Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector
Author/Editor: Marco Arena, Ruo Chen, Alfredo Cuevas, Karim Foda, Borja Gracia, Estelle X Liu, Alex Pienkowski, Christiane Roehler, Shituo Sun, Sebastian Weber, Xin Cindy Xu, Yu Shi
Release Date: © July, 2021
ISBN
: 978-1-51358-683-0
Stock #: WBBPEEE
English
Languages and formats available
| English | French | Spanish | Arabic | Russian | Chinese | Portuguese | |
| Paperback | Yes | ||||||
| Yes | |||||||
| ePub | Yes |
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.
More publications in this series: Departmental Papers / Policy Papers
More publications by: Marco Arena ; Ruo Chen ; Alfredo Cuevas ; Karim Foda ; Borja Gracia ; Estelle X Liu ; Alex Pienkowski ; Christiane Roehler ; Shituo Sun ; Sebastian Weber ; Xin Cindy Xu ; Yu Shi
