Infectious disease control and its economic gains in a pandemic
The case of South Korea
Bibliographic Data
| ID | 15066333 |
|---|---|
| Authors | Young-Jae Lee (0000-0002-7688-0994, Bank of Korea Seoul, South Korea, corresponding author), Jun-Ho Jang (0000-0002-3043-7903, Bank of Korea), Junho Jang (0000-0001-8993-9038, Bank of Korea Seoul, South Korea), SungJu Song (Bank of Korea and Department of Economics, Hanyang University (ERICA), Ansan-si, Gyeonggi-do, South Korea) |
| Year | 2023 |
| Volume | 36 |
| Issue | 2 |
| Publication date | 2023-07-10 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economic Research-Ekonomska Istraživanja (JOURNAL) |
| Journal identifiers | ISSN: 1331-677X • E-ISSN: 1848-9664 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/1331677x.2022.2134904 |
| OpenAlex | W4309112798 |
| Language | EN |
| References cited | 27 |
We investigate the role of the infectious disease control (IDC) system in curbing the spread of infectious disease and preventing economic damage during the COVID-19 pandemic. To this end, we propose incorporating a clustering analysis into the synthetic control method. This contributes to constructing a homogeneous donor pool, which is necessary for an unbiased treatment effect estimator. South Korea's effective IDC system, the so-called K-Quarantine, is estimated to have reduced the number of disease infections and to have prevented a 3.6% loss of GDP and a 0.3%p rise in the unemployment rate in South Korea in 2020. These results are robust in an alternative reduced-form regression analysis under various specifications
Development economics · Disease · Disease control · Economics · Geography · Pandemic · Agricultural risk and resilience · COVID-19 epidemiological studies · COVID-19 Pandemic Impacts · Medicine · Virology
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| Highly cited | No |
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