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Globalization and Disease: The Case of SARS

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  • Jong-Wha Lee

    (Korea University Economics Department Seoul 136-701 South Korea and The Australian National University)

  • Warwick J. McKibbin

    (The Australian National University Centre for Applied Macroeconomic Analysis Research School of Pacific & Asian Studies Australian National University ACT 0200, Canberra Australia and The Lowy Institute for International Policy)

Abstract

The purpose of this paper is to provide an assessment of the global economic impacts of severe acute respiratory syndrome (SARS) as well as to provide a more comprehensive approach to estimating the global consequences of major disease outbreaks. Our empirical estimates of the economic effects of the SARS epidemic are based on a global model called the G-Cubed (Asia Pacific) model. Most previous studies on the economic effects of epidemics focus on the disease-associated medical costs or forgone incomes resulting from disease-related morbidity and mortality, but the most significant real costs of SARS have been generated by changes in spending behavior by households and firms in affected countries. This study estimates the cost of the SARS outbreak by focusing on the impacts on consumption and investment behavior through changes in the cost and risk of doing business. Through increased economic interdependence, these changes in behavior have wide-ranging general equilibrium consequences for the world economy that can lead to economic losses well in excess of the traditional estimates of the cost of disease. Copyright (c) 2004 Center for International Development and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Asian Economic Papers.

Volume (Year): 3 (2004)
Issue (Month): 1 ()
Pages: 113-131

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Handle: RePEc:tpr:asiaec:v:3:y:2004:i:1:p:113-131

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  1. David E. Bloom & David Canning & Jaypee Sevilla, 2001. "The Effect of Health on Economic Growth: Theory and Evidence," NBER Working Papers 8587, National Bureau of Economic Research, Inc.
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Cited by:
  1. Simon Wren-Lewis & Marcus Keogh-Brown, 2009. "The possible macroeconomic impact on the UK of an influenza pandemic," Economics Series Working Papers 431, University of Oxford, Department of Economics.
  2. P. Beutels & W. J. Edmunds & R. D. Smith, 2008. "Partially wrong? Partial equilibrium and the economic analysis of public health emergencies of international concern," Health Economics, John Wiley & Sons, Ltd., vol. 17(11), pages 1317-1322.
  3. George Verikios & James McCaw & Jodie McVernon & Anthony Harris, 2010. "H1N1 influenza in Australia and its macroeconomic effects," Centre of Policy Studies/IMPACT Centre Working Papers g-212, Victoria University, Centre of Policy Studies/IMPACT Centre.
  4. Joel Gilbourd, 2007. "APEC and Infectious Disease: Meeting the Challenge," Asia Pacific Economic Papers 367, Australia-Japan Research Centre, Crawford School of Public Policy, The Australian National University.
  5. George Verikios & Maura Sullivan & Pane Stojanovski & James Giesecke & Gordon Woo, 2011. "The Global Economic Effects of Pandemic Influenza," Centre of Policy Studies/IMPACT Centre Working Papers g-224, Victoria University, Centre of Policy Studies/IMPACT Centre.
  6. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, Elsevier.
  7. Joel Gilbourd, 2007. "APEC and Infectious Disease : Meeting the Challenge," Development Economics Working Papers 21903, East Asian Bureau of Economic Research.

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