The global fiscal response to COVID-19: Risks and repercussions

Makin, Anthony J.; Layton, Allan P.

doi:10.1016/j.eap.2020.12.016

Cited by 138 publications

(96 citation statements)

References 21 publications

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“…The first stage of the study was the formation of indicators characterizing the effectiveness of the fiscal policy, based on the IMF methodology for assessing fiscal risks (International Monetary Fund, 2016), as well as scientific publications (Makin & Layton, 2021;Hu & Lei, 2017;Bouakez, Guillard & Roulleau-Pasdeloup, 2020) and indicators of macroeconomic development in Azerbaijan (Ari & Koc, 2020;Soreg & Bermudez-Gonzalez, 2021).…”

Section: Methodsmentioning

confidence: 99%

“…But if we consider the current situation, the generation of fiscal risks (growth of the budget deficit, public debt, etc.) occurs in the context of a shock to both market consumption and market demand., both of which were caused by deliberate government action in fiscal response to COVID-19 pandemic risks (Makin & Layton, 2021;Megits, Neskorodieva & Schuster, 2020). Analysis of the scientific literature has shown that today's scientists do not analyze the effectiveness of fiscal policy and fiscal shocks associated with the humanitarian crisis of the health care system, which arose as a result of the government's deliberate blocking of national borders on a global scale, disruption of supply chains and changes in household behavior (Makin & Layton, 2021;Edelberg & Sheiner, 2020) and can be compared the current situation with similar studies of economic shocks and the effectiveness of public administration during wartime.…”

Section: Literature Reviewmentioning

confidence: 99%

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Fiscal policy effectiveness and risks in the development of Azerbaijan’s economy during economic shock

Guliyeva

Gadimli

Azizov

et al. 2021

JEECAR

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The study aimed to empirically evaluate the effectiveness of fiscal policy in the context of the economic slowdown in Azerbaijan caused by the COVID19 pandemic. Using the Granger test, causal relationships between fiscal indicators and indicators of macroeconomic development in Azerbaijan have been determined. Presented an integrated assessment of the development of the national economy under the influence of the fiscal policy in the country. Using the regression analysis, fiscal risks have been identified that have a destabilizing effect on the economy and aggravating its state during a period of economic shock in the short term. The hypothesis about the different influence of the values of the public expenditure multipliers on the economy, depending on their functional directions, has been confirmed. The structure of expenses of the state budget of Azerbaijan has been empirically optimized, increasing production expenses.

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Section: Methodsmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Fiscal policy effectiveness and risks in the development of Azerbaijan’s economy during economic shock

Guliyeva

Gadimli

Azizov

et al. 2021

JEECAR

View full text Add to dashboard Cite

show abstract

“…Restrictions and national shutdowns caused hardship for informal businesses, such as tourism, hospitality, recreation, and catering services providers. Furthermore, the immediate global fiscal response to the onset of the crisis was the deployment of fiscal policies to increase health expenditure, ensure wages and allow companies to retain workers, and prevent mass unemployment [68]. Government response across countries was primarily aimed at preventive health measures.…”

Section: Covid-19 As a Financial Shockmentioning

confidence: 99%

Sustaining Trade during COVID-19 Pandemic: Establishing a Conceptual Model Including COVID-19 Impact

2021

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The conceptual research aims to identify antecedents conducive to bilateral trade during the COVID-19 pandemic. Considering the relevance of bilateral trade for foreign policy and economy studies, there is a need for a renewed framework in times of extreme economic instability. As international commerce is essential for improving the country’s economy, we have examined how economic distance, population, trade percentage of GDP, exchange rate, and political changes interconnect and relate to COVID-19, influencing trade flows. This conceptual paper illustrates the likely impact of COVID-19 on international trade by exploring pandemics’ effects on standard trading parameters such as GDP, distance, policy stability, and population. We model the resulting shock as a multifaceted variable reflected in capital underutilization, manufacturing output decline, international trade costs inflation, production costs inflation, decrease in demand for certain services and shift from everyday needs towards activities that exclude the proximity between people, e.g., proclivity towards virtual market products. The sudden decrease in GDP and bilateral trade, as well as FDI, is amplified by further development of pandemics’ long-term consequences. We take COVID-19 to be a technological, financial, and policy shock significantly influencing international trade and economic development and argue that it will have a varying impact on diverse sectors and economies. The paper offers preliminary insight into the pandemic-related economics that are unfolding and deduce recommendations on positive changes in trading policy to fully leverage on arising trading opportunities and point to potential research directions.

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“…As head of the opposition GLAS party, Mrak Taritaš stated in her comments on last year's parliamentary election results that the former mayor of Zagreb was vulnerable. 21 Associated with different state systems and political officials, the vulnerability narrative has transcendent significance and one occasion it went so far that, surprisingly, the Republic of Croatia was also said to be vulnerable. 22 The analysis of Croatian public discourse shows the transformative capacity of the vulnerability idea in its finest forms.…”

Section: The Notion Of Vulnerability In Public Discoursesmentioning

confidence: 99%

The Institute of Vulnerability in the Time of Covid-19 Pandemic: All Shades of the Human Rights Spectrum

Rittossa

2021

EU 2021 – The Future of the EU in and After the Pandemic

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The vulnerability thesis is one of the most important legal concepts in contemporary legal theory. Apart from being studied by legal scholars, the notion of vulnerability has been embodied in concrete legal rules and transferred to national case law allowing courts to set its boundaries by the power of judicial interpretation. Even though it would be hard to contest Schroeder and Gefenas’s statement that it is not necessary for an academic to say what vulnerability is because common sense dictates the existence of it, recent scholarly analysis clearly shows that the concept itself has become intolerably vague and slippery. More precisely, it is not quite clear what the essence of vulnerability is and what the effects of its gradation as well as repercussions are on other constitutional institutes across the human rights spectrum. The noted vagueness poses a great concern, particularly in the time of COVID-19, the greatest social stressor that humanity has faced in recent months. The COVID-19 crisis has had untold consequences on our health, mental well-being, educational growth, and economic stability. In order for the state to bear the COVID-19 social burden and adequately protect the vulnerable, it is of the utmost importance to set clear guidance for the interpretation and implementation of the vulnerability concept. Seeking to contribute to literature on these issues, the author brings light to constitutional and criminal legal standards on vulnerability set within the current jurisprudence and doctrine. Bearing in mind the influence of the European Court of Human Rights (hereinafter, the ECtHR or the Court) on developments in human rights law, 196 judgments related to vulnerability have been retrieved from the HUDOC database using a keywords search strategy. The quantitative analysis was supplemented with more in-depth qualitative linguistic research of the Court’s reasoning in cases concerning vulnerable children, persons suffering from mental illness and victims of family violence. Although the vulnerability reasoning has considerably expended their rights within the ambit of the Convention, the analysis has shown that inconsistencies and ambiguities emerge around the formulation of the applicant’s vulnerability and its gradation with respect to positive obligations. The full creative and transformative potential of the institute of vulnerability is yet to be realized.

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The global fiscal response to COVID-19: Risks and repercussions

Cited by 138 publications

References 21 publications

Fiscal policy effectiveness and risks in the development of Azerbaijan’s economy during economic shock

Fiscal policy effectiveness and risks in the development of Azerbaijan’s economy during economic shock

Sustaining Trade during COVID-19 Pandemic: Establishing a Conceptual Model Including COVID-19 Impact

The Institute of Vulnerability in the Time of Covid-19 Pandemic: All Shades of the Human Rights Spectrum

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