An Analysis of the Worldwide Response to the COVID-19 Pandemic: What and How Much?

46 Pages Posted: 21 Sep 2020

See all articles by Jesus Felipe

Jesus Felipe

Asian Development Bank

Scott Fullwiler

University of Missouri at Kansas City

Donna Faye Bajaro

Asian Development Bank

Al-Habbyel Yusoph

University of the Philippines, Diliman - School of Economics

Simon Alec Askin

University of the Philippines

Martin Alexander Cruz

University of the Philippines

Date Written: September 18, 2020

Abstract

We use the information compiled as of 15 June 2020 by the Asian Development Bank (ADB) in the ADB COVID-19 Policy Database to analyze the measures taken by its 68 members, plus the European Central Bank, and the European Union, to combat the coronavirus disease (COVID-19) pandemic. Measures associated with monetary policy amount to $14.9 trillion ($1.4 trillion by ADB’s developing members), while the measures associated with fiscal policy amount to $7.1 trillion ($1.5 trillion by ADB’s developing members). We show that the total package per capita is directly related to gross domestic product per capita with a high elasticity of 1.61; and so is the package on government support to income and revenue (a subset of the total package), with an elasticity of 1.49. We develop a series of models to understand why rich economies spend significantly more per capita. Results indicate that the package per capita is positively related to the COVID-19 deaths per 100,000 population as of 15 June 2020, population of at least 65 years old as percent of total population, and wage and salaried workers as percent of total employment; and inversely related to self-employed as percent of total employment, and vulnerable employment as percent of total employment. We use this information to compare actual to expected packages.

Keywords: ADB COVID-19 Policy Database, COVID-19

JEL Classification: A10, C82

Suggested Citation

Felipe, Jesus and Fullwiler, Scott and Bajaro, Donna Faye and Yusoph, Al-Habbyel and Askin, Simon Alec and Cruz, Martin Alexander, An Analysis of the Worldwide Response to the COVID-19 Pandemic: What and How Much? (September 18, 2020). Available at SSRN: https://ssrn.com/abstract=3695342 or http://dx.doi.org/10.2139/ssrn.3695342

Jesus Felipe (Contact Author)

Asian Development Bank ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

Scott Fullwiler

University of Missouri at Kansas City ( email )

5100 Rockhill Road
Kansas City, MO 64110-2499
United States

Donna Faye Bajaro

Asian Development Bank ( email )

6 ADB Avenue, Mandaluyong City 1550
Metro Manila
Philippines

Al-Habbyel Yusoph

University of the Philippines, Diliman - School of Economics ( email )

Encarnacion Hall
F. M. Guerrero corner S. Osmena Sts
U.P. Diliman, Quezon City
Philippines

Simon Alec Askin

University of the Philippines ( email )

Diliman
Quezon City, 1101
Philippines

Martin Alexander Cruz

University of the Philippines ( email )

Diliman
Quezon City, 1101
Philippines

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