Econ Papers Daily / 期刊论文
流动性冲击与药品销售：来自印度的证据
Liquidity Shocks and Drug Sales: Evidence From India
摘要
How do liquidity shocks affect drug sales? Building on prior work on search costs in pharmaceutical markets, we propose that liquidity constraints have a larger impact on drug sales for less recurring acute ailments than chronic ailments, which have steady consumption. We exploit demonetization in India in 2016 as a transitory negative liquidity shock. Units, value, and weight of acute drug sales experienced a relatively higher decline than those for chronic illnesses. Consistent with the search cost hypothesis, we find that the impact varies by close correlates of search, such as drug price dispersion, government‐mandated stock‐keeping, and availability of public health infrastructure. Our work contributes by showing how the constrained liquidity of households can have differential effects on the downstream market structure of retail drugs.
中文摘要
流动性冲击如何影响药品销售？基于先前关于药品市场搜寻成本的研究，我们提出，流动性约束对非复发性急性疾病药品销售的影响大于对具有稳定消费的慢性疾病药品销售的影响。我们利用2016年印度废钞政策作为一次暂时性负向流动性冲击。急性疾病药品销售的 units、价值和重量相较慢性疾病药品出现更大幅度下降。与搜寻成本假说一致，我们发现该影响随与搜寻密切相关的因素而变化，例如药品价格离散度、政府强制储备以及公共卫生基础设施的可获得性。我们的工作贡献在于表明家庭流动性受限如何对零售药品的下游市场结构产生差异化影响。