Coronavirus disease 2019 and the global economy

Hakan Yilmazkuday

Transport Policy, 2022, vol. 120, issue C, 40-46

Abstract: Using daily data on the coronavirus disease 2019 (COVID-19) cases from China and the rest of the world, this paper investigates the corresponding effects on the global economic activity. The empirical results based on a structural vector autoregression model using crude oil prices (COP) and the Baltic Exchange Dry Index (BDI) are consistent with increases in COVID-19 cases acting as negative demand shocks in the global economic activity (reflected as reductions in COP) and negative supply shocks in the global transportation of commodities (reflected as increases in BDI). The historical decomposition results further suggest that the effects of COVID-19 cases on COP and BDI have been mostly observed in the early COVID-19 period.

Keywords: COVID-19; Coronavirus; Baltic dry index; Crude oil prices (search for similar items in EconPapers)
JEL-codes: F60 I10 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (4)

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Working Paper: Coronavirus Disease 2019 and the Global Economy (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:trapol:v:120:y:2022:i:c:p:40-46

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DOI: 10.1016/j.tranpol.2022.03.003

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