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Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics

Author

Listed:
  • Davide Furceri
  • Pietro Pizzuto
  • Mr. Prakash Loungani
  • Mr. Jonathan David Ostry

Abstract

This paper provides evidence on the impact of major epidemics from the past two decades on income distribution. The pandemics in our sample, even though much smaller in scale than COVID-19, have led to increases in the Gini coefficient, raised the income share of higher-income deciles, and lowered the employment-to-population ratio for those with basic education compared to those with higher education. We provide some evidence that the distributional consequences from the current pandemic may be larger than those flowing from the historical pandemics in our sample, and larger than those following typical recessions and financial crises.

Suggested Citation

  • Davide Furceri & Pietro Pizzuto & Mr. Prakash Loungani & Mr. Jonathan David Ostry, 2021. "Will COVID-19 Have Long-Lasting Effects on Inequality? Evidence from Past Pandemics," IMF Working Papers 2021/127, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:2021/127
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    Cited by:

    1. Davide Furceri & Jun Ge & Prakash Loungani & Giovanni Melina, 2022. "The distributional effects of government spending shocks in developing economies," Review of Development Economics, Wiley Blackwell, vol. 26(3), pages 1574-1599, August.
    2. Sakiru Adebola Solarin & Carmen Lafuente & Luis A. Gil-Alana & Maria Jesus Gonzalez Blanch, 2022. "Inequality Persistence of 21 OECD Countries from 1870 to 2020: Linear and Non-Linear Fractional Integration Approaches," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 164(2), pages 711-725, November.

    More about this item

    Keywords

    impact of pandemic; pandemic dummy regression; income share; pandemic event; severity of the pandemic; COVID-19; Income inequality; Income distribution; Income; Global;
    All these keywords.

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms

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