COVID-19 and the cost of vaccine nationalism

Hafner, Marco and Yerushalmi, Erez and Fays, Clement and Dufresne, Elaine and Van Stolk, Christian (2020) COVID-19 and the cost of vaccine nationalism. Project Report. RAND Corporation.

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Abstract

COVID-19 has already infected more than 30 million people worldwide, prematurely killed over 1 million, and caused unparalleled costs to the global economy. Currently, there are more than 165 vaccine candidates being developed and some already with human trials. However, not all countries will have access to these vaccines. Experience from the 2009 H1N1 pandemic and the onset of the COVID-19 pandemic suggests that in responding to such events, national governments tend to follow their own self-interest rather than pursuing a globally coordinated approach. “Vaccine nationalism” is defined as a situation where countries push to get first access and potentially hoard key inputs for vaccine production.
In this study, we examine some of the negative consequences that vaccine nationalism could have on managing the pandemic. We use a multi-country macroeconomic model that interlinks countries through the trade of goods, services and investment. We examine various scenarios and quantify the economic output if only a few countries, or regions, manage to immunise their own populations while leaving the poorer countries behind. Our findings suggest that out of pure self-interest, a sound strategy for wealthier countries would be to invest in access to COVID-19 vaccines for lower-income countries. We estimate the benefit-to-cost ratio of such investments at around 2 to 13 for wealthy countries, depending on the specific scenario analysed.

Item Type: Monograph (Project Report)
Identification Number: RRA769-1
Date: 1 November 2020
Uncontrolled Keywords: Coronavirus Disease 2019 (COVID-19); Computable General Equilibrium; Econometric Models; Economic Analysis Methodology; Global Health; Health Economics; Pandemic; Vaccine Nationalism Public Health Vaccination
Subjects: A100 Pre-clinical Medicine
A900 Others in Medicine and Dentistry
B300 Complementary Medicine
L100 Economics
L400 Social Policy
Divisions: Faculty of Business, Law and Social Sciences > Birmingham City Business School > Department of Accounting, Finance and Economics
Faculty of Business, Law and Social Sciences > Birmingham City Business School > Centre for Applied Finance and Economics
Depositing User: Erez Yerushalmi
Date Deposited: 10 Nov 2020 10:43
Last Modified: 10 Nov 2020 10:43
URI: http://www.open-access.bcu.ac.uk/id/eprint/10245

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