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  1. The COVID-19 insolvency gap
    first-round effects of policy responses on SMEs
    Autor*in: Dörr, Julian Oliver; Murmann, Simona; Licht, Georg
    Erschienen: 2021
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe’s real economy benefited from large and mainly indiscriminate aid measures.... mehr

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    Resolving-System (kostenfrei)

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 15
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe

     

    COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe’s real economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever it takes fashion contrasts, however, with the cleansing mechanism of economic crises: a mechanism which forces unviable firms out of the market, thereby reallocating resources efficiently. By focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap and analyze whether the gap is characterized by firms which had already struggled before the pandemic. With the policy measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based on credit rating and insolvency data for the near universe of actively rated German firms, our results suggest that the policy reponse to COVID-19 has triggered a backlog of insolvencies in Germany that is particularly pronounced among financially weak, small firms, having potential long term implications on economic recovery.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/231304
    Schriftenreihe: Discussion paper / ZEW ; no. 21, 018 (02/2021)
    Schlagworte: COVID-19 policy response; Corporate bankruptcy; Cleansing e ect; SMEs
    Umfang: 1 Online-Ressource (44 Seiten), Illustrationen
  2. COVID-19 relief programs and compliance with confinement measures
    Autor*in: Deiana, Claudio; Geraci, Andrea; Mazzarella, Gianluca; Sabatini, Fabio
    Erschienen: January 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We study the impact of a COVID-19 relief program on compliance with confinement measures in Italy, the early epicenter of the pandemic. We match information on the allocation of funds across Italian municipalities with data tracking citizens'... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
    Fernleihe:
    keine Fernleihe

     

    We study the impact of a COVID-19 relief program on compliance with confinement measures in Italy, the early epicenter of the pandemic. We match information on the allocation of funds across Italian municipalities with data tracking citizens' movements drawn from mobile devices and vehicles' navigation systems, anonymized and aggregated at the municipality level. To assess the role of the program, we exploit a sharp kink schedule in the allocation of funds as a function of past income differentials that generated random treatment assignment in a neighborhood of the threshold point. We find robust evidence that, after the introduction of the program, mobility decreased with the amount of transfers. The impact is economically sizeable and resists bandwidth changes, with stronger effects holding in the proximity of the cut-off and the coefficient stabilizing with distance from the threshold. A battery of placebo tests supports the interpretation of results. Our evidence suggests that authorities could leverage targeted relief programs to nudge compliance with emergency measures at a relatively modest cost.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/232816
    Schriftenreihe: Discussion paper series / IZA ; no. 14064
    Schlagworte: Coronavirus pandemic; COVID-19 policy response; lockdown; stay-at-home orders; mobility; compliance; social capital; Regression Kink Design; COVID-19
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  3. Can relief measures nudge compliance in a public health crisis?
    evidence from a kinked fiscal policy rule
    Autor*in: Deiana, Claudio; Geraci, Andrea; Mazzarella, Gianluca; Sabatini, Fabio
    Erschienen: [2021]
    Verlag:  Sapienza università di Roma, Roma

    Zugang:
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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 652
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    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Department of Economics and Law, Sapienza University of Rome ; no. 214 (November 2021)
    Schlagworte: Compliance; Mobility; Social capital; COVID-19 policy response; Stay-athome orders; Lockdown; Regression Kink Design
    Umfang: 1 Online-Ressource (circa 37 Seiten), Illustrationen