96
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Pandemics and Economic Complexity: A Cross-Country Analysis

, , &
Pages 103-129 | Received 02 May 2023, Accepted 19 Dec 2023, Published online: 03 Jan 2024

References

  • Ahir, H., Bloom, N., & Furceri, D. (2022). The world uncertainty index. National Bureau of Economic Research.
  • Amabile, T. M., Conti, R., Coon, H., Lazenby, J., & Herron, M. (1996). Assessing the work environment for creativity. Academy of Management Journal, 39(5), 1154–1184. https://doi.org/10.2307/256995
  • Antonio, F., Atayde, J., Yamzon, M., & Sy, C. (2022). An optimization model for the design of supply chains considering disruptions from pandemic uncertainty and infection trends. Cleaner Engineering and Technology, 11, 100577. https://doi.org/10.1016/j.clet.2022.100577
  • Arcand, J. L., Berkes, E., & Panizza, U. (2015). Too much finance? Journal of Economic Growth, 20(2), 105–148. https://doi.org/10.1007/s10887-015-9115-2
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277–297. https://doi.org/10.2307/2297968
  • Bakas, D., & Triantafyllou, A. (2020). Commodity price volatility and the economic uncertainty of pandemics. Economics Letters, 193, 109283. https://doi.org/10.1016/j.econlet.2020.109283
  • Baker, S. R., Farrokhnia, R. A., Meyer, S., Pagel, M., & Yannelis, C. (2020). How does household spending respond to an epidemic? Consumption during the 2020 COVID-19 pandemic. SSRN Electronic Journal.
  • Baum, C. F., Schaffer, M. E., & Stillman, S. (2003). Instrumental variables and GMM: Estimation and testing. The Stata Journal: Promoting Communications on Statistics and Stata, 3(1), 1–31. https://doi.org/10.1177/1536867X0300300101
  • Beck, N., & Katz, J. N. (1995). What to do (and not to do) with time-series cross-section data. American Political Science Review, 89(3), 634–647. https://doi.org/10.2307/2082979
  • Beck, T., Degryse, H., & Kneer, C. (2014). Is more finance better? Disentangling intermediation and size effects of financial systems. Journal of Financial Stability, 10, 50–64. https://doi.org/10.1016/j.jfs.2013.03.005
  • Bi, H., Shen, W., & Yang, S.-C. S. (2016). Fiscal limits in developing countries: A DSGE approach. Journal of Macroeconomics, 49, 119–130. https://doi.org/10.1016/j.jmacro.2016.06.002
  • Bilgili, F., & Tülüce, N. S. H. (2012). The determinants of FDI in Turkey: A Markov regime-switching approach. Economic Modelling, 29(4), 1161–1169. https://doi.org/10.1016/j.econmod.2012.04.009
  • Bolton, P., Santos, T., & Scheinkman, J. A. (2016). Cream-skimming in financial markets. The Journal of Finance, 71(2), 709–736. https://doi.org/10.1111/jofi.12385
  • Bresalier, M. (2012). Uses of a pandemic: Forging the identities of influenza and virus research in interwar Britain. Social History of Medicine, 25(2), 400–424. https://doi.org/10.1093/shm/hkr162
  • Callegari, B., & Feder, C. (2022). A literature review of pandemics and development: The long-term perspective. Economics of Disasters and Climate Change, 6(1), 183–212. https://doi.org/10.1007/s41885-022-00106-w
  • Can, M., & Ahmed, Z. (2023). Towards sustainable development in the European Union countries: Does economic complexity affect renewable and non-renewable energy consumption? Sustainable Development, 31(1), 439–451. https://doi.org/10.1002/sd.2402
  • Canh, N. P., & Thanh, S. D. (2020). Financial development and the shadow economy: A multi-dimensional analysis. Economic Analysis and Policy, 67, 37–54. https://doi.org/10.1016/j.eap.2020.05.002
  • Cecchetti, S. G., & Kharroubi, E. (2019). Why does credit growth crowd out real economic growth? The Manchester School, 87(S1), 1–28. https://doi.org/10.1111/manc.12295
  • Chen, T., Gozgor, G., & Koo, C. K. (2021). Pandemics and income inequality: What Do the data tell for the globalization era? Frontiers in Public Health, 9.
  • Clark, G. (2007). A farewell to alms: A brief economic history of the world. Princeton University Press.
  • Danisman, G. O., & Demir, E. (2020). The effect of pandemics on domestic credit: A cross-country analysis. SSRN Electronic Journal, 41(2), 444–456. https://doi.org/10.2139/ssrn.3610785
  • Defever, F., Imbruno, M., & Kneller, R. (2020). Trade liberalization, input intermediaries and firm productivity: Evidence from China. Journal of International Economics, 126, 103329. https://doi.org/10.1016/j.jinteco.2020.103329
  • Dellis, K., Sondermann, D., & Vansteenkiste, I. (2022). Drivers of genuine FDI inflows in advanced economies. The Quarterly Review of Economics and Finance, 84, 407–419. https://doi.org/10.1016/j.qref.2020.09.004
  • Dung, H. P., & Thanh, T. T. (2021). Economic complexity and shadow economy: A multi-dimensional analysis. Economic Analysis and Policy, 72, 408–422. https://doi.org/10.1016/j.eap.2021.09.011
  • Epstein, S. R. (2000). Freedom and growth: The rise of states and markets in Europe, 1300–1750 (Vol. 17). Psychology Press.
  • Feenstra, R. C., Inklaar, R., & Timmer, M. P. (2015). The next generation of the penn world table. American Economic Review, 105(10), 3150–3182. https://doi.org/10.1257/aer.20130954
  • Gupta, R., Sheng, X., Balcilar, M., & Ji, Q. (2021). Time-varying impact of pandemics on global output growth. Finance Research Letters, 41, 101823. https://doi.org/10.1016/j.frl.2020.101823
  • Hausmann, R., Hwang, J., & Rodrik, D. (2007). What you export matters. Journal of Economic Growth, 12(1), 1–25. https://doi.org/10.1007/s10887-006-9009-4
  • Hayes, A. F. (2017). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach.
  • Hidalgo, C. A., & Hausmann, R. (2009). The building blocks of economic complexity. Proceedings of the National Academy of Sciences, 106(26), 10570–10575. https://doi.org/10.1073/pnas.0900943106
  • Hopkins, J. W. (1988). The eradication of smallpox: Organizational learning and innovation in international health administration. The Journal of Developing Areas, 22(3), 321–332.
  • Hu, A. G. Z., & Jefferson, G. H. (2002). FDI impact and spillover: Evidence from China’s electronic and textile industries. The World Economy, 25(8), 1063–1076. https://doi.org/10.1111/1467-9701.00481
  • Hung, F.-S. (2009). Explaining the nonlinear effects of financial development on economic growth. Journal of Economics, 97(1), 41–65. https://doi.org/10.1007/s00712-008-0057-4
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
  • Jude, C. (2019). Does FDI crowd out domestic investment in transition countries? Economics of Transition and Institutional Change, 27(1), 163–200. https://doi.org/10.1111/ecot.12184
  • Kelly, H. (2011). The classical definition of a pandemic is not elusive. Bulletin of the World Health Organization, 89(7).
  • Khedmati Morasae, E., Ebrahimi, T., Mealy, P., Coyle, D., & Di Clemente, R. (2022). Economic Complexity Drives COVID-19 Outcomes in UK Local Authorities. Available at SSRN 4030739.
  • Kim, D.-H., & Lin, S.-C. (2009). Trade and growth at different stages of economic development. Journal of Development Studies, 45(8), 1211–1224. https://doi.org/10.1080/00220380902862937
  • Lapatinas, A. (2019). The effect of the Internet on economic sophistication: An empirical analysis. Economics Letters, 174, 35–38. https://doi.org/10.1016/j.econlet.2018.10.013
  • Law, S. H., & Singh, N. (2014). Does too much finance harm economic growth? Journal of Banking & Finance, 41, 36–44. https://doi.org/10.1016/j.jbankfin.2013.12.020
  • Levenson Keohane, G. (2016). Capital and the common good: How innovative finance is tackling the world's most urgent problems. Columbia University Press.
  • Lewandowski, P. (2007). PESCADF: Stata module to perform Pesaran’s CADF panel unit root test in presence of cross section dependence.
  • Li, X., He, X., Zhou, L., & Xie, S. (2022). Impact of epidemics on enterprise innovation: An analysis of COVID-19 and SARS. Sustainability, 14(9), 5223. https://doi.org/10.3390/su14095223
  • MacKinnon, D. P. (2012). Introduction to statistical mediation analysis. Routledge.
  • Mai, N. T., Hoa, T. T. M., & Huyen, N. T. T. (2022). Effects of digitalization on natural resource use in European countries: Does economic complexity matter? International Journal of Energy Economics and Policy, 12(3), 77–92. https://doi.org/10.32479/ijeep.12748
  • Mealy, P., & Teytelboym, A. (2022). Economic complexity and the green economy. Research Policy, 51(8), 103948. https://doi.org/10.1016/j.respol.2020.103948
  • Nguyen, C. P. (2022). Does economic complexity matter for the shadow economy? Economic Analysis and Policy, 73, 210–227. https://doi.org/10.1016/j.eap.2021.12.001
  • Nguyen, C. P., & Lee, G. S. (2021). Uncertainty, financial development, and FDI inflows: Global evidence. Economic Modelling, 99, 105473. https://doi.org/10.1016/j.econmod.2021.02.014
  • Nguyen, C. P., Schinckus, C., & Su, T. D. (2020). The drivers of economic complexity: International evidence from financial development and patents. International Economics, 164, 140–150. https://doi.org/10.1016/j.inteco.2020.09.004
  • Nguyen, C. P., Schinckus, C., & Su, T. D. (2022). Determinants of economic complexity: A global evidence of economic integration, institutions, and Internet usage. Journal of the Knowledge Economy, 1–21.
  • Nguyen, C. P., & Su, T. D. (2021). Economic integration and economic complexity: The role of basic resources in absorptive capability in 40 selected developing countries. Economic Analysis and Policy, 71, 609–625. https://doi.org/10.1016/j.eap.2021.07.001
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross-section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
  • Pesaran, M. H. (2021). General diagnostic tests for cross-sectional dependence in panels. Empirical Economics, 60(1), 13–50. https://doi.org/10.1007/s00181-020-01875-7
  • Petersen, M. A. (2009). Estimating standard errors in finance panel data sets: Comparing approaches. Review of Financial Studies, 22(1), 435–480. https://doi.org/10.1093/rfs/hhn053
  • Philippon, T. (2010). Financiers versus engineers: Should the financial sector be taxed or subsidized? American Economic Journal: Macroeconomics, 2(3), 158–182. https://doi.org/10.1257/mac.2.3.158
  • Queiroz, M. M., Ivanov, D., Dolgui, A., & Fosso Wamba, S. (2022). Impacts of epidemic outbreaks on supply chains: Mapping a research agenda amid the COVID-19 pandemic through a structured literature review. Annals of Operations Research, 319(1), 1159–1196. https://doi.org/10.1007/s10479-020-03685-7
  • Raei, M. F., Ignatenko, A., & Mircheva, M. (2019). Global value chains: What are the benefits and why do countries participate? International Monetary Fund.
  • Rahbari, M., Khamseh, A. A., & Mohammadi, M. (2023). Robust optimization and strategic analysis for agri-food supply chain under pandemic crisis: Case study from an emerging economy. Expert Systems with Applications, 225, 120081. https://doi.org/10.1016/j.eswa.2023.120081
  • Ramakrishnan, M., Poojari, P. G., Rashid, M., Nair, S., Pulikkel Chandran, V., & Thunga, G. (2023). Impact of COVID-19 pandemic on medicine supply chain for patients with chronic diseases: Experiences of the community pharmacists. Clinical Epidemiology and Global Health, 20, 101243. https://doi.org/10.1016/j.cegh.2023.101243
  • Rioja, F., & Valev, N. (2004). Finance and the sources of growth at various stages of economic development. Economic Inquiry, 42(1), 127–140. https://doi.org/10.1093/ei/cbh049
  • Rodriguez Tirado, A. (2022). Visualizing the impact of COVID-19 on economic complexity clusters: The case of Mexico. Regional Studies, Regional Science, 9(1), 519–522. https://doi.org/10.1080/21681376.2022.2095298
  • Saker, L., Lee, K., Cannito, B., Gilmore, A., & Campbell-Lendrum, D. H. (2004). Globalization and infectious diseases: a review of the linkages.
  • Schmidt, T. D., & Mitze, T. (2023). Epidemic–economic complexity of COVID-19 policies across skill groups and geographies. Regional Studies, 1–14. https://doi.org/10.1080/00343404.2023.2183945
  • Semenza, J. C., Lindgren, E., Balkanyi, L., Espinosa, L., Almqvist, M. S., Penttinen, P., & Rocklöv, J. (2016). Determinants and drivers of infectious disease threat events in Europe. Emerging Infectious Diseases, 22(4), 581. https://doi.org/10.3201/eid2204.151073
  • Sepehrdoust, H., Davarikish, R., & Setarehie, M. (2019). The knowledge-based products and economic complexity in developing countries. Heliyon, 5(12), e02979. https://doi.org/10.1016/j.heliyon.2019.e02979
  • Shen, H., Fu, M., Pan, H., Yu, Z., & Chen, Y. (2020). The impact of the COVID-19 pandemic on firm performance. Emerging Markets Finance and Trade, 56(10), 2213–2230. https://doi.org/10.1080/1540496X.2020.1785863
  • Stiebale, J., & Reize, F. (2011). The impact of FDI through mergers and acquisitions on innovation in target firms. International Journal of Industrial Organization, 29(2), 155–167. https://doi.org/10.1016/j.ijindorg.2010.06.003
  • Stojkoski, V., Utkovski, Z., Jolakoski, P., Tevdovski, D., & Kocarev, L. (2020). The socio-economic determinants of the coronavirus disease (COVID-19) pandemic. MedRxiv, 2004–2020.
  • Tabash, M. I., Mesagan, E. P., & Farooq, U. (2022). Dynamic linkage between natural resources, economic complexity, and economic growth: Empirical evidence from Africa. Resources Policy, 78, 102865. https://doi.org/10.1016/j.resourpol.2022.102865
  • Tacchella, A., Cristelli, M., Caldarelli, G., Gabrielli, A., & Pietronero, L. (2013). Economic complexity: Conceptual grounding of a new metrics for global competitiveness. Journal of Economic Dynamics and Control, 37(8), 1683–1691. https://doi.org/10.1016/j.jedc.2013.04.006
  • Tut, D. (2022). Investment, Q and epidemic diseases. Finance Research Letters, 47, 102943. https://doi.org/10.1016/j.frl.2022.102943
  • Wallace, M. L., & Ràfols, I. (2018). Institutional shaping of research priorities: A case study on avian influenza. Research Policy, 47(10), 1975–1989. https://doi.org/10.1016/j.respol.2018.07.005
  • Wang, L., Zhang, M., & Verousis, T. (2021). The road to economic recovery: Pandemics and innovation. International Review of Financial Analysis, 75.
  • Wen, J., Wang, S., Yang, X., & Zhou, X. (2023). Impacts of epidemics on innovation: An empirical analysis. Technovation, 119.
  • Wilder-Smith, A., Gubler, D. J., Weaver, S. C., Monath, T. P., Heymann, D. L., & Scott, T. W. (2017). Epidemic arboviral diseases: Priorities for research and public health. The Lancet Infectious Diseases, 17(3), e101–e106. https://doi.org/10.1016/S1473-3099(16)30518-7
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51. https://doi.org/10.1016/j.jeconom.2004.02.005
  • Wobst, P., & Arndt, C. (2004). HIV/AIDS and labor force upgrading in Tanzania. World Development, 32(11), 1831–1847. https://doi.org/10.1016/j.worlddev.2004.06.012
  • Wu, S. (2020). Effects of pandemics-related uncertainty on household consumption: Evidence from the cross-country data. Frontiers in Public Health, 8.
  • Xiang, L., Tang, M., Yin, Z., Zheng, M., & Lu, S. (2021). The COVID-19 pandemic and economic growth: Theory and simulation. Frontiers in Public Health, 9, 741525. https://doi.org/10.3389/fpubh.2021.741525
  • Zhang, C., Hu, Y., Huang, L., & Huang, Y. (2021). Effects of pandemics on corporate innovation: Evidence from the Chinese firms. Frontiers in Public Health, 9, 1667.
  • Zhang, L., Hu, S., & Xu, G. (2023). Pandemic uncertainty and firm investments. Finance Research Letters, 103924.
  • Zhu, S., & Li, R. (2017). Economic complexity, human capital and economic growth: Empirical research based on cross-country panel data. Applied Economics, 49(38), 3815–3828. doi:10.1080/00036846.2016.1270413

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.