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The Wealth of Nations and the First Wave of COVID-19 Diffusion

Author

Listed:
  • Roberto Antonietti

    (University of Padova)

  • Paolo Falbo

    (University of Brescia)

  • Fulvio Fontini

    (University of Padova)

Abstract

A large debate has risen about the hypothesis that “COVID-19 is a disease for the rich ones” suggesting that both its diffusion and mortality rates are somehow linked with economic wealth. In this study we observe a sample of 138 countries during the first wave contagion period, namely the 5 weeks between 24 March and 21 April 2020. Using different data sources, our estimates show that both the early infection and the mortality rates of COVID-19 are higher in wealthier countries, more precisely in countries with a higher GDP per capita. As an explanation of this finding, we also find that both mortality and infection rates increase with a higher share of elderly population and with the international flows of imported goods or tourists. However, the death rate decreases in countries with higher endowments of health facilities. We also demonstrate that these results are robust to simultaneity, unobserved heterogeneity, the possible poor quality of the data on COVID-19 deaths, and the extension of the time frame.

Suggested Citation

  • Roberto Antonietti & Paolo Falbo & Fulvio Fontini, 2023. "The Wealth of Nations and the First Wave of COVID-19 Diffusion," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 9(1), pages 61-83, March.
    • Handle: RePEc:spr:italej:v:9:y:2023:i:1:d:10.1007_s40797-021-00174-z
    DOI: 10.1007/s40797-021-00174-z
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    References listed on IDEAS

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    1. Emily Oster, 2019. "Unobservable Selection and Coefficient Stability: Theory and Evidence," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 37(2), pages 187-204, April.
    2. Lucia Russo & Cleo Anastassopoulou & Athanasios Tsakris & Gennaro Nicola Bifulco & Emilio Fortunato Campana & Gerardo Toraldo & Constantinos Siettos, 2020. "Tracing day-zero and forecasting the COVID-19 outbreak in Lombardy, Italy: A compartmental modelling and numerical optimization approach," PLOS ONE, Public Library of Science, vol. 15(10), pages 1-22, October.
    3. Jesus Fernandez-Villaverde & Charles I. Jones, 2020. "Macroeconomic Outcomes and COVID-19: A Progress Report," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 51(3 (Fall)), pages 111-166.
    4. Cesar A. Hidalgo & Ricardo Hausmann, 2009. "The Building Blocks of Economic Complexity," Papers 0909.3890, arXiv.org.
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    Cited by:

    1. Tamás Hajdu & Judit Krekó & Csaba G. Tóth, 2023. "Inequalities in regional excess mortality and life expectancy during the COVID-19 pandemic in Europe," CERS-IE WORKING PAPERS 2316, Institute of Economics, Centre for Economic and Regional Studies.

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    More about this item

    Keywords

    COVID-19; Infection rate; Mortality rate; Wealth; Cross-country analysis;
    All these keywords.

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling

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