COVID-19 Vaccination and Financial Frictions
Cristina Arellano (),
Yan Bai () and
Gabriel Mihalache
Additional contact information
Cristina Arellano: Federal Reserve Bank of Minneapolis and University of Minnesota
Yan Bai: University of Rochester and NBER and CEPR
IMF Economic Review, 2023, vol. 71, issue 1, No 6, 216-242
Abstract:
Abstract We study the COVID-19 epidemic in emerging markets that face financial frictions and its mitigation through social distancing and vaccination. We find that restricted vaccine availability in emerging markets, as captured by limited quantities and high prices, renders the pandemic exceptionally costly in these countries, compared with economies without financial frictions. Improved access to financial markets enables a better response to the delay in vaccine supplies, as it supports more stringent social distancing measures before wider vaccine availability. We show that financial assistance programs to such financially constrained countries can increase vaccinations and lower fatalities, at no present-value cost to the international community.
Keywords: COVID-19; Vaccination; Fiscal space; Financial market conditions (search for similar items in EconPapers)
JEL-codes: F34 F41 I18 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:
Downloads: (external link)
http://link.springer.com/10.1057/s41308-022-00186-4 Abstract (text/html)
Access to full text is restricted to subscribers.
Related works:
Working Paper: COVID-19 Vaccination and Financial Frictions (2021)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:pal:imfecr:v:71:y:2023:i:1:d:10.1057_s41308-022-00186-4
Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41308/PS2
DOI: 10.1057/s41308-022-00186-4
Access Statistics for this article
More articles in IMF Economic Review from Palgrave Macmillan, International Monetary Fund
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().