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      Pandemics and income inequality: a historical review

      research-article
      ,
      SN Business & Economics
      Springer International Publishing
      Income inequality, Pandemic, COVID-19, Factors model, Macro panel data, C38, I14, N32, N34, O15

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          Abstract

          This paper examines the effects of pandemics on income inequality, specifically those pandemics that claimed more than 100,000 lives. Given that pandemics are events that rarely occur, we have use data spanning over the last 100 years (1915–2017) and relating to four pandemics. The study includes four countries that had income inequality data covering that period. Using panel data methods—fixed effects and augmented mean group estimators—we found a significant effect of these pandemics on declining income inequality. The study argues that based on the characteristics of the COVID-19 pandemic, namely that fatalities are highly concentrated in older age groups, we can neither expect a labor scarcity nor a sharp decline in productivity; however, we could expect a reduction in consumption, the possibility of savings, high unemployment rates, and high public debt ratios. The ultimate effects of COVID-19 on inequality remain unclear so far, as some of its inherent characteristics push for an increase in inequality. In contrast, others push toward a narrowing of the income gap.

          Supplementary Information

          The online version contains supplementary material available at 10.1007/s43546-021-00059-4.

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          Most cited references30

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                Author and article information

                Contributors
                sadham@hust.edu.cn
                bpeng01@hust.edu.cn
                Journal
                SN Bus Econ
                SN Business & Economics
                Springer International Publishing (Cham )
                2662-9399
                17 March 2021
                2021
                : 1
                : 4
                : 54
                Affiliations
                GRID grid.33199.31, ISNI 0000 0004 0368 7223, School of Economics, , Huazhong University of Science and Technology, ; Wuhan, China
                Author information
                http://orcid.org/0000-0002-2694-6879
                Article
                59
                10.1007/s43546-021-00059-4
                7970770
                34778826
                6776ddda-7847-4172-b238-44e8418666f6
                © The Author(s), under exclusive licence to Springer Nature Switzerland AG part of Springer Nature 2021

                This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.

                History
                : 9 November 2020
                : 24 February 2021
                Categories
                Original Article
                Custom metadata
                © Springer Nature Switzerland AG 2021

                income inequality,pandemic,covid-19,factors model,macro panel data,c38,i14,n32,n34,o15

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