Who bore the brunt of the pandemic in Europe?: shifting private stress to the public sector

Media type: E-Book

Title: Who bore the brunt of the pandemic in Europe? : shifting private stress to the public sector

Contributor: Arena, Marco [Author]; Chen, Ruo [Author]; Cuevas, Alfredo [Author]; Foda, Karim [Author]; Gracia, Borja [Author]; Liu, Estelle Xue [Author]; Pienkowski, Alex [Author]; Roehler, Christiane [Author]; Shi, Yu [Author]; Sun, Shituo [Author]; Weber, Sebastian [Author]; Xu, Xin [Author]

Published: Washington, DC, U.S.A.: International Monetary Fund, Publication Services, 2021

Extent: 1 Online-Ressource (circa 44 Seiten); Illustrationen

Language: English

DOI: 10.5089/9781513577494.087

Identifier:

Keywords: Consumption ; Business Fluctuations ; Saving ; Wealth ; Cycles ; Macroeconomics ; Financial Risk Management ; Macroeconomics: Consumption ; Public Policy ; International Economics ; Accounting ; Diseases: Contagious ; Public Administration ; Public Sector Accounting and Audits ; Health Behavior ; Public Enterprises ; Public-Private Enterprises ; International Financial Markets ; Financial Crises ; Political economy ; International institutions ; Financial reporting, financial statements ; Infectious & contagious diseases ; Civil service & public sector ; [...]

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Description: In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector's balance sheet and contrasts this experience to that of the global financial crisis

Access State: Open Access

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