TY - JOUR
T1 - Global supply constraints from the 2008 and COVID-19 crises
AU - Yagi, Michiyuki
AU - Managi, Shunsuke
N1 - Funding Information:
This research was supported by JSPS KAKENHI Grant numbers JP20H00648 and JP17K12856 and Environment Research and Technology Development Fund of the Ministry of the Environment, Japan (Grant numbers 1090443 and JPMEERF16S11600 ). We thank the anonymous reviewer(s) for the helpful comments and suggestions.
Publisher Copyright:
© 2021 Economic Society of Australia, Queensland
Copyright:
Copyright 2021 Elsevier B.V., All rights reserved.
PY - 2021/3
Y1 - 2021/3
N2 - The analysis of specific economic indexes suggests that the economic damage from the 2020 COVID-19 crisis (coronavirus pandemic, apparently first spread from Wuhan, China) may exceed that of the 2008 global financial crisis dating to around September 15, 2008. Thus, by comparing the first four months after these crises, the purpose of this study is to estimate the economic damage of the supply-chain disruptions (i.e., the supply constraints) in the mining and manufacturing (M&M) sectors. Employing the supply-driven input–output (IO) model for the world (35 countries in 56 sectors), the results show that the supply-chain damage from COVID-19 is 1.248%, when compared to the annual gross domestic production (GDP), in the overall sectors, 4.443% in the M&M sectors, and 0.362% in other sectors, which are approximately 1.4 times the figures from the 2008 crisis.
AB - The analysis of specific economic indexes suggests that the economic damage from the 2020 COVID-19 crisis (coronavirus pandemic, apparently first spread from Wuhan, China) may exceed that of the 2008 global financial crisis dating to around September 15, 2008. Thus, by comparing the first four months after these crises, the purpose of this study is to estimate the economic damage of the supply-chain disruptions (i.e., the supply constraints) in the mining and manufacturing (M&M) sectors. Employing the supply-driven input–output (IO) model for the world (35 countries in 56 sectors), the results show that the supply-chain damage from COVID-19 is 1.248%, when compared to the annual gross domestic production (GDP), in the overall sectors, 4.443% in the M&M sectors, and 0.362% in other sectors, which are approximately 1.4 times the figures from the 2008 crisis.
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U2 - 10.1016/j.eap.2021.01.008
DO - 10.1016/j.eap.2021.01.008
M3 - Article
AN - SCOPUS:85099608596
SN - 0313-5926
VL - 69
SP - 514
EP - 528
JO - Economic Analysis and Policy
JF - Economic Analysis and Policy
ER -