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. 2021 Oct 12;6(1):73–93. doi: 10.1007/s41885-021-00096-1

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.