Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/224017
Authors: 
Shin, Jinwook
Kim, Seonghoon
Koh, Kanghyock
Year of Publication: 
2020
Series/Report no.: 
IZA Discussion Papers No. 13575
Abstract: 
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.
Subjects: 
COVID-19
pandemic
information disclosure
risk avoidance
foot traffic
retail sales
cell phone signal data
card transaction data
JEL: 
E2
H12
I12
I18
Document Type: 
Working Paper

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