A new political economy for Europe post-COVID-19

Bergsen, Pepijn

doi:10.1177/1781685820968301

Cited by 12 publications

(10 citation statements)

References 5 publications

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“…Moreover, European governments focused on mitigating the economic impact of the COVID-19 pandemic by providing fiscal support to businesses and employees, such as paying worker wages and postponing tax payments (Bergsen et al, 2020). At the same time, the European Central Bank (ECB) provided liquidity to the financial system and governments by proposing a recovery fund of V750 billion, composed of grants and loans (Bergsen, 2020;Camous and Claeys, 2020).…”

Section: Sample and Definition Of The Dependent Variablementioning

confidence: 99%

“…Likewise, the nature of government support and its effectiveness has varied from country to country across the eurozone. Hence, the health and economic crisis has had asymmetric effects within Europe (Bergsen, 2020;Bergsen et al, 2020). These asymmetric effects, as well as additional features, such as pension systems and culture, call for controlling for country-specific effects.…”

Section: Sample and Definition Of The Dependent Variablementioning

confidence: 99%

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The influence of financial literacy on financial resilience – New evidence from Europe during the COVID-19 crisis

Erdem

Rojahn

2022

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PurposeThis study examines the importance of financial literacy in explaining financial resilience in four continental European countries during the coronavirus disease 2019 (COVID-19) crisis while controlling for a wide set of additional determinants.Design/methodology/approachVariable importance may vary with the technique applied. Therefore, different classification techniques, such as logistic regression, partial proportional odds regression, and conditional random forest, have been employed. The analysis relies on the Survey of Health, Ageing and Retirement in Europe in the context of COVID-19, collecting 4,781 observations from France, Germany, Italy, and Spain.FindingsIn line with previous studies, financial resilience is found to increase with financial literacy that consistently ranks in the midfield in terms of variable importance among all explanatory variables.Practical implicationsThe findings reveal the most important features that improve financial resilience. Financial literacy is one of the few determinants of financial resilience that can be actively shaped. To increase preparedness for future crises, a policy mix of financial education, regulation, and nudging may help increase financial literacy and, subsequently, financial resilience.Originality/valueThe better the financial literacy, the more protected individuals are from macroeconomic shocks. However, most previous studies do not rely on data samples that cover such crises. Moreover, most of the previous studies rely on single classification techniques, while this study applied traditional and data-mining techniques to assess feature importance.

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Section: Sample and Definition Of The Dependent Variablementioning

confidence: 99%

Section: Sample and Definition Of The Dependent Variablementioning

confidence: 99%

The influence of financial literacy on financial resilience – New evidence from Europe during the COVID-19 crisis

Erdem

Rojahn

2022

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“…The freezing of many economic sectors, the imposing of strict sanitary measures, and finally, the closing of borders have resulted in the reduced production capacity in various economic sectors, as well as the disruption of domestic and international supply chains. At the macroeconomic level, these repercussions have caused a decrease in gross domestic product (GDP), an increase in government debt due to the triggering of public aid measures (as part of anti-crisis shields and lowered tax income), an increased unemployment rate, more frequent enterprise bankruptcies, and further serious social and economic repercussions (Aidukaite et al, 2021;Bergsen, 2020;Davahli et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

“…Sanitary restrictions have hit certain sectors more, having led to a full ban on production or services, while others suffered less (where the risk of virus transmission is low or where the sector is of strategic importance to the functioning of the economy). The economic sectors most affected by the restrictions related to the COVID-19 pandemic include gastronomy, hospitality, health and wellness, while construction and industry were less affected (Bergsen, 2020;Davahli et al, 2020).…”

Section: Introductionmentioning

confidence: 99%

Assessment of the risk of foreign divestment in Poland during the COVID-19 pandemic

Salamaga

2021

Wiadomości Statystyczne. The Polish Statistician

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The importance of foreign direct investment (FDI) to the economic development of Poland cannot be overestimated, both at the regional level and in relation to the economy as a whole. Since FDIs are powered by capital sensitive to various national and international crises, it seems natural to ask whether the situation connected with the global COVID-19 pandemic is reflected in the reduction of FDI inflows to Poland. The aim of the paper is to identify the determinants of the foreign divestment process in the Polish economy as a whole and in its main sectors during the COVID-19 pandemic. The article analyses scenarios of foreign divestment in Poland in an annual perspective, starting from the outbreak of the epidemic in March 2020 up to February 2021. The study used data from a survey conducted in April and May 2020 among nearly 500 enterprises realising FDI in Poland. The benchmark for the surveyed companies was the level of their involvement in FDIs covering a one-year period prior to the announcement of the epidemic. The application of logit models allowed the identification of the most important factors of foreign divestment during COVID-19, including the location of FDIs in the services sector, industry, the IT sector, increased market openness and interactions of variables taking into account the restrictions introduced to the economy due to the pandemic. The level of risk of divestment of these variables depends, however, on the volume of FDI reductions declared by investors and on the sector of the economy. If considerable divestment is assumed, FDIs in the services sector are then burdened with a higher risk of divestment than FDIs in the processing industry. Assuming small divestments, FDIs in the IT sector constitute a factor bearing the greatest risk of FDI reduction in the entire economy.

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“… 27 At the EU level, the shift in the state-market balance, if made long-term, could jeopardize or at least alter the path to European integration, which to date has been based on the strategic position of limiting the state's ability to intervene in the market process (Bergsen et al 2020 ). …”

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confidence: 99%

Sustainable economic development in the European Union and COVID-19

Vavoura

Vavouras

2021

Evolut Inst Econ Rev

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The paper has two basic objectives. The first, is to present the evolution of the process of sustainable development in the European Union (EU). We provide evidence that over time, the concept of sustainable development as a broad policy objective has been steadily declining in importance giving way to the less multidimensional strategy of green growth. We argue that the green growth strategy is actually based on the strategic selection of the traditional economic growth model, taking into account certain environmental aspects. We show that environmental protection expenditure is growing much slower than per capita income. Looking at the investment on environmental protection, we document a clear falling trend. Our findings imply that both the social and the environmental dimension of sustainability have been losing ground and the traditional goal of economic growth is being restored. The second, is to provide some assessment of the impact of the coronavirus pandemic on the process of sustainable development in the EU. Considering the relevant EU forecasts on the immediate effects of the pandemic, we conclude that it will severely hinder the process of sustainability in the EU in the short term. The long-term effects of the pandemic cannot even be outlined, especially at the level of the individual member states. Nevertheless, the effectiveness of the Recovery and Resilience Facility as key instrument of recovery and of national recovery and resilience plans, will play a decisive role in minimising or even neutralising the negative longer-term effects of the coronavirus pandemic.

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A new political economy for Europe post-COVID-19

Cited by 12 publications

References 5 publications

The influence of financial literacy on financial resilience – New evidence from Europe during the COVID-19 crisis

The influence of financial literacy on financial resilience – New evidence from Europe during the COVID-19 crisis

Assessment of the risk of foreign divestment in Poland during the COVID-19 pandemic

Sustainable economic development in the European Union and COVID-19

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