Pandemics and Depression

Ojalá "likely exception" quiera decir así como en tono relajado chance y no.

Pandemics and Depression
Robert J. Barro and José F. Ursua

Our ongoing study of economic disasters for 36 countries since 1870
suggests that this concern is well founded. In this sample, we have
isolated 158 depressions — defined as declines in a country's real per
capita gross domestic product (GDP) by at least 10%. The most prominent
features of these depressions are wars and financial crises. But the
fourth-worst global macroeconomic event since 1870 seems to be the
Great Influenza Epidemic of 1918-20. This "health shock" accounts for
13 of the depression events. In contrast, World War II is associated
with 25, World War I with 23, and the Great Depression of the early
1930s with 21.

For most countries — with Mexico as a likely exception — the
swine-flu epidemic of 2009 may turn out not to have greater
macroeconomic consequences than the other four post-World War II flu
crises. However, we already have substantial depression risks, arguably
20%-30% in the U.S., due to the global financial crisis that began in
2008. The potential for a flu pandemic surely adds to the depression
odds, particularly since — like the 1918-20 epidemic — the current
strain disproportionately impacts persons of prime working age.

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Publicado en: General