Economic Policy and the Covid-19 Crisis最新文献

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-14

H. Chow, K. Ho

{"title":"The case of Singapore","authors":"H. Chow, K. Ho","doi":"10.4324/9781003153603-14","DOIUrl":"https://doi.org/10.4324/9781003153603-14","url":null,"abstract":"The economic impact of the Covid-19 pandemic on Singapore was more severe and protracted than the global financial crisis. Singapore responded with easing of the monetary policy stance, reinforcing financial stability, helping individuals to reduce debt obligations, easing business cashflow constraints, adjusting financial regulatory and supervisory protocols to cope with immediate challenges, and enabling the financial sectors to build long-term capabilities. Fiscal responses were unprecedented with four consecutive budgets and two ministerial statements, initially focusing on immediate assistance in respect of jobs, businesses, households, and later refined to providing more sector-specific assistance as the pandemic evolved with more detailed information available, and preparing for post-pandemic recovery and growth. Singapore has accumulated sufficient reserves over the years, which are a strategic asset, enabling it to tackle the negative impact of the pandemic without incurring national debt, thanks to the fiscal prudence and sustainability institutionalized in the constitution. Together with decisive public health measures to curb the spread of the virus, the monetary–fiscal policy mix has been appropriate so far, and the eventual long-term policy effectiveness and transformation of the small and highly open economy of Singapore depend hugely on the global containment of the pandemic, the effectiveness and allocation of the vaccine, and the pace of global economic recovery. © 2022 selection and editorial matter, Bernadette Andreosso-O’Callaghan, Woosik Moon and Wook Sohn;individual chapters, the contributors.","PeriodicalId":219183,"journal":{"name":"Economic Policy and the Covid-19 Crisis","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125388557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Monetary and fiscal policies in the United States 美国的货币和财政政策

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-3

Seohyun Lee

{"title":"Monetary and fiscal policies in the United States","authors":"Seohyun Lee","doi":"10.4324/9781003153603-3","DOIUrl":"https://doi.org/10.4324/9781003153603-3","url":null,"abstract":"This chapter on the economic, budgetary and monetary policy measures adopted by the French authorities makes a comparison with the subprime crisis, and shows that the main measures may differ across regions. Unlike the Asian countries, France, like its European neighbors, experienced strong tensions in its healthcare system leading to two successive lockdowns (March to May 2020;and October to December 2020). In order to deal with the ensuing economic crisis, the government implemented an emergency plan of €470bn followed by a recovery plan of €100bn euros, and by new financial measures (PLFR4) in November 2020. The overall cost of the Covid-19 crisis for the 2020 public finances is estimated at €186bn, and the emergency measures have an impact of around €86bn on the 2020 public balance. Consequently, the economy experienced a debt growing from 98 to about 120 percent of GDP in 2021. In the near future, it is necessary that the situation of the French economy improves rapidly in order to limit both the social impact of the crisis and its effects on France’s steadily deteriorating financial situation over the last few decades. © 2022 selection and editorial matter, Bernadette Andreosso-O’Callaghan, Woosik Moon and Wook Sohn;individual chapters, the contributors.","PeriodicalId":219183,"journal":{"name":"Economic Policy and the Covid-19 Crisis","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115540799","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The case of Italy 意大利的例子

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-8

Claudio Cozza, L. Nascia

{"title":"The case of Italy","authors":"Claudio Cozza, L. Nascia","doi":"10.4324/9781003153603-8","DOIUrl":"https://doi.org/10.4324/9781003153603-8","url":null,"abstract":"With the COVID-19 crisis, the Japanese economy has been facing a depression which is the equal to or worse than that during the global financial crisis (GFC). The impact has been more severe on the services sectors, compared with industrial production while the impact of the COVID-19 crisis on SMEs is more severe than on large firms. The Japanese government has undertaken active fiscal measures in response to COVID-19 under the Emergency Economic Measures to Cope with COVID-19 scheme since April 2020. Due to the third surge of COVID-19 since November 2020, it is likely to take time for the positive effects of these measures on the Japanese economy to become apparent. On the other hand, the increased fiscal deficits and the accumulating outstanding Japanese Government Bonds (JGBs) might have adverse effects on JGB markets in the future, although the Bank of Japan (BOJ) has been conducting a kind of accommodating monetary policy against the accumulation of government bonds in order to keep the long-term interest rate at zero. The BOJ has been conducting responses to COVID-19 to enhance monetary easing through measures to facilitate corporate financing including the introduction of the new operations. At the same time, it has been making both ample provision of yen funds available by conducting active purchases of JGBs and ample provision of US dollar liquidity through coordinated central bank action. © 2022 selection and editorial matter, Bernadette Andreosso-O’Callaghan, Woosik Moon and Wook Sohn;individual chapters, the contributors.","PeriodicalId":219183,"journal":{"name":"Economic Policy and the Covid-19 Crisis","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126023112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The case of China 以中国为例

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-11

Lifeng Su

引用次数: 8

The case of Japan 日本的例子

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-12

E. Ogawa

引用次数: 0

The case of France 法国的例子

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-6

Sophie Nivoix, Serge Rey

引用次数: 0

The case of Germany 德国的例子

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-7

F. Rövekamp

引用次数: 0

The Covid-19 Monetary and Fiscal Response in the Euro-Area and the EU 欧元区和欧盟应对新冠肺炎的货币和财政措施

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-5

B. Andreosso-O’Callaghan

引用次数: 0

The case of the UK 以英国为例

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-9

A. D. Ruyter, D. Hearne

引用次数: 0

The case of Korea 韩国的情况

Economic Policy and the Covid-19 Crisis Pub Date : 2021-08-10 DOI: 10.4324/9781003153603-13

W. Moon, Wook Sohn

引用次数: 0