Brown Bag Seminar Series
As a brown-bag seminar on March 5, 2021, Dr. Cem Çakmaklı (Koç University) presented his study for Turkish-German University Economics Department about impact of global vaccination on world economy, through international production networks. Dr. Çakmaklı stated that, Covid-19 is the most global crisis that the world has experienced so far. Moreover, Dr. Çakmaklı shows that the most cost-effective solution to the crisis for the global economy is not only with the vaccination of developed countries, but also with the vaccination of developing countries. The study of Dr. Çakmaklı showed that the international production network has spread all over the world, for this reason, a lack of vaccination in developing countries can lead to a decrease in the gross domestic product of developed countries as well.
Dr. Çakmalı used the SIR Model, which is used for epidemic diseases for infection dynamics. He worked with 65 countries and 35 sectors as a dataset and showed that not only countries but also sectors are interconnected in the global economy. The SIR model used in the study allows for analysis of the impact of on-site and remote workers in different sectors on infection rates. In conclusion, Dr. Çakmaklı argued that the use of vaccination, which is the most important solution to the corona crisis around the world, will be a permanent solution not only in developed countries but also globally. And he concludes his statements by saying, "The world economy is not an island."
