The 2020 Pandemic: Economic repercussions and policy responses

IF 1.2 Q3 BUSINESS, FINANCE

Review of Financial Economics Pub Date : 2020-10-13 DOI:10.1002/rfe.1123

Lucjan T. Orłowski

引用次数: 8

Abstract

Abstract This paper analyses the economic and financial repercussions of the 2020 COVID‐19 pandemic. It argues that the pandemic has inflicted serious injuries to the labor force but has not damaged the physical capital stock. Therefore, the resolution policies of this crisis ought to be carefully tailored to supporting structural adjustments to the labor market. The analysis asserts that the impact of the pandemic crisis is exacerbated by the identification gap between the unobserved and the officially reported cases of COVID‐19. The gap increases financial risks, including market‐, credit‐, default‐, and foreign exchange risks.

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2020年大流行:经济影响和政策应对

摘要本文分析了2020年新冠肺炎疫情对经济和金融的影响。它认为，疫情对劳动力造成了严重伤害，但并没有损害有形资本存量。因此，这场危机的解决政策应该精心制定，以支持劳动力市场的结构调整。分析认为，未观察到的新冠肺炎病例与官方报告的新冠病毒病例之间的识别差距加剧了疫情危机的影响。这种差距增加了金融风险，包括市场风险、信贷风险、违约风险和外汇风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Financial Economics BUSINESS, FINANCE-

CiteScore

2.80

自引率

0.00%

发文量

期刊介绍： The scope of the Review of Financial Economics (RFE) is broad. The RFE publishes original research in finance (e.g. corporate finance, investments, financial institutions and international finance) and economics (e.g. monetary theory, fiscal policy, and international economics). It specifically encourages submissions that apply economic principles to financial decision making. For example, while RFE will publish papers which study the behavior of security prices and those which provide analyses of monetary and fiscal policies, it will offer a special forum for articles which examine the impact of macroeconomic factors on the behavior of security prices.