Economic Activity Fiscal Space And Types Of Covid 19 Containment Measures

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Economic Activity, Fiscal Space and Types of COVID-19 Containment Measures

Author : Amr Hosny
Publisher : International Monetary Fund
ISBN 13 : 1616357215
Total Pages : 49 pages
Book Rating : 4.6/5 (163 download)

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Book Synopsis Economic Activity, Fiscal Space and Types of COVID-19 Containment Measures by : Amr Hosny

Download or read book Economic Activity, Fiscal Space and Types of COVID-19 Containment Measures written by Amr Hosny and published by International Monetary Fund. This book was released on 2022-01-28 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that the type of COVID-19 containment measures affects the trade-offs between infection cases, economic activity and sovereign risk. Using local projection methods and a year and a half of high-frequency daily data covering 44 advanced and emerging economies, we find that smart (e.g. testing) as opposed to physical (e.g. lockdown) measures appear to be best placed to tackle these trade-offs. Initial conditions also matter whereby containment measures can be less disruptive when public health response time is fast and public debt is low. We also construct a database of daily fiscal announcements for Euro area countries, and find that sovereign risk is improved under a combination of large support packages and smart measures.

The Sooner (and the Smarter), the Better: COVID-19 Containment Measures and Fiscal Responses

Author : Amr Hosny
Publisher : International Monetary Fund
ISBN 13 : 151357163X
Total Pages : 23 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Sooner (and the Smarter), the Better: COVID-19 Containment Measures and Fiscal Responses by : Amr Hosny

Download or read book The Sooner (and the Smarter), the Better: COVID-19 Containment Measures and Fiscal Responses written by Amr Hosny and published by International Monetary Fund. This book was released on 2021-03-05 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds empirical evidence that faster and smarter containment measures were associated with lower fiscal responses to the COVID-19 shock. We also find that initial conditions, such as fiscal space, income, health preparedness and budget transparency were important in shaping the amount and design of the COVID-19 fiscal response.

The Economic Effects of COVID-19 Containment Measures

Author : Pragyan Deb
Publisher :
ISBN 13 : 9781513550251
Total Pages : 44 pages
Book Rating : 4.5/5 (52 download)

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Book Synopsis The Economic Effects of COVID-19 Containment Measures by : Pragyan Deb

Download or read book The Economic Effects of COVID-19 Containment Measures written by Pragyan Deb and published by . This book was released on 2020-08-07 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containment measures are crucial to halt the spread of the 2019 COVID-19 pandemic but entail large short-term economic costs. This paper tries to quantify these effects using daily global data on real-time containment measures and indicators of economic activity such as Nitrogen Dioxide (NO2) emissions, flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures have had, on average, a very large impact on economic activity--equivalent to a loss of about 15 percent in industrial production over a 30-day period following their implementation. Using novel data on fiscal and monetary policy measures used in response to the crisis, we find that these policy measures were effective in mitigating some of these economic costs. We also find that while workplace closures and stay-at-home orders are more effective in curbing infections, they are associated with the largest economic costs. Finally, while easing of containment measures has led to a pickup in economic activity, the effect has been lower (in absolute value) than that from the tightening of measures.

Smart Containment: Lessons from Countries with Past Experience

Author : Alexandra Fotiou
Publisher : International Monetary Fund
ISBN 13 : 151358247X
Total Pages : 54 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Smart Containment: Lessons from Countries with Past Experience by : Alexandra Fotiou

Download or read book Smart Containment: Lessons from Countries with Past Experience written by Alexandra Fotiou and published by International Monetary Fund. This book was released on 2021-04-23 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the Great Lockdown in 2020, it is important to take stock of lessons learned. How effective have different containment measures been in slowing the spread of Covid-19? Have containment measures been costly in terms of economic growth, fiscal balances, and accumulated debt? This paper finds that countries with previous SARS experience acted fast and "smart", and were able to contain the virus by relying mainly on public health measures ─ testing, contact tracing, and public information campaigns ─ rather than stay-at-home requirements. Using past coronavirus outbreaks as an instrumental variable, we show that countries with past experience were able to contain the virus in a smart way, reducing transmission and deaths while also experiencing higher economic growth in 2020.

The Economic Effect of COVID-19 Containment Measures

Author : Pragyan Deb
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (124 download)

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Book Synopsis The Economic Effect of COVID-19 Containment Measures by : Pragyan Deb

Download or read book The Economic Effect of COVID-19 Containment Measures written by Pragyan Deb and published by . This book was released on 2020 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Containment measures are crucial to halt the spread of the 2019 COVID-19 pandemic but entail large short-term economic costs. This paper tries to quantify these effects using daily global data on real-time containment measures and indicators of economic activity such as Nitrogen Dioxide (NO2) emissions, flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures have had, on average, a very large impact on economic activity -- equivalent to a loss of about 15 percent in industrial production over a 30-day period following their implementation. Using novel data on fiscal and monetary policy measures used in response to the crisis, we find that these policy measures were effective in mitigating some of these economic costs. We also find that while workplace closures and stayat- home orders are more effective in curbing infections, they are associated with the largest economic costs. Finally, while easing of containment measures has led to a pickup in economic activity, the effect has been lower (in absolute value) than that from the tightening of measures.

The Effects of COVID-19 Vaccines on Economic Activity

Author : Mr. Pragyan Deb
Publisher : International Monetary Fund
ISBN 13 : 1589063767
Total Pages : 47 pages
Book Rating : 4.5/5 (89 download)

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Book Synopsis The Effects of COVID-19 Vaccines on Economic Activity by : Mr. Pragyan Deb

Download or read book The Effects of COVID-19 Vaccines on Economic Activity written by Mr. Pragyan Deb and published by International Monetary Fund. This book was released on 2021-10-19 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically examines the economic effects of COVID-19 vaccine rollouts using a cross-country daily database of vaccinations and high frequency indicators of economic activity—nitrogen dioxide (NO2) emissions, carbon monoxide (CO) emissions, and Google mobility indices—for a sample of 46 countries over the period December 16, 2020 to June 20, 2021. Using surprises in vaccines administered, we find that an unexpected increase in vaccination per capita is associated with a significant increase in economic activity. We also find evidence for non-linear effects of vaccines, with the marginal economic benefits being larger when vaccination rates are higher. Country-specific conditions play an important role, with lower economic gains if strict containment measures are in place or if the country is experiencing a severe outbreak. Finally, the results provide evidence of spillovers across borders, highlighting the importance of equitable access to vaccines across nations.

The Effects of Fiscal Measures During COVID-19

Author : Pragyan Deb
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (128 download)

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Book Synopsis The Effects of Fiscal Measures During COVID-19 by : Pragyan Deb

Download or read book The Effects of Fiscal Measures During COVID-19 written by Pragyan Deb and published by . This book was released on 2021 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically examines the effects of fiscal policy measures during the COVID-19 pandemic, using a novel database of daily fiscal policy announcements-classified by type of fiscal measure-and high-frequency economic indicators for 52 countries from January 1 to December 31, 2020. The results suggest that fiscal policy announcements have been effective in stimulating economic activity, boosting confidence, and reducing unemployment, but their effect varies by type of measure and country characteristics. Emergency lifeline measures (which form the bulk of below-the-line measures) are more effective when containment policies are stringent, providing cashflow support to firms and households. Demand-support measures (which comprise most of above-the-line measures) are more effective when containment measures are relaxed.

COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies

Author : Viral V. Acharya
Publisher : International Monetary Fund
ISBN 13 : 1513573500
Total Pages : 43 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies by : Viral V. Acharya

Download or read book COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies written by Viral V. Acharya and published by International Monetary Fund. This book was released on 2021-06-04 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effect of COVID-19 containment measures on expected stock price volatility in some advanced economies, using event studies with hand-collected minute-level data and panel regressions with daily data. We find that six-month-ahead volatility indices dropped following announcements of initial or re-imposed lockdowns, and that they did not drop significantly following the easing of lockdowns. Such patterns are not as strong for three-month-ahead expected volatility and generally absent for one-month-ahead expected volatility. These results provide suggestive evidence for the existence of an intertemporal trade-off: although stringent containment measures cause short-term economic disruptions, they may reduce medium-term uncertainty (reflected in expected stock volatility) by boosting markets’ confidence that the outbreak would be under control more quickly.

Lights Out? COVID-19 Containment Policies and Economic Activity

Author : Robert Beyer
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Lights Out? COVID-19 Containment Policies and Economic Activity by : Robert Beyer

Download or read book Lights Out? COVID-19 Containment Policies and Economic Activity written by Robert Beyer and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates how strongly COVID-19 containment policies have impacted aggregate economic activity. We use a difference-in-differences methodology to estimate how containment zones of different severity across India impacted district-level nighttime light intensity, as well as household income and consumption. From May to July 2020, nighttime light intensity was 9.1% lower in districts with the most severe restrictions compared with districts with the least severe restrictions, which could imply between 5.8% and 6.6% lower GDP. Nighttime light intensity was only 1.6% lower in districts with intermediate restrictions. The differences were largest in May during the graded lockdown, and tapered in June and July. Lower house-hold income and consumption corresponding to zone-wise restrictions corroborate these results. Stricter containment measures had larger impacts in districts with greater population density, older residents, and more services employment. The large magnitudes of the findings suggest that governments should avoid country-wide pandemic containment policies.

Finance, Law, and the Crisis of COVID-19

Author : Nadia Mansour
Publisher : Springer Nature
ISBN 13 : 3030894169
Total Pages : 231 pages
Book Rating : 4.0/5 (38 download)

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Book Synopsis Finance, Law, and the Crisis of COVID-19 by : Nadia Mansour

Download or read book Finance, Law, and the Crisis of COVID-19 written by Nadia Mansour and published by Springer Nature. This book was released on 2022-02-18 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes the impact of Covid-19 in different areas such as corporate social responsibility and legislation in SMEs, insolvency law, behavioral finance, government interventions in markets, financial disclosure, the emergence of unregulated financial sectors, the increase of coronavirus-related crimes, and the development of banking regulations in the Covid-19 pandemic, among others. The coronavirus epidemic, which has spread throughout the world, has highlighted the inadequacies of the health and social systems of all states, even the most advanced. The health emergency has required extraordinary measures, especially at the level of laws that are essential for the preservation of lives, health, and livelihoods. The priority for governments and even the international community was, from the outset, to prevent infections and care for those affected. Such a strategy required an unusual increase in health spending, even though it exceeded the State's financial capacity and lacked fiscal space. In addition to this challenge, which has not yet been overcome, there is another, that of redressing the consequences of the measures taken (general containment). It should be pointed out that during health crises, the state may have to review the requirement for transparency because of the emergency, but not free itself from it. The urgency could never be an alibi for a violation of citizens' rights and freedoms. With urgency, financial management systems must be flexible and responsive to all occurrences, while ensuring optimal use of resources and minimizing the risks of fraud and corruption.

Exploring the Growth Effects of COVID-19 Across Developing Countries

Author : Cesar Calderon
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Exploring the Growth Effects of COVID-19 Across Developing Countries by : Cesar Calderon

Download or read book Exploring the Growth Effects of COVID-19 Across Developing Countries written by Cesar Calderon and published by . This book was released on 2021 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the spread of the COVID-19 pandemic and its impact on economic growth across developing countries. It documents the evolution and co-movement of COVID-19 infections with government responses (including health containment measures) across developing countries. It then estimates the impact of the different channels of transmission of COVID-19 on economic growth-thus, identifying factors that contribute to the economic resilience of countries during the pandemic shocks. The findings show that the pandemic's impact on the decline in growth was substantive across the different developing country groups-although at different rates. The estimates show that a deeper downturn in economic activity due to the pandemic can be averted in countries with higher levels of human capital, well-targeted containment measures, and improved global health security. Diversifying trade patterns (across products and markets) is also crucial, and so is strengthening intraregional trade, as higher commerce across borders within the different developing regions may help secure the supply chains of essential goods in times of crisis-and particularly during pandemics. Finally, having fiscal space and a less risky public debt profile can make these economies more resilient against crisis.

Macroeconomic Policy in the Time of COVID-19: A Primer for Developing Countries

Author : Loayza
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)

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Book Synopsis Macroeconomic Policy in the Time of COVID-19: A Primer for Developing Countries by : Loayza

Download or read book Macroeconomic Policy in the Time of COVID-19: A Primer for Developing Countries written by Loayza and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Effect of Containment Measures on the COVID-19 Pandemic

Author : Pragyan Deb
Publisher :
ISBN 13 : 9781513550268
Total Pages : 42 pages
Book Rating : 4.5/5 (52 download)

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Book Synopsis The Effect of Containment Measures on the COVID-19 Pandemic by : Pragyan Deb

Download or read book The Effect of Containment Measures on the COVID-19 Pandemic written by Pragyan Deb and published by . This book was released on 2020-08-07 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries have implemented several containment measures to halt the spread of the 2019coronavirus disease, but it remains unclear the extent to which these unprecedented measureshave been successful. We examine this question using daily data on the number ofcoronavirus disease cases as well as on real-time containment measures implemented bycountries. Results suggest that these measures have been very effective in flattening the"pandemic curve", but there is significant heterogeneity across countries. Effectiveness isenhanced when measures are implemented quickly, where de facto mobility is curtailed, incountries with lower temperatures and population density, as well as in countries with alarger share of the elderly in total population and stronger health systems. We also find thateasing of containment measures has resulted in an increase in the number of cases, but theeffect has been lower (in absolute value) than that from a tightening of measures.

Stock Market Response to COVID-19, Containment Measures and Stabilization Policies

Author : Jens Klose
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Stock Market Response to COVID-19, Containment Measures and Stabilization Policies by : Jens Klose

Download or read book Stock Market Response to COVID-19, Containment Measures and Stabilization Policies written by Jens Klose and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Policymakers imposed constraints on public life in order to contain the Covid-19 pandemic. At the same time, fiscal and monetary policy implemented a large range of of expansionary measures to limit the economic consequences of the pandemic and stimulate the recovery. In this paper, we assess the response of the equity market as a high-frequency indicator of economic activity to containment and stabilization policies for 29 European economies. We construct indicators of containment and stabilization policies and estimate a range of panel VAR models. The main results are threefold: First, we find that stock markets are highly responsive to containment and stabilization policies. We show that domestic fiscal policy as well as monetary policy support the recovery as reflected in the stock market. Second, expansionary fiscal policy conducted at the European level reduces rather raises stock prices. Third, we estimate the model over subsamples and show that the counter-intuitive stock market response to EU policies is driven by the responses in medium- and high-debt countries. These countries' stock markets are also particularly susceptible to monetary policy announcements.

Policy Advice to Asia in the COVID-19 Era

Author : Changyong Rhee
Publisher : International Monetary Fund
ISBN 13 : 1513566598
Total Pages : 105 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Policy Advice to Asia in the COVID-19 Era by : Changyong Rhee

Download or read book Policy Advice to Asia in the COVID-19 Era written by Changyong Rhee and published by International Monetary Fund. This book was released on 2021-03-05 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asia-Pacific region was the first to be hit by the COVID-19 pandemic; it put a strain on its people and economies, and policymaking became exceptionally difficult. This departmental paper contains the assessment of the key challenges facing Asia at this critical juncture and policy advice to the region both to address the current challenges and to build the foundations for a more sustainable and inclusive future. The paper focuses on (1) adjusting to the COVID-19 shock, (2) using unconventional policies when policy space is limited, (3) dealing with debt, and (4) helping the vulnerable and greening the recovery. The paper first presents the different ways countries are adjusting to the COVID-19 shock.

Economic and Epidemic Implications of Virus Containment Policies: Insights from Agent-based Simulations

Author : Alessandro Basurto
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (119 download)

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Book Synopsis Economic and Epidemic Implications of Virus Containment Policies: Insights from Agent-based Simulations by : Alessandro Basurto

Download or read book Economic and Epidemic Implications of Virus Containment Policies: Insights from Agent-based Simulations written by Alessandro Basurto and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage

Author : Mr. Philip Barrett
Publisher : International Monetary Fund
ISBN 13 : 1513587900
Total Pages : 23 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage by : Mr. Philip Barrett

Download or read book After-Effects of the COVID-19 Pandemic: Prospects for Medium-Term Economic Damage written by Mr. Philip Barrett and published by International Monetary Fund. This book was released on 2021-07-30 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The COVID-19 pandemic has led to a severe global recession with differential impacts within and across countries. This paper examines the possible persistent effects (scarring) of the pandemic on the economy and the channels through which they may occur. History suggests that deep recessions often leave long-lived scars, particularly to productivity. Importantly, financial instabilities—typically associated with worse scarring—have been largely avoided in the current crisis so far. While medium-term output losses are anticipated to be lower than after the global financial crisis, they are still expected to be substantial. The degree of expected scarring varies across countries, depending on the structure of economies and the size of the policy response. Emerging market and developing economies are expected to suffer more scarring than advanced economies.