Tao Liu, School of International Trade and Economics, Central University of Finance and Economics: The outbreak of COVID-19 has posed a grave challenge for policymakers around the world, who are often caught in the dilemma between saving lives and preserving livelihoods. Countries like China contained the spread of COVID-19 with extensive and protracted lockdowns, stringent hygiene measures, and comprehensive monitoring with testing and tracking. China saved thousands of lives easily but its measures also caused a drastic drop in GDP. Countries like the United Kingdom, on the other hand, opted for the controversial strategy of herd immunity and to keep the economy running throughout the pandemic, thus leading to an ever-growing number of infections and death cases.
{"title":"Tao Liu Comment on How Did Japan Cope with COVID-19? Big Data and Purchasing Behavior","authors":"T. Liu","doi":"10.1162/asep_a_00810","DOIUrl":"https://doi.org/10.1162/asep_a_00810","url":null,"abstract":"Tao Liu, School of International Trade and Economics, Central University of Finance and Economics: The outbreak of COVID-19 has posed a grave challenge for policymakers around the world, who are often caught in the dilemma between saving lives and preserving livelihoods. Countries like China contained the spread of COVID-19 with extensive and protracted lockdowns, stringent hygiene measures, and comprehensive monitoring with testing and tracking. China saved thousands of lives easily but its measures also caused a drastic drop in GDP. Countries like the United Kingdom, on the other hand, opted for the controversial strategy of herd immunity and to keep the economy running throughout the pandemic, thus leading to an ever-growing number of infections and death cases.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wang Xiaolu Comment on How China Managed the COVID-19 Pandemic","authors":"W. Xiaolu","doi":"10.1162/asep_a_00816","DOIUrl":"https://doi.org/10.1162/asep_a_00816","url":null,"abstract":"","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"1 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482900","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Shigeyuki Abe Comment on How Did Japan Cope with COVID-19? Big Data and Purchasing Behavior","authors":"S. Abe","doi":"10.1162/asep_a_00832","DOIUrl":"https://doi.org/10.1162/asep_a_00832","url":null,"abstract":"","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"1 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
James K.Galbraith, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin: This is a useful paper in several respects. It brings together available comparative information in a compact and accessible way, and confirms by statistical summary what epidemiologists and common sense already knew, that the least-cost way to suppress the coronavirus is to break the chain of transmission by effective social distancing, since person-to-person transmission at short range through the air is the major vector of infections. This is the main message of the paper; it is not news but reinforcement, which in a moment of global emergency is what the situation requires.1
{"title":"James K. Galbraith Comment on Comparing COVID-19 Control in the Asia-Pacific and North Atlantic Regions","authors":"J. Galbraith, L. Johnson","doi":"10.1162/asep_a_00811","DOIUrl":"https://doi.org/10.1162/asep_a_00811","url":null,"abstract":"James K.Galbraith, Lyndon B. Johnson School of Public Affairs, The University of Texas at Austin: This is a useful paper in several respects. It brings together available comparative information in a compact and accessible way, and confirms by statistical summary what epidemiologists and common sense already knew, that the least-cost way to suppress the coronavirus is to break the chain of transmission by effective social distancing, since person-to-person transmission at short range through the air is the major vector of infections. This is the main message of the paper; it is not news but reinforcement, which in a moment of global emergency is what the situation requires.1","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
At the time of the onset of the COVID-19 pandemic, the economy of the Philippines had strong macroeconomic fundamentals—a decade of robust growth at an average annual rate of 6 percent, low inflation, remarkably low external debt exposure, strong fiscal position, and the highest ever sovereign debt rating—which are commonly identified as prerequisites for facing external economic shocks with comfort. Yet the Philippines has turned out to be one of the worst-hit countries in East Asia from the coronavirus. Its mortality rate (19.9 per million population, at the time of writing this paper) is comparable only to that of Indonesia, and, on average, almost five times that of other countries in the region. The projected growth contraction in 2020 ( − 8.3 percent) was by far the highest among these countries. The authors set out to examine why this massive growth contraction in GDP occurred against the initial robust macroeconomic fundamentals that permitted the government to predict that, even under the worst possible scenario, the economy could still grow in 2019 and in the medium term by about 6 percent. The paper begins with a stage-setting analytical narrative from a comparative East Asian perspective of the economic conditions of the country in the lead up to and during the pandemic, the humanitarian cost of the pandemic in terms of morbidity and mortality, and the response of the government to cushion the economy against the pandemic’s effects. The authors endorse the view that the lockdown of the economy—via an enhanced community quarantine imposed on the island of Luzon that constitutes 70 percent of the Philippine economy for six weeks and a general community quarantine in the rest of the country—was necessary to hold the pandemic at bay and thus buy time to capacitate the health system to effectively respond to the pandemic. They then convincingly argue, based on a comparison
{"title":"Prema-chandra Athukorala Comment on Rethinking “Economic Fundamentals” in an Era of Global Physical Shocks: Insights from the Philippines Experience with COVID-19","authors":"P. Athukorala","doi":"10.1162/asep_a_00820","DOIUrl":"https://doi.org/10.1162/asep_a_00820","url":null,"abstract":"At the time of the onset of the COVID-19 pandemic, the economy of the Philippines had strong macroeconomic fundamentals—a decade of robust growth at an average annual rate of 6 percent, low inflation, remarkably low external debt exposure, strong fiscal position, and the highest ever sovereign debt rating—which are commonly identified as prerequisites for facing external economic shocks with comfort. Yet the Philippines has turned out to be one of the worst-hit countries in East Asia from the coronavirus. Its mortality rate (19.9 per million population, at the time of writing this paper) is comparable only to that of Indonesia, and, on average, almost five times that of other countries in the region. The projected growth contraction in 2020 ( − 8.3 percent) was by far the highest among these countries. The authors set out to examine why this massive growth contraction in GDP occurred against the initial robust macroeconomic fundamentals that permitted the government to predict that, even under the worst possible scenario, the economy could still grow in 2019 and in the medium term by about 6 percent. The paper begins with a stage-setting analytical narrative from a comparative East Asian perspective of the economic conditions of the country in the lead up to and during the pandemic, the humanitarian cost of the pandemic in terms of morbidity and mortality, and the response of the government to cushion the economy against the pandemic’s effects. The authors endorse the view that the lockdown of the economy—via an enhanced community quarantine imposed on the island of Luzon that constitutes 70 percent of the Philippine economy for six weeks and a general community quarantine in the rest of the country—was necessary to hold the pandemic at bay and thus buy time to capacitate the health system to effectively respond to the pandemic. They then convincingly argue, based on a comparison","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"1 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fukunari Kimura, Keio University and Economic Research Institute for ASEAN and East Asia: At the time of writing (late November 2020), East Asian countries have been relatively successful in containing the COVID-19 pandemic, though the situation has widely varied across countries. The Philippines and Indonesia, together with India, are still on the verge of an explosive outbreak while other countries are worrying about possible second and third waves.
{"title":"Fukunari Kimura Comment on Rethinking “Economic Fundamentals” in an Era of Global Physical Shocks: Insights from the Philippines Experience with COVID-19","authors":"F. Kimura","doi":"10.1162/asep_a_00821","DOIUrl":"https://doi.org/10.1162/asep_a_00821","url":null,"abstract":"Fukunari Kimura, Keio University and Economic Research Institute for ASEAN and East Asia: At the time of writing (late November 2020), East Asian countries have been relatively successful in containing the COVID-19 pandemic, though the situation has widely varied across countries. The Philippines and Indonesia, together with India, are still on the verge of an explosive outbreak while other countries are worrying about possible second and third waves.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"40 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bhanupong Nidhiprabha Comment on The Paradox of Thailand's Success in Controlling COVID-19","authors":"B. Nidhiprabha","doi":"10.1162/asep_a_00813","DOIUrl":"https://doi.org/10.1162/asep_a_00813","url":null,"abstract":"","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"1 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Thus, the assumption in this paper of a “temporary closure” of the economy, followed by a recovery, may be inappropriate for the United States and other advanced economies. While middle-income consumer-goods-producing countries may return to their previously normal economic activities reasonably soon, even without large-scale public-sector “stimulus” packages, in the wealthiest countries large infusions of cash are required merely to keep the financial sector (and the landlords) from a meltdown over the inability of householders to pay their debts. But such measures will not succeed in reviving demand, neither for the advanced investment goods that must sell on world markets, nor for the amenities and frills that have come to dominate the employment prospects of ordinary workers. The West, therefore, is in for a rough ride.
{"title":"Iikka Korhonen Comment on Comparing COVID-19 Control in the Asia-Pacific and North Atlantic Regions","authors":"I. Korhonen","doi":"10.1162/asep_a_00812","DOIUrl":"https://doi.org/10.1162/asep_a_00812","url":null,"abstract":"Thus, the assumption in this paper of a “temporary closure” of the economy, followed by a recovery, may be inappropriate for the United States and other advanced economies. While middle-income consumer-goods-producing countries may return to their previously normal economic activities reasonably soon, even without large-scale public-sector “stimulus” packages, in the wealthiest countries large infusions of cash are required merely to keep the financial sector (and the landlords) from a meltdown over the inability of householders to pay their debts. But such measures will not succeed in reviving demand, neither for the advanced investment goods that must sell on world markets, nor for the amenities and frills that have come to dominate the employment prospects of ordinary workers. The West, therefore, is in for a rough ride.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"33 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Kwanho Shin, Korea University: This paper investigates the paradox of Thailand’s success in controlling COVID-19: While Thailand has been remarkably successful in containing COVID-19, the economy is expected to contract by 8 percent—the largest drop in Southeast Asia. It argues that the paradox can be explained by Thailand’s low potential GDP growth rate, high dependence on tourism, and overly strict measures used to contain the disease.
{"title":"Kwanho Shin Comment on The Paradox of Thailand's Success in Controlling COVID-19","authors":"Kwanho Shin","doi":"10.1162/asep_a_00814","DOIUrl":"https://doi.org/10.1162/asep_a_00814","url":null,"abstract":"Kwanho Shin, Korea University: This paper investigates the paradox of Thailand’s success in controlling COVID-19: While Thailand has been remarkably successful in containing COVID-19, the economy is expected to contract by 8 percent—the largest drop in Southeast Asia. It argues that the paradox can be explained by Thailand’s low potential GDP growth rate, high dependence on tourism, and overly strict measures used to contain the disease.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"28 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482853","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Liming Wang, University College Dublin: The paper presents a comprehensive overview of China’s experience of fighting the COVID-19 pandemic in 2020. Following a chronological review of the major measures the Chinese government took to prevent the spread of the epidemic, as well as to boost the country’s economic recovery, the author concludes that China has responded in a timely and effective manner to halt the spread of the pandemic and to accelerate economic recovery afterwards. According to the available evidence and data, mainly from official sources, the author believes that China’s economy is on the road to recovery due to both monetary and fiscal policies, adopted to respond to the COVID-19 pandemic, with promising outcomes already indicated.
{"title":"Liming Wang Comment on How China Managed the COVID-19 Pandemic","authors":"L. Wang","doi":"10.1162/asep_a_00815","DOIUrl":"https://doi.org/10.1162/asep_a_00815","url":null,"abstract":"Liming Wang, University College Dublin: The paper presents a comprehensive overview of China’s experience of fighting the COVID-19 pandemic in 2020. Following a chronological review of the major measures the Chinese government took to prevent the spread of the epidemic, as well as to boost the country’s economic recovery, the author concludes that China has responded in a timely and effective manner to halt the spread of the pandemic and to accelerate economic recovery afterwards. According to the available evidence and data, mainly from official sources, the author believes that China’s economy is on the road to recovery due to both monetary and fiscal policies, adopted to respond to the COVID-19 pandemic, with promising outcomes already indicated.","PeriodicalId":52020,"journal":{"name":"Asian Economic Papers","volume":"20 1","pages":""},"PeriodicalIF":9.7,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"64482889","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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