Table 11.

Impact of the pandemic mortality on consumption and investment (smaller sample)

Dependent variable	Consumption					Investment
	(11.1)	(11.2)	(11.3)	(11.4)	(11.5)	(11.6)	(11.7)	(11.8)	(11.9)	(11.10)
excess_a (baseline)	-1.003** (.445)		-0.782* (.390)			-0.559** (.254)		-0.478** (.236)
excess_b		-1.041** (.436)		-0.962** (.363)			-0.525** (.250)		-0.519*** (.244)
excess_c					-0.926** (.420)					-0.531** (.238)
Controls	No	No	Yes	Yes	Yes	No	No	Yes	Yes	Yes
Obs	46	46	46	46	46	46	46	46	46	46
R-squared	0.07	0.07	0.24	0.26	0.25	0.11	0.10	0.30	0.31	0.31

^*** p < 0.01, ** p < 0.05, * p < 0.1. Robust standard errors are in parenthesis

excess_a (baseline): Averaged 1968–70 deviation (for the Northern hemisphere) or averaged 1969–70 deviation (for the Southern hemisphere) in excess mortality rate from pre-pandemic level (1965–67)

excess_b: Averaged 1969–70 deviation in excess mortality rate from pre-pandemic level (1965–67)

excess_c: Averaged 1968–70 deviation (for the Northern hemisphere) or averaged 1969–70 deviation (for the Southern hemisphere) in excess mortality rate from pre-pandemic level (1963–67)

Control variables: the underlying economic conditions, including inflation, government consumption, trade openness, years of secondary schooling, population growth, and political right index in the pre-pandemic period 1965–67

The estimation sample includes 46 countries with available data on labor productivity (the exact sample used in Table 5)