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COVID-19, lockdown measures and their impact on food and healthcare prices: empirical evidence using a dynamic ARDL model

Author

Listed:
  • Bisharat Hussain Chang
  • Raheel Gohar
  • Omer Faruk Derindag
  • Emmanuel Uche

Abstract

Purpose - This research examines the impact of lockdown stringency measures and COVID-19 cases on food and healthcare prices in six Brazil, Russia, India, China, South Africa and Turkey (BRICST) countries. This research is conducted in these countries since previous studies failed to examine the effect of COVID-19 reported cases on food and healthcare prices. Design/methodology/approach - To achieve the objectives of this study, food and healthcare services were regressed against CVC and lockdown stringency measures using the dynamic autoregressive distributed lag (DARDL) model. For this purpose, we used daily data for BRICST countries such as Brazil, Russia, India, China, South Africa and Turkey. Findings - The empirical evidence indicates that, in the long run, COVID-19 cases significantly and positively affect both food and healthcare prices in India, South Africa and China. In contrast, in the short run, COVID-19 positively affects food and healthcare prices in all countries except Russia and Turkey. Similarly, in the long run, the government stringency index (GSI) and Containment and Health Index (CHI) significantly affect health prices in India and South Africa. In contrast, GSI and CHI significantly affect healthcare prices in South Africa only in the short run. Finally, GSI and CHI significantly affect the food prices in the long run in India, South Africa and China and in the short run in South Africa only. Originality/value - The widespread impact of the new Coronavirus (COVID-19) has made the world panic. COVID-19 affected all spheres of life, including food supplies and healthcare services. However, most of the empirical research failed to examine the impact of COVID-19 cases on food and healthcare prices which is the main focus of this study. Moreover, in the given context, the authors use a recently developed model that the previous studies failed to use.

Suggested Citation

  • Bisharat Hussain Chang & Raheel Gohar & Omer Faruk Derindag & Emmanuel Uche, 2022. "COVID-19, lockdown measures and their impact on food and healthcare prices: empirical evidence using a dynamic ARDL model," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 50(5), pages 1008-1026, September.
    • Handle: RePEc:eme:jespps:jes-12-2021-0627
    DOI: 10.1108/JES-12-2021-0627
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    Citations

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    Cited by:

    1. Xiaohui GONG & Bisharat Hussain CHANG & Xi CHEN & Kaiyang ZHONG, 2023. "Asymmetric Effects of Exchange Rates on Energy Demand in E7 Countries: New Evidence from Multiple Thresholds Nonlinear ARDL Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 125-142, June.
    2. Ennadifi Imane & Bisharat Hussain Chang & Tarek Abbas Elsherazy & Wing-Keung Wong & Mohammed Ahmar Uddin, 2023. "The External Exchange Rate Volatility Influence on The Trade Flows: Evidence from Nonlinear ARDL Model," Advances in Decision Sciences, Asia University, Taiwan, vol. 27(2), pages 75-98, June.

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