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Comparative Analysis of Socioeconomic Models in COVID-19 Pandemic

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  • Sergey Mikhailovich Vasin

    (Department “Economic Theory and International Relations”, Penza State University, 440026 Penza, Russia)

Abstract

Certain features of socioeconomic models can be distinctly determined in different countries and regions. However, such models are quite flexible under external and internal influences. Their changes can be observed under the impact of unpredictable factors, the COVID-19 pandemic being one. The aim of the work is to identify differences in the structure of socioeconomic models under the influence of the pandemic. The object of the study is the socioeconomic models of various states. The subject of the study is the transformation of socioeconomic models at different stages of the pandemic. Research methods include analysis of statistical data, correlation and comparative analysis, and graphical methods of presenting results. A comparison of data from the most well-known socioeconomic models was carried out for the first time. It is determined that the countries of the Chinese model adopted restrictive measures of high Stringency Index. The countries of the Japanese model used unique crowd management methods, and the countries of the Scandinavian, German and Anglo-Saxon models resorted to unprecedented monetary injections into the social and economic spheres. It was revealed that quarantine measures eventually cost countries less than monetary injections. It was shown that a decrease in the Pandemic Uncertainty Index stabilized the economic behavior of the population and businesses and increased the volume of export-import operations. It was found that the pandemic affected the economy indirectly through the level of uncertainty and rigidity of preventive measures. It is assumed that the intensity and severity of measures could be influenced by global trends leading to certain types of preventive measures rather than by the COVID-19 statistics of a particular country.

Suggested Citation

  • Sergey Mikhailovich Vasin, 2022. "Comparative Analysis of Socioeconomic Models in COVID-19 Pandemic," Economies, MDPI, vol. 10(11), pages 1-22, November.
    • Handle: RePEc:gam:jecomi:v:10:y:2022:i:11:p:278-:d:966583
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    References listed on IDEAS

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    1. Erin Lacey King & Stephan Weiler & Eric Stewart & Kendall Stephenson, 2022. "Multi-Level Nowcasting: Estimation in a Post-COVID Landscape," Economies, MDPI, vol. 10(8), pages 1-31, August.
    2. Teng, Bin & Wang, Sicong & Shi, Yufeng & Sun, Yunchuan & Wang, Wei & Hu, Wentao & Shi, Chaojun, 2022. "Economic recovery forecasts under impacts of COVID-19," Economic Modelling, Elsevier, vol. 110(C).
    3. Sergey Mikhailovich Vasin, 2022. "Sectoral Transformation of the Economic System during Crisis and Stable Growth Periods (A Case Study of the European Countries)," Economies, MDPI, vol. 10(6), pages 1-22, June.
    4. Bardhan, Pranab, 2020. "The Chinese governance system: Its strengths and weaknesses in a comparative development perspective," China Economic Review, Elsevier, vol. 61(C).
    5. S. A. Lukonin & E. O. Zakliazminskaia, 2020. "Transformation of the Socio-economic Model of China in the Context of a Pandemic," Outlines of global transformations: politics, economics, law, Center for Crisis Society Studies, vol. 13(6).
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    2. Nelda Andersone & Giulia Nardelli & Christine Ipsen & Kasper Edwards, 2022. "Exploring Managerial Job Demands and Resources in Transition to Distance Management: A Qualitative Danish Case Study," IJERPH, MDPI, vol. 20(1), pages 1-29, December.

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