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Pandemic divergence: A short note on COVID-19 and global income inequality

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  • Eduardo Levy Yeyati

    (Universidad Torcuato Di Tella / The Brookings Institution)

  • Federico Filippini

    (Universidad Torcuato Di Tella)

Abstract

In this paper we provide an initial assessment of the economic losses related to the COVID pandemic inthree ways: based on growth revisions (as the output downgrade in 2020, and as the estimated cumulativeoutput loss over a 10-year period and based) and incorporating the cost associated with the fiscal stimuliand other, harder-to-asses aspects such as education or jobs. We find that, whereas the immediate GDP impact seems to favour poorer countries that were more modestly hit by the virus, the long-term economic cost is much larger (in the order of one to two GDPs) and correlate negatively with the country ´s initial per capita GDP, worsening global income inequality.

Suggested Citation

  • Eduardo Levy Yeyati & Federico Filippini, 2021. "Pandemic divergence: A short note on COVID-19 and global income inequality," Working Papers 68, Red Nacional de Investigadores en Economía (RedNIE).
    • Handle: RePEc:aoz:wpaper:68
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    File URL: https://rednie.eco.unc.edu.ar/files/DT/2021-68.pdf
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    Cited by:

    1. Bonilla-Mejía, Leonardo & Ruiz-Sánchez, María Alejandra & Villamizar-Villegas, Mauricio, 2022. "The Leading Role of Bank Supply Shocks," Working papers 94, Red Investigadores de Economía.
    2. Can Sever & Emekcan Yucel, 2021. "Does Informality Hinder Financial Development Convergence? Abstract:," Working Papers 2021/02, Bogazici University, Department of Economics.

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