Economic impact of targeted government responses to COVID-19: Evidence from the large-scale cluster in Seoul

Economic impact of targeted government responses to COVID-19: Evidence from the large-scale cluster in Seoul

We estimate the economic impact of South Korea's targeted responses to the first large-scale COVID-19 cluster in Seoul. We find that foot traffic and retail sales decreased only within a 300 meter radius of the cluster and recovered to its pre-outbreak level after four weeks. The reductions app...

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Bibliographic Details
Main Authors: KIM, KOH, Kanghyock, SHIN, Jinwook
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2021
Subjects:
COVID-19
pandemic
information disclosure
risk avoidance
foot traffic
retail sales
cell phone signal data
card transaction data
Asian Studies
Behavioral Economics
Public Health
Online Access:https://ink.library.smu.edu.sg/soe_research/2442
https://ink.library.smu.edu.sg/context/soe_research/article/3441/viewcontent/dp13575.pdf
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Institution: Singapore Management University
Language: English
Description
Summary:We estimate the economic impact of South Korea's targeted responses to the first large-scale COVID-19 cluster in Seoul. We find that foot traffic and retail sales decreased only within a 300 meter radius of the cluster and recovered to its pre-outbreak level after four weeks. The reductions appear to be driven by temporary business closures rather than the risk avoidance behavior of the citizens. Our results imply that less intense, but more targeted COVID-19 interventions, such as pin-pointed, temporary closures of businesses, can be a low-cost alternative after lifting strict social distancing measures.

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