The coronavirus crisis that started in December 2019 was declared a pandemic by March 2020 and had devastating global consequences. The spread of the virus led to the implementation of different preventive measures prior to the availability of effective vaccines. While many governments...

This working paper was written by Hongyi Chen (Hong Kong Institute for Monetary and Financial Research) and Peter Tillmann (University of Giessen).Lockdowns imposed to fight the Covid-19 pandemic have cross-border effects. In this paper, we estimate the empirical magnitude of lockdown spillovers...

This working paper was written by Hongyi Chen (Hong Kong Institute for Monetary and Financial Research) and Peter Tillmann (University of Giessen).Lockdowns imposed to fight the Covid-19 pandemic have cross-border effects. In this paper, we estimate the empirical magnitude of lockdown spillovers...

The global spread of COVID-19 virus in early 2020, and the measures taken to contain it pushed the global economy into a deep contraction. As illustrated in Figure 1, global GDP fell 10.5 percent below its pre-pandemic level in the second quarter of 2020