Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector
Electronic Access:
Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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.
Series:
Departmental Paper No 2021/015
Subject:
Asset and liability management Asset valuation COVID-19 Economic sectors Financial crises Financial statements Global financial crisis of 2008-2009 Health International organization Political economy Public financial management (PFM) Public sector
Frequency:
occasional
English
Publication Date:
July 15, 2021
ISBN/ISSN:
9781513577494/2616-5333
Stock No:
WBBPEEA
Pages:
45
Please address any questions about this title to publications@imf.org