Economic and Financial Consequences of Pandemics

Vahid Gholampour


This paper studies the medium-term economic consequences of major pandemics since 1870. The paper compares the average path of economic and financial indicators after a pandemic with their long-term path. According to data, inflation is low over the decade that follows the end of a major pandemic. Investments drive the rebound in real GDP. Financial assets provide above-average real returns. Credit markets experience a boom while fiscal and monetary authorities cutback government expenditure and money supply after pandemics.

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Research in World Economy
ISSN 1923-3981(Print)ISSN 1923-399X(Online)


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