Pandemic Misery Index: How to Overcome the Effects of the COVID-19 Pandemic?

COVID-19 disrupted both social and economic development in several dimensions. Governments of the vast majority of countries implemented strategies to battle the pandemic and its negative consequences. The question is, which countries can be assessed as successful in that matter? In this study, we use empirical tools to investigate which governmental actions and state characteristics appear proper, as reflected by pandemic misery indices. The results of our study imply that fiscal measures taken solely are not enough to confront the negative outcome of the pandemic. Interestingly, a strong rule of law, high government effectiveness, and low corruption seem to help countries get through COVID-19. These conclusions may be useful for policymakers in the context of the current and future negative shocks.