IDEAS home Printed from https://ideas.repec.org/a/bla/asiapr/v17y2022i1p41-61.html
   My bibliography  Save this article

Economic Impacts of SARS/MERS/COVID‐19 in Asian Countries

Author

Listed:
  • Satoshi Tanaka

Abstract

This paper surveys the recent literature on the economic impacts of SARS, MERS, and COVID‐19, which Asian countries have experienced in the past two decades. In particular, we provide a detailed summary of how each of the past infectious diseases has impacted on the Asian economies and the extent of that impact. This paper also documents how the governments of Asian countries have responded to the COVID‐19 shocks with their economic policies, and discusses the effectiveness of these economic policies to mitigate the COVID‐19 shocks on their economies.

Suggested Citation

  • Satoshi Tanaka, 2022. "Economic Impacts of SARS/MERS/COVID‐19 in Asian Countries," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(1), pages 41-61, January.
    • Handle: RePEc:bla:asiapr:v:17:y:2022:i:1:p:41-61
    DOI: 10.1111/aepr.12363
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/aepr.12363
    Download Restriction: no
    File URL: https://libkey.io/10.1111/aepr.12363?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Hiroyasu Inoue & Yasuyuki Todo, 2020. "The propagation of economic impacts through supply chains: The case of a mega-city lockdown to prevent the spread of COVID-19," PLOS ONE, Public Library of Science, vol. 15(9), pages 1-10, September.
    2. Dirk Krueger & Harald Uhlig & Taojun Xie, 2022. "Macroeconomic dynamics and reallocation in an epidemic: evaluating the ‘Swedish solution’," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 37(110), pages 341-398.
    3. Warn N. Lekfuangfu & Suphanit Piyapromdee & Ponpoje Porapakkarm & Nada Wasi, 2020. "On Covid-19: New Implications of Job Task Requirements and Spouse's Occupational Sorting," RF Berlin - CReAM Discussion Paper Series 2012, Rockwool Foundation Berlin (RF Berlin) - Centre for Research and Analysis of Migration (CReAM).
    4. Keogh-Brown, Marcus Richard & Smith, Richard David, 2008. "The economic impact of SARS: How does the reality match the predictions?," Health Policy, Elsevier, vol. 88(1), pages 110-120, October.
    5. Simon Mongey & Laura Pilossoph & Alexander Weinberg, 2021. "Which workers bear the burden of social distancing?," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 19(3), pages 509-526, September.
    6. Aum, Sangmin & Lee, Sang Yoon (Tim) & Shin, Yongseok, 2021. "Inequality of fear and self-quarantine: Is there a trade-off between GDP and public health?," Journal of Public Economics, Elsevier, vol. 194(C).
    7. Brinca, Pedro & Duarte, Joao B. & Faria-e-Castro, Miguel, 2021. "Measuring labor supply and demand shocks during COVID-19," European Economic Review, Elsevier, vol. 139(C).
    8. Rebucci, Alessandro & Chudik, Alexander & Pesaran, M. Hashem, 2020. "Voluntary and Mandatory Social Distancing: Evidence on COVID-19 Exposure Rates from Chinese Provinces and Selected Countries," CEPR Discussion Papers 14646, C.E.P.R. Discussion Papers.
    9. Masashige Hamano & Munechika Katayama & So Kubota, 2020. "COVID-19 Misperception and Macroeconomy," Working Papers 2016, Waseda University, Faculty of Political Science and Economics.
    10. Aum, Sangmin & Lee, Sang Yoon (Tim) & Shin, Yongseok, 2021. "COVID-19 doesn’t need lockdowns to destroy jobs: The effect of local outbreaks in Korea," Labour Economics, Elsevier, vol. 70(C).
    11. David H. Autor & Frank Levy & Richard J. Murnane, 2003. "The skill content of recent technological change: an empirical exploration," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
    12. Dirk Kruger & Harald Uhlig & Taojun Xie, 2020. "Macroeconomic Dynamics and Reallocation in an Epidemic," Working Papers 2020-43, Becker Friedman Institute for Research In Economics.
    13. Kenneth Lee & Harshil Sahai & Patrick Baylis & Michael Greenstone, 2020. "Job Loss and Behavioral Change: The Unprecedented Effects of the India Lockdown in Delhi," Working Papers 2020-65, Becker Friedman Institute for Research In Economics.
    14. Dingel, Jonathan I. & Neiman, Brent, 2020. "How many jobs can be done at home?," Journal of Public Economics, Elsevier, vol. 189(C).
    15. Luiz Brotherhood & Philipp Kircher & Cezar Santos & Michèle Tertilt, 2020. "An Economic Model of the Covid-19 Epidemic: The Importance of Testing and Age-Specific Policies," CESifo Working Paper Series 8316, CESifo.
    16. Moll, Benjamin & Kaplan, Greg & Violante, Giovanni, 2020. "The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S," CEPR Discussion Papers 15256, C.E.P.R. Discussion Papers.
    17. Kawaguchi, Kohei & Kodama, Naomi & Tanaka, Mari, 2021. "Small business under the COVID-19 crisis: Expected short- and medium-run effects of anti-contagion and economic policies," Journal of the Japanese and International Economies, Elsevier, vol. 61(C).
    18. Michiru Kaneda & So Kubota & Satoshi Tanaka, 2021. "Who spent their COVID-19 stimulus payment? Evidence from personal finance software in Japan," The Japanese Economic Review, Springer, vol. 72(3), pages 409-437, July.
    19. David Berger & Kyle Herkenhoff & Chengdai Huang & Simon Mongey, 2022. "Testing and Reopening in an SEIR Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 1-21, January.
    20. Tsutomu Watanabe & Tomoyoshi Yabu, 2020. "Japan’s Voluntary Lockdown," Working Papers on Central Bank Communication 027, University of Tokyo, Graduate School of Economics.
    21. Kikuchi, Shinnosuke & Kitao, Sagiri & Mikoshiba, Minamo, 2021. "Who suffers from the COVID-19 shocks? Labor market heterogeneity and welfare consequences in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 59(C).
    22. Gottlieb, Charles & Grobovšek, Jan & Poschke, Markus & Saltiel, Fernando, 2021. "Working from home in developing countries," European Economic Review, Elsevier, vol. 133(C).
    23. Eduardo Levy Yeyati & Patricio Goldstein & Luca Sartorio, 2021. "Lockdown Fatigue: The Diminishing Effects of Quarantines on the Spread of COVID-19," CID Working Papers 391, Center for International Development at Harvard University.
    24. Veronica Guerrieri & Guido Lorenzoni & Ludwig Straub & Iván Werning, 2022. "Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?," American Economic Review, American Economic Association, vol. 112(5), pages 1437-1474, May.
    25. Hoshi, Kisho & Kasahara, Hiroyuki & Makioka, Ryo & Suzuki, Michio & Tanaka, Satoshi, 2022. "The heterogeneous effects of COVID-19 on labor markets: People’s movement and non-pharmaceutical interventions," Journal of the Japanese and International Economies, Elsevier, vol. 63(C).
    26. Farhi, Emmanuel & Baqaee, David Rezza, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," CEPR Discussion Papers 14742, C.E.P.R. Discussion Papers.
    27. Kim, Moon Jung & Lee, Soohyung, 2020. "Can Stimulus Checks Boost an Economy under COVID-19? Evidence from South Korea," IZA Discussion Papers 13567, Institute of Labor Economics (IZA).
    28. Patricio Goldstein & Eduardo Levy Yeyati & Luca Sartorio, 2021. "Lockdown fatigue: The diminishing effects of quarantines on the spread of COVID-19," Department of Economics Working Papers wp_gob_2021_01, Universidad Torcuato Di Tella.
    29. Andrew Atkeson, 2020. "What Will be the Economic Impact of COVID-19 in the US? Rough Estimates of Disease Scenarios," Staff Report 595, Federal Reserve Bank of Minneapolis.
    30. Miyakawa, Daisuke & Oikawa, Koki & Ueda, Kozo, 2021. "Firm Exit during the COVID-19 Pandemic: Evidence from Japan," Journal of the Japanese and International Economies, Elsevier, vol. 59(C).
    31. MORIKAWA Masayuki, 2020. "Productivity of Working from Home during the COVID-19 Pandemic: Evidence from an Employee Survey," Discussion papers 20073, Research Institute of Economy, Trade and Industry (RIETI).
    32. Callum Jones & Thomas Philippon & Venky Venkateswaran, 2021. "Optimal Mitigation Policies in a Pandemic: Social Distancing and Working from Home [A simple planning problem for covid-19 lockdown]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5188-5223.
    33. Daniel Rees, 2020. "What Comes Next?," BIS Working Papers 898, Bank for International Settlements.
    34. Giupponi, Giulia & Landais, Camille, 2018. "Subsidizing labor hoarding in recessions: the employment and welfare effects of short time work," LSE Research Online Documents on Economics 91708, London School of Economics and Political Science, LSE Library.
    35. Warwick McKibbin & Roshen Fernando, 2021. "The Global Macroeconomic Impacts of COVID-19: Seven Scenarios," Asian Economic Papers, MIT Press, vol. 20(2), pages 1-30, Summer.
    36. David Berger & Kyle Herkenhoff & Chengdai Huang & Simon Mongey, 2022. "Testing and Reopening in an SEIR Model," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 1-21, January.
    37. Tsutomu Watanabe, 2020. "The Responses of Consumption and Prices in Japan to the COVID-19 Crisis and the Tohoku Earthquake," Working Papers on Central Bank Communication 020, University of Tokyo, Graduate School of Economics.
    38. MORIKAWA Masayuki, 2020. "Productivity of Working from Home during the COVID-19 Pandemic: Evidence from an Employee Survey (Japanese)," Discussion Papers (Japanese) 20034, Research Institute of Economy, Trade and Industry (RIETI).
    39. ZHANG Hongyong, 2021. "The Impact of COVID-19 on Global Production: Evidence from Japanese Multinational Firms," Discussion papers 21014, Research Institute of Economy, Trade and Industry (RIETI).
    40. Hayakawa, Kazunobu & Mukunoki, Hiroshi, 2021. "The impact of COVID-19 on international trade: Evidence from the first shock," Journal of the Japanese and International Economies, Elsevier, vol. 60(C).
    41. Kisho Hoshi & Hiroyuki Kasahara & Ryo Makioka & Michio Suzuki & Satoshi Tanaka, 2021. "Trade-off between job losses and the spread of COVID-19 in Japan," The Japanese Economic Review, Springer, vol. 72(4), pages 683-716, October.
    42. Hojin Jung & Minjae Park & Kihoon Hong & Eunjung Hyun, 2016. "The Impact of an Epidemic Outbreak on Consumer Expenditures:An Empirical Assessment for MERS Korea," Sustainability, MDPI, vol. 8(5), pages 1-15, May.
    43. Wen Hai & Zhong Zhao & Jian Wang & Zhen-Gang Hou, 2004. "The Short-Term Impact of SARS on the Chinese Economy," Asian Economic Papers, MIT Press, vol. 3(1), pages 57-61.
    44. Takeo Hoshi & Daiji Kawaguchi & Kenichi Ueda, 2021. "The Return of the Dead? The COVID-19 Business Support Programs in Japan (Forthcoming in Journal of Banking and Finance)," CARF F-Series CARF-F-513, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    45. Kubota, So & Onishi, Koichiro & Toyama, Yuta, 2021. "Consumption responses to COVID-19 payments: Evidence from a natural experiment and bank account data," Journal of Economic Behavior & Organization, Elsevier, vol. 188(C), pages 1-17.
    46. Hiroyasu Inoue & Yasuyuki Todo, 2020. "The propagation of the economic impact through supply chains: The case of a mega-city lockdown against the spread of COVID-19," Papers 2003.14002, arXiv.org.
    47. So Kubota, 2021. "The macroeconomics of COVID-19 exit strategy: the case of Japan," The Japanese Economic Review, Springer, vol. 72(4), pages 651-682, October.
    48. Landais, Camille & Giupponi, Giulia, 2018. "Subsidizing Labor Hoarding in Recessions: The Employment & Welfare Effects of Short Time Work," CEPR Discussion Papers 13310, C.E.P.R. Discussion Papers.
    49. Tsutomu Watanabe & Tomoyoshi Yabu, 2020. "Japan’s Voluntary Lockdown," CARF F-Series CARF-F-492, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Roberto Roson & Camille Vorst, 2023. "Assessing the economic and environmental consequences of the COVID-19 tourism collapse in Andalusia: what lessons can we draw for South-East Asian regions?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 71(1), pages 269-297, August.
    2. Ling Jin & Jun Hyeok Choi & Saerona Kim & Kwanghee Cho, 2022. "Slack Resources, Corporate Performance, and COVID-19 Pandemic: Evidence from China," IJERPH, MDPI, vol. 19(21), pages 1-21, November.
    3. Takatoshi Ito & Kazumasa Iwata & Colin McKenzie & Haruko Noguchi & Shujiro Urata, 2022. "The COVID‐19 Pandemic and Asia: Editors' Overview," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(1), pages 1-17, January.
    4. Mitsuhiro Fukao & Etsuro Shioji, 2022. "Is There a Trade‐Off between COVID‐19 Control and Economic Activity? Implications from the Phillips Curve Debate," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(1), pages 66-85, January.
    5. Marcus Noland, 2022. "Comment on “Economic Impacts of SARS/MERS/COVID‐19 in Asian Countries”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(1), pages 64-65, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hosono, Kaoru, 2021. "Epidemic and Economic Consequences of Voluntary and Request-based Lockdowns in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 61(C).
    2. Greg Kaplan & Benjamin Moll & Giovanni L. Violante, 2020. "The Great Lockdown and the Big Stimulus: Tracing the Pandemic Possibility Frontier for the U.S," NBER Working Papers 27794, National Bureau of Economic Research, Inc.
    3. Garriga, Carlos & Manuelli, Rody & Sanghi, Siddhartha, 2022. "Optimal management of an epidemic: Lockdown, vaccine and value of life," Journal of Economic Dynamics and Control, Elsevier, vol. 140(C).
    4. David E. Bloom & Michael Kuhn & Klaus Prettner, 2022. "Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses," Journal of Economic Literature, American Economic Association, vol. 60(1), pages 85-131, March.
    5. David Baqaee & Emmanuel Farhi, 2022. "Supply and Demand in Disaggregated Keynesian Economies with an Application to the COVID-19 Crisis," American Economic Review, American Economic Association, vol. 112(5), pages 1397-1436, May.
    6. Sewon Hur, 2023. "The Distributional Effects Of Covid‐19 And Optimal Mitigation Policies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 64(1), pages 261-294, February.
    7. Christopher Cotton & Bahman Kashi & Huw Lloyd‐Ellis & Frederic Tremblay & Brett Crowley, 2022. "Quantifying the economic impacts of COVID‐19 policy responses on Canada's provinces in (almost) real time," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(S1), pages 406-445, February.
    8. Kisho Hoshi & Hiroyuki Kasahara & Ryo Makioka & Michio Suzuki & Satoshi Tanaka, 2021. "Trade-off between job losses and the spread of COVID-19 in Japan," The Japanese Economic Review, Springer, vol. 72(4), pages 683-716, October.
    9. David Baqaee & Emmanuel Farhi, 2020. "Nonlinear Production Networks with an Application to the Covid-19 Crisis," NBER Working Papers 27281, National Bureau of Economic Research, Inc.
    10. Graham, James & Ozbilgin, Murat, 2021. "Age, industry, and unemployment risk during a pandemic lockdown," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    11. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    12. Marina Azzimonti-Renzo & Alessandra Fogli & Fabrizio Perri & Mark Ponder, 2020. "Pandemic Control in ECON-EPI Networks," Staff Report 609, Federal Reserve Bank of Minneapolis.
    13. Dizioli, Allan & Pinheiro, Roberto, 2021. "Information and inequality in the time of a pandemic," Journal of Economic Dynamics and Control, Elsevier, vol. 130(C).
    14. Eichenbaum, Martin S. & Rebelo, Sergio & Trabandt, Mathias, 2022. "The macroeconomics of testing and quarantining," Journal of Economic Dynamics and Control, Elsevier, vol. 138(C).
    15. Çakmaklı, Cem & Demiralp, Selva & Özcan, Şebnem Kalemli & Yeşiltaş, Sevcan & Yıldırım, Muhammed A., 2023. "COVID-19 and emerging markets: A SIR model, demand shocks and capital flows," Journal of International Economics, Elsevier, vol. 145(C).
    16. Anand Chopra & Michael B. Devereux & Amartya Lahiri, 2022. "Pandemics through the lens of occupations," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(S1), pages 540-580, February.
    17. So Kubota, 2021. "The macroeconomics of COVID-19 exit strategy: the case of Japan," The Japanese Economic Review, Springer, vol. 72(4), pages 651-682, October.
    18. Christian Moser & Pierre Yared, 2022. "Pandemic Lockdown: The Role of Government Commitment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 27-50, October.
    19. Hinterlang, Natascha & Moyen, Stephane & Röhe, Oke & Stähler, Nikolai, 2023. "Gauging the effects of the German COVID-19 fiscal stimulus package," European Economic Review, Elsevier, vol. 154(C).
    20. Aum, Sangmin & Lee, Sang Yoon (Tim) & Shin, Yongseok, 2021. "Inequality of fear and self-quarantine: Is there a trade-off between GDP and public health?," Journal of Public Economics, Elsevier, vol. 194(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:asiapr:v:17:y:2022:i:1:p:41-61. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/jcerrjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.