Policies to Support Businesses through the COVID-19 Shock: A Firm Level Perspective

IF 8.7 1区经济学 Q1 DEVELOPMENT STUDIES

World Bank Research Observer Pub Date : 2021-01-13 DOI:10.1093/wbro/lkab001

X. Cirera, Marcio Cruz, Elwyn Davies, A. Grover, L. Iacovone, José Ernesto López Córdova, D. Medvedev, Franklin Maduko, Gaurav Nayyar, Santiago Reyes Ortega, Jesica Torres

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引用次数: 65

Abstract

Abstract Relying on a novel dataset covering more than 120,000 firms in 60 countries, this paper contributes to the debate about policies to support businesses through the COVID-19 pandemic. While governments around the world have implemented a wide range of policy support measures, evidence on the reach of these policies, the alignment of measures with firm needs, and their targeting and effectiveness remains scarce. This paper provides the most comprehensive assessment to date of these issues, focusing primarily on developing economies. It shows that policy reach has been limited, especially for more vulnerable firms and countries, and identifies mismatches between policies provided and policies most sought. It also provides some indicative evidence regarding mistargeting of policies and their effectiveness in addressing liquidity constraints and preventing layoffs. This assessment provides some early guidance to policymakers on tailoring their COVID-19 business support packages and points to new directions in data and research efforts needed to guide policy responses to the current pandemic and future crises.

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支持企业应对新冠肺炎冲击的政策:企业层面的视角

摘要本文基于一个涵盖60个国家超过120000家公司的新颖数据集，为支持企业度过新冠肺炎疫情的政策辩论做出了贡献。尽管世界各国政府已经实施了广泛的政策支持措施，但关于这些政策的影响范围、措施与企业需求的一致性及其针对性和有效性的证据仍然很少。本文对这些问题进行了迄今为止最全面的评估，主要侧重于发展中经济体。它表明，政策的影响范围有限，尤其是对更脆弱的公司和国家，并确定了所提供的政策与最寻求的政策之间的不匹配。它还提供了一些指示性证据，说明政策的目标错误及其在解决流动性约束和防止裁员方面的有效性。这项评估为政策制定者量身定制新冠肺炎商业支持计划提供了一些早期指导，并指出了指导应对当前疫情和未来危机的政策所需的数据和研究工作的新方向。

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

World Bank Research Observer Multiple-

CiteScore

12.60

自引率

1.20%

发文量

期刊介绍： The World Bank Journals, including the Research Observer, boast the largest circulation among economics titles. The Research Observer is distributed freely to over 9,100 subscribers in non-OECD countries. Geared towards informing nonspecialist readers about research within and outside the Bank, it covers areas of economics relevant for development policy. Intended for policymakers, project officers, journalists, and educators, its surveys and overviews require only minimal background in economic analysis. Articles are not sent to referees but are assessed and approved by the Editorial Board, including distinguished economists from outside the Bank. The Observer has around 1,500 subscribers in OECD countries and nearly 10,000 subscribers in developing countries.