Matches in SemOpenAlex for { <https://semopenalex.org/work/W3204381906> ?p ?o ?g. }
Showing items 1 to 65 of
65
with 100 items per page.
- W3204381906 abstract "We study the effects of fiscal policy in response to the COVID-19 pandemic at the firm, sector, country and global level. First, we estimate the impact of COVID-19 and policy responses on small and medium sized enterprise (SME) business failures. We combine firm-level financial data from 50 sectors in 27 countries, a detailed I-O network, real-time data on lockdown policies and mobility patterns, and a rich model of firm behavior that allows for several dimensions of heterogeneity. We find: (a) Absent government support, the failure rate of SMEs would have increased by 9 percentage points, significantly more so in emerging market economies (EMs). With policy support it only increased by 4.3 percentage points, and even decreased in advanced economies (AEs). (b) Fiscal policy was poorly targeted: most of the funds disbursed went to firms who did not need it. (c) Nevertheless, we find little evidence of the policy merely postponing mass business failures or creating many ‘zombie’ firms: failure rates rise only slightly in 2021 once policy support is removed. Next, we build a tractable global intertemporal general equilibrium I-O model with fiscal policy. We calibrate the model to 64 countries and 36 sectors. We find that: (d) a sizable share of the global economy is demand-constrained under COVID-19, especially so in EMs. (e) Globally, fiscal policy helped offset about 8% of the downturn in COVID, with a low ‘traditional’ fiscal multiplier. Yet it significantly reduced the share of demand- constrained sectors, preserving employment in these sectors. (f) Fiscal policy exerted small and negative spillovers to output in other countries but positive spillovers on employment. (g) A two-speed recovery would put significant upwards pressure on global interest rates which imposes an additional headwind on the EM recovery. (h) Corporate and sovereign spreads rise when global rates increase, suggesting that EM may face challenging external funding conditions as AEs economies normalize." @default.
- W3204381906 created "2021-10-11" @default.
- W3204381906 creator A5000806353 @default.
- W3204381906 creator A5012203622 @default.
- W3204381906 creator A5035786249 @default.
- W3204381906 creator A5050532576 @default.
- W3204381906 date "2021-01-01" @default.
- W3204381906 modified "2023-09-23" @default.
- W3204381906 title "Fiscal Policy in the Age of COVID: Does it ‘Get in all of the Cracks?’" @default.
- W3204381906 hasPublicationYear "2021" @default.
- W3204381906 type Work @default.
- W3204381906 sameAs 3204381906 @default.
- W3204381906 citedByCount "0" @default.
- W3204381906 crossrefType "posted-content" @default.
- W3204381906 hasAuthorship W3204381906A5000806353 @default.
- W3204381906 hasAuthorship W3204381906A5012203622 @default.
- W3204381906 hasAuthorship W3204381906A5035786249 @default.
- W3204381906 hasAuthorship W3204381906A5050532576 @default.
- W3204381906 hasConcept C100243477 @default.
- W3204381906 hasConcept C139719470 @default.
- W3204381906 hasConcept C144133560 @default.
- W3204381906 hasConcept C162324750 @default.
- W3204381906 hasConcept C195742910 @default.
- W3204381906 hasConcept C2781030141 @default.
- W3204381906 hasConcept C2781356325 @default.
- W3204381906 hasConcept C34447519 @default.
- W3204381906 hasConcept C524878704 @default.
- W3204381906 hasConcept C556758197 @default.
- W3204381906 hasConceptScore W3204381906C100243477 @default.
- W3204381906 hasConceptScore W3204381906C139719470 @default.
- W3204381906 hasConceptScore W3204381906C144133560 @default.
- W3204381906 hasConceptScore W3204381906C162324750 @default.
- W3204381906 hasConceptScore W3204381906C195742910 @default.
- W3204381906 hasConceptScore W3204381906C2781030141 @default.
- W3204381906 hasConceptScore W3204381906C2781356325 @default.
- W3204381906 hasConceptScore W3204381906C34447519 @default.
- W3204381906 hasConceptScore W3204381906C524878704 @default.
- W3204381906 hasConceptScore W3204381906C556758197 @default.
- W3204381906 hasLocation W32043819061 @default.
- W3204381906 hasOpenAccess W3204381906 @default.
- W3204381906 hasPrimaryLocation W32043819061 @default.
- W3204381906 hasRelatedWork W1494561473 @default.
- W3204381906 hasRelatedWork W1515889581 @default.
- W3204381906 hasRelatedWork W1553312771 @default.
- W3204381906 hasRelatedWork W1584930123 @default.
- W3204381906 hasRelatedWork W1627631987 @default.
- W3204381906 hasRelatedWork W2183613607 @default.
- W3204381906 hasRelatedWork W2425775391 @default.
- W3204381906 hasRelatedWork W2461320777 @default.
- W3204381906 hasRelatedWork W2589712750 @default.
- W3204381906 hasRelatedWork W28569773 @default.
- W3204381906 hasRelatedWork W2921875823 @default.
- W3204381906 hasRelatedWork W2946597312 @default.
- W3204381906 hasRelatedWork W2953277841 @default.
- W3204381906 hasRelatedWork W3122556719 @default.
- W3204381906 hasRelatedWork W3123976351 @default.
- W3204381906 hasRelatedWork W3190926037 @default.
- W3204381906 hasRelatedWork W3204713463 @default.
- W3204381906 hasRelatedWork W3209130689 @default.
- W3204381906 hasRelatedWork W2342796769 @default.
- W3204381906 hasRelatedWork W2442479519 @default.
- W3204381906 isParatext "false" @default.
- W3204381906 isRetracted "false" @default.
- W3204381906 magId "3204381906" @default.
- W3204381906 workType "article" @default.