Table 4.
Impact of the pandemic mortality on consumption and investment
Dependent variable | Consumption | Investment | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
(4.1) | (4.2) | (4.3) | (4.4) | (4.5) | (4.6) | (4.7) | (4.8) | (4.9) | (4.10) | ||
excess_a (baseline) |
-1.139** (0.459) |
-0.964** (0.470) |
-0.614** (0.250) |
-0.579*** (0.224) |
|||||||
excess_b |
-1.219*** (0.450) |
-1.222** (0.413) |
-0.569** (0.248) |
-0.595*** (0.225) |
|||||||
excess_c |
-1.161** (0.455) |
-0.613*** (0.221) |
|||||||||
Controls | No | No | Yes | Yes | Yes | No | No | Yes | Yes | Yes | |
Obs | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | 52 | |
R-squared | 0.07 | 0.08 | 0.23 | 0.26 | 0.25 | 0.12 | 0.10 | 0.25 | 0.25 | 0.26 |
*** 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.