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The Relationship Between Misery Index and Stringency Index for Emerging Markets: A Wavelet Analysis

Author

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  • Süleyman Gürbüz

    (Yozgat Bozok University)

  • Figen Tombak

    (Yozgat Bozok University)

Abstract

This study examines whether the degree of strictness in economic and social isolation measures implemented by governments to prevent the spread of Covid-19 is related to the level of inflation and unemployment in the country. Data from Brazil, Russia, India, Mexico, South Korea, and Türkiye were used in the study. The analysis used the stringency index, misery index, and vaccination rate series of the countries. The empirical analysis covers the 24 months from January 2020 to December 2021. The causality relationship in the analysis was examined with panel data analysis, where the series were divided into frequencies using the wavelet method. According to the results obtained, it is seen that there is a bidirectional causality relationship between the stringency index and misery indices at 4-month frequencies. These results indicate that the stringency index and misery index interact with each other over four-month periods. In other words, in countries with high unemployment and inflation rates, restrictions are affected by the misery index.

Suggested Citation

  • Süleyman Gürbüz & Figen Tombak, 2025. "The Relationship Between Misery Index and Stringency Index for Emerging Markets: A Wavelet Analysis," Business and Economics Research Journal, Bursa Uludag University, Faculty of Economics and Administrative Sciences, vol. 16(4), pages 395-416, October.
    • Handle: RePEc:ris:buecrj:021716
    DOI: 10.20409/berj.2025.474
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    Keywords

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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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