Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector

Author: Mr. Marco Arena, Ms. Ruo Chen, Mr. Alfredo Cuevas, Karim Foda, Mr. Borja Gracia, Miss Estelle X Liu, Alex Pienkowski, Christiane Roehler, Shituo Sun, Mr. Sebastian Weber, Xin Cindy Xu, and Ms. Yu Shi

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.

Volume/Issue: Volume 2021 Issue 015

Publication date: July 2021

ISBN: 9781513577494

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Topics covered in this book

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Economics- Macroeconomics , International - Economics , Public Policy , Consumption , Saving , Wealth , Business Fluctuations , NFC balance sheet stress , NFC leverage , household balance sheet stress , private sector stress , stress to the public sector , Financial statements , COVID-19 , Public sector , Asset valuation , Global financial crisis of 2008-2009 , Europe , Global

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Summary

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.