{"id":8303,"date":"2020-07-09T09:14:42","date_gmt":"2020-07-09T08:14:42","guid":{"rendered":"http:\/\/www.economicsobservatory.com\/ongoing-research\/coronavirus-disease-2019-and-the-global-economy"},"modified":"2020-07-09T09:14:42","modified_gmt":"2020-07-09T08:14:42","slug":"coronavirus-disease-2019-and-the-global-economy","status":"publish","type":"ongoing-research","link":"https:\/\/www.economicsobservatory.com\/test\/ongoing-research\/coronavirus-disease-2019-and-the-global-economy","title":{"rendered":"Coronavirus disease 2019 and the global economy"},"content":{"rendered":"

Using daily data on the global coronavirus disease 2019 (Covid-19) deaths, this paper investigates the corresponding effects on the global economic activity measured by the Baltic Exchange Dry Index (BDI). The empirical results based on a structural vector autoregression including crude oil prices (COP) suggest that a weekly increase of 1,000 in daily global Covid-19 deaths results in 10% of a cumulative reduction in BDI after one week and 22% of a cumulative reduction after three months. The effects of global Covid-19 deaths on COP are shown to be insignificant, where the oil price plunge of March 2020 mostly coincides with the corresponding OPEC disagreement.<\/p>\n

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