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Frozen Economy During COVID-19

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  • Pengpeng Yue
  • Yaru Bai
  • Linlin Yu
  • Jun Zhou

Abstract

This article collects a novel dataset by combining COVID-19 statistics with the measurement of economic activities in different sectors to investigate the “freezing” effect of the pandemic on the economy. We exploit the latest data on COVID-19 from January 2020 to April 2022. Our main findings indicate that there is a significant negative relationship between COVID-19 and a set of economic indicators in the corporate sector, household sector, and financial sector, which implies the economy has become frozen during the COVID-19 pandemic. To be specific, COVID-19 and resultant business closures, labor shortages, logistics blocks, demand reduction, and financial vulnerability inevitably impair the vibrancy and resilience of economic activities.

Suggested Citation

  • Pengpeng Yue & Yaru Bai & Linlin Yu & Jun Zhou, 2023. "Frozen Economy During COVID-19," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 59(10), pages 3266-3280, August.
    • Handle: RePEc:mes:emfitr:v:59:y:2023:i:10:p:3266-3280
    DOI: 10.1080/1540496X.2023.2216843
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