Short-term impact of COVID-19 on consumption spending and its underlying mechanisms: Evidence from Singapore
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kim, Seonghoon | - |
dc.contributor.author | Koh, Kanghyock | - |
dc.contributor.author | Zhang, Xuan | - |
dc.date.accessioned | 2022-03-12T08:41:29Z | - |
dc.date.available | 2022-03-12T08:41:29Z | - |
dc.date.created | 2022-01-19 | - |
dc.date.issued | 2022-02 | - |
dc.identifier.issn | 0008-4085 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/138708 | - |
dc.description.abstract | We examine the short-term impact of COVID-19 on consumption spending and its underlying mechanisms using individual-level monthly panel data from Singapore. Although Singapore's case fatality rate was one of the lowest in the world in the early stage of the pandemic (0.05%), we find that the COVID-19 pandemic reduced household consumption spending by almost one quarter at its peak, with a larger response from households with above-median wealth. We show that the reduction in consumption spending is associated with the nationwide lockdown policy, heightened economic uncertainty and reduced income. In addition, we find a substantial increase in monthly savings among households without income losses, suggesting a substantial rebound in consumption spending after the lifting of the lockdown. The results from June 2020 confirm this conjecture, as we find that consumption spending rebounded by about 10 percentage points in that month. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | WILEY | - |
dc.subject | INEQUALITY | - |
dc.title | Short-term impact of COVID-19 on consumption spending and its underlying mechanisms: Evidence from Singapore | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Koh, Kanghyock | - |
dc.identifier.doi | 10.1111/caje.12538 | - |
dc.identifier.scopusid | 2-s2.0-85118159772 | - |
dc.identifier.wosid | 000723109000001 | - |
dc.identifier.bibliographicCitation | CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, v.55, no.S1, pp.115 - 134 | - |
dc.relation.isPartOf | CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE | - |
dc.citation.title | CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE | - |
dc.citation.volume | 55 | - |
dc.citation.number | S1 | - |
dc.citation.startPage | 115 | - |
dc.citation.endPage | 134 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | INEQUALITY | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
(02841) 서울특별시 성북구 안암로 14502-3290-1114
COPYRIGHT © 2021 Korea University. All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.