Does the stringency of government interventions for COVID19 reduce the negative impact on market growth? Evidence from Pacific and South Asia

Figures & data

Table 1. Summary statistics.

Variable	Observations	Mean	Standard Deviation	Minimum	Maximum
MG	4190	0.00057	0.015614	−0.1334	0.1019
SDPI	4190	50.57606	25.68905	0	100
GRI	4190	48.88027	21.48933	0	89.17
ACHI	4190	49.27258	21.94092	0	91.35
ISDRI	4190	46.33055	32.22644	0	100
GC19	3747	0.319334	16.03491	−1	981.3542
GDP	3697	6115699	1.32E + 07	44490.27	4.05E + 07
VAI	4190	0.680957	0.186657	0.375	1
InvFree	4190	58.56683	13.67327	40	80
RiskP	4190	52.39618	21.70388	0	92

Source: Authors Estimations.

Table 2. Correlation coefficients.

	MG	SDPI	GRI	ACHI	ISDRI	CG19	GDP	VAI	InvFree	RiskP
MG	1
SDPI	0.0666	1
GRI	0.0766	0.9043	1
ACHI	0.065	0.9652	0.9651	1
ISDRI	0.0516	−0.1208	0.245	−0.0176	1
GC19	0.0286	0.0035	0.0017	0.0039	−0.0078	1
GDP	0.0173	−0.0173	−0.1415	−0.0608	−0.315	−0.0075	1
VAI	−0.0222	−0.177	−0.1205	−0.1631	0.1436	−0.0129	−0.2761	1
InvFree	−0.0387	−0.3046	−0.204	−0.3218	0.4126	−0.0193	−0.2987	0.5487	1
RiskP	−0.002	−0.3749	−0.3573	−0.4097	0.1526	0.0103	−0.0676	0.0466	0.1021	1

Source: Authors Estimations.

Table 3. Results for Hypothesis 1 and Hypothesis 2.

	Model 1	Model 2	Model 3	Model 4	Model 5
	MG	MG	MG	MG	MG
GC19	0.000***	0.000***	0.000***	−0.013***	−0.013***
	0	0	0	−0.004	−0.002
GRI		0.000***		0.000***
		0		0
SDPI			0		0
			0		0
ACHI			−0.105*		0
			−0.062		0
ISDRI			−0.016*		0.000**
			−0.009		0
CCG_GRI				0.000***
				0
CCG_SDPI					0
					0
CCG_CHI					0
					0
CCG_ISDRI					0
					0
_cons	0.001***	−0.005***	−0.005***	−0.004***	−0.004***
	0	−0.001	−0.001	−0.001	−0.001
N	3747	3747	3747	3747	3747

Note: *, ** and *** denote level of significance of 1%, 5% and 10%.

Source: Authors Estimations.

Table 4. Results of Robustness 1.

	MG	MG	MG	MG	MG
GC19	0.000***	0.000***	0.000***	−0.014***	−0.014***
	0	0	0	−0.004	−0.002
GDP	0	0.000**	0.000***	0.000**	0.000***
	0	0	0	0	0
VAI	0	0	0.002	0	0.001
	−0.001	−0.001	−0.002	−0.001	−0.002
InvFree	−0.000**	0	0	0	0
	0	0	0	0	0
RiskP	0	0.000*	0	0.000**	0
	0	0	0	0	0
GRI		0.000***		0.000***
		0		0
SDPI			0.000*		0.000***
			0		0
ACHI			0		−0.000*
			0		0
ISDRI			0.000***		0.000***
			0		0
CCG_GRI				0.000***
				0
CCG_SDPI					0
					0
CCG_ACHI					0.001
					0
CCG_ISDRI					0
					0
_cons	0.002***	−0.009***	−0.003	−0.007***	−0.002
	−0.001	−0.002	−0.003	−0.002	−0.002
N	3281	3281	3281	3281	3281

Note: *, ** and *** denote level of significance of 1%, 5% and 10%.

Source: Authors Estimations.

Table 5. Regression results – Wave 1.

Wave 1	Model 1	Model 2	Model 3	Model 4	Model 5	Model 1	Model 2	Model 3	Model 4	Model 5
	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG
CG19	0.000***	0.000***	0.000***	−0.006	−0.02	0.000***	0.000***	0.000***	−0.003	−0.015
	0	0	0	−0.007	−0.018	0	0	0	−0.007	−0.018
GRI		0.000**		0.000*			0.000**		0.000**
		0		0			0		0
SDPI			0		−0.000**			0		0.000***
			0		0			0		0
ACHI			0		−0.000**			0		0
			0		0			0		0
ISDRI			0		0			0		0
			0		0			0		0
CCG_GRI				0					0
				0					0
CCG_SDPI					−0.001**					−0.001***
					0					0
CCG_ACHI					0.001***					0.001***
					0					0
CCG_ISDRI					0					0
					0					0
GDP						0	0	0	0	0
						0	0	0	0	0
VAI						−0.001	0	0	0	0
						−0.001	−0.002	−0.002	−0.002	−0.002
InvFree						0	0	0	0	0
						0	0	0	0	0
RiskP						0.000**	0.000**	0	0.000**	0
						0	0	0	0	0
_cons	0.001***	−0.002	0	−0.002	0.002	0.002*	−0.009	−0.004	−0.008	0
	0	−0.002	−0.003	−0.002	−0.003	−0.001	−0.006	−0.008	−0.006	−0.009
N	2172	2172	2172	2172	2172	1894	1894	1894	1894	1894

Source: Authors Estimations.

Table 6. Regression results – Wave 2.

	Model 1	Model 2	Model 3	Model 4	Model 5	Model 1	Model 2	Model 3	Model 4	Model 5
Wave 2	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG
GC19	−0.057*	−0.057*	−0.057*	0.001	0.163	−0.064**	−0.064**	−0.062**	−0.036	0.162
	−0.03	−0.03	−0.03	−0.094	−0.273	−0.032	−0.032	−0.032	−0.084	−0.348
GRI		0		0			0		0
		0		0			0		0
SDPI			0		0			0		0
			0		0			0		0
ACHI			0		0			0		0
			0		0			0		0
ISDRI			0		0			0		0
			0		0			0		0
CCG_GRI				−0.001					0
				−0.002					−0.002
CCG_SDPI					0.005					0.005
					−0.008					−0.01
CCG_ACHI					−0.005					−0.004
					−0.012					−0.015
CCG_ISDRI					−0.004***					−0.004***
					−0.001					−0.001
GDP						0.000**	0.000**	0.000**	0.000**	0
						0	0	0	0	0
VAI						0	0	0.001	0	0
						−0.001	−0.001	−0.002	−0.001	−0.002
InvFree						−0.000*	−0.000*	−0.000*	−0.000*	−0.000**
						0	0	0	0	0
RiskP						0	0	0	0	0
						0	0	0	0	0
_cons	0.003***	0.003*	0.004**	0.003	0.002	0.005***	0.005*	0.005*	0.004	0.005
	0	−0.002	−0.002	−0.002	−0.003	−0.001	−0.003	−0.003	−0.003	−0.003
N	1069	1069	1069	1069	1069	945	945	945	945	945

Source: Authors Estimations.

Table 7. Regression results based on development (main hypotheses).

	High Income					Middle Income				Lower Middle Income
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 1	Model 2	Model 3	Model 4	Model 1	Model 2	Model 3	Model 4	Model 5
	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG
GC19	−0.010***	−0.009***	−0.008***	−0.007***	−0.005*	−0.017***	−0.015***	−0.017***	−0.017***	0.000***	0.000***	0.000***	−0.009	−0.012***
	−0.002	−0.002	−0.002	−0.003	−0.003	−0.006	−0.006	−0.006	−0.002	0	0	0	−0.006	−0.003
GRI		0.000***		0.000***			0.000***		0.000***		0.000***		0.000***
		0		0			0		0		0		0
SDPI			0		0			0.000***				0		0
			0		0			0				0		0
ACHI			0		0			−0.000***				0		0
			0		0			0				0		0
ISDRI			0.000*		0.000**			0.000***				0.000**		0
			0		0			0				0		0
CCG_GRI				0					0				0
				0					0				0
CCG_SDPI					0.001									0
					−0.001									0
CCG_ACHI					−0.001									0.001
					−0.001									0
CCG_ISDRI					0									0
					0									0
_cons	0.001***	−0.003**	−0.004***	−0.003**	−0.004**	0.001***	−0.004***	−0.003***	−0.004***	0.001***	−0.007***	−0.006***	−0.006***	−0.005**
N	1429	1429	1429	1429	1429	857	857	857	857	1461	1461	1461	1461	1461

Source: Authors Estimations.

Table 8. Regression results based on development (robustness).

	High Income					Middle Income					Lower Middle Income
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 1	Model 2	Model 3	Model 4	Model 5	Model 1	Model 2	Model 3	Model 4	Model 5
	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG	MG
GC19	−0.010**	−0.009**	−0.007*	−0.009*	−0.006**	−0.017**	−0.016***	−0.017***	−0.017***	−0.010*	0.000***	0.000***	0.000***	−0.009	−0.012***
	−0.005	−0.004	−0.004	−0.006	−0.003	−0.007	−0.006	−0.006	−0.002	−0.005	0	0	0	−0.007	−0.003
GDP	0.000***	0.000***	0	0.000***	0.000***	0.000***	0.000**	0	0	−0.000**	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
VAI	0.023***	0.092***	0.029**	0.091***	0.021***	−0.003***	0.002***	0.014***	0.002**	0.015***	−0.003***	−0.006***	−0.007***	−0.005***	−0.007***
	0	−0.009	−0.015	−0.009	−0.004	0	0	−0.004	−0.001	−0.005	−0.001	−0.001	−0.001	−0.001	−0.002
InvFree	−0.000***	−0.000***	−0.000***	−0.000***	−0.000***	0.000***	−0.000***	−0.000***	−0.000***	−0.000***	−0.000**	−0.000***	−0.000***	−0.000***	−0.000***
	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
RiskP	−0.000***	−0.001***	0	−0.001***	−0.000***	−0.000***	0	0.000**	0	0.000***	−0.000**	0	0	0	0
	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
GRI		0.000***		0.000***			0.000***		0.000***			0.000***		0.000***
		0		0			0		0			0		0
SDPI			0.000*		0.000**			0.001***		0.000*			0		0
			0		0			0		0			0		0
ACHI			0		−0.000*			−0.001**		0			0		0
			0		0			0		0			0		0
ISDRI			0.000***		0.000***			0		0			0.000**		0.000**
			0		0			0		0			0		0
CCG_GRI				0					0					0
				0					0					0
CCG_SDPI					0.001					0					0
					−0.001					0					0
CCG_CHI					−0.001					−0.001*					0.001
					−0.001					0					0
CCG_ISDRI					0					0.001**					0
					0					0					0
_cons	0	0	0	0	0	0	0	0	0	0	0.006***	0	0.004	0.001	0.006
N	963	963	963	963	963	857	857	857	857	857	1461	1461	1461	1461	1461

Source: Authors Estimations.