regulatory freedom and then merges it into the EFW index to better measure countries' 2020 cross-sectional relative economic freedom. We find significant differences in the relative ranking of economic freedom between countries once we adjust for lockdown regulatory restrictions.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jinsec:v:19:y:2023:i:2:p:229-250_5

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