On the Impact of COVID-19-Related Uncertainty

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DC Field	Value
dc.identifier	ECF_chapter_4182
dc.contributor.author	Castellini Marta
dc.contributor.author	Donadelli Michael
dc.contributor.author	Gufler Ivan
dc.title	On the Impact of COVID-19-Related Uncertainty
dc.type	Chapter
dc.language.iso	en
dc.description.abstract	COVID-19 has generated a substantial increase in the level of economic policy uncertainty (EPU) around the World. Recent empirical investigations suggest that the COVID-19 has played a key role in amplifying the overall level of political uncertainty. In Italy, where anti-COVID-19 measures were implemented with some delay and were badly communicated, EPU rose dramatically. We examine the implications of rising COVID-19-related uncertainty for company revenues, gross operating margin and employment in 16 different Italian sectors. Our findings indicate construction, education, manufacturing activities and hospitality as the most hit sectors, with an average short-term drop in company revenues of around 4% in annual terms and a recovery time of almost two years. Thus, COVID-19-related uncertainty is found to be a significant business cycle driver.
dc.relation.ispartof	Innovation in Business, Economics & Finance
dc.publisher	Edizioni Ca’ Foscari - Digital Publishing, Fondazione Università Ca’ Foscari
dc.issued	2020-07-31
dc.dateAccepted	2020-06-30
dc.dateSubmitted	2020-06-03
dc.identifier.uri	http://edizionicafoscari.it/en/edizioni4/libri/978-88-6969-443-1/on-the-impact-of-covid-19-related-uncertainty/
dc.identifier.doi	10.30687/978-88-6969-442-4/016
dc.identifier.eissn	2784-8574
dc.identifier.isbn
dc.identifier.eisbn	978-88-6969-442-4
dc.rights	Creative Commons Attribution 4.0 International Public License
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/
item.fulltext	with fulltext
item.grantfulltext	open
dc.peer-review	yes
dc.subject	Ambiguity
dc.subject	Ambiguity
dc.subject	COVID-19
dc.subject	COVID-19
dc.subject	Employment
dc.subject	Employment
dc.subject	Non-macro-related uncertainty
dc.subject	Non-macro-related uncertainty
dc.subject	Political uncertainty
dc.subject	Political uncertainty
dc.subject	Revenues
dc.subject	Revenues

Chapter
open access peer reviewed

On the Impact of COVID-19-Related Uncertainty

Marta Castellini Università degli Studi di Brescia, Italia; Fondazione Eni Enrico Mattei, Milano, Italia

Michael Donadelli Università degli Studi di Brescia, Italia

Ivan Gufler Università Ca’ Foscari Venezia, Italia

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abstract

COVID-19 has generated a substantial increase in the level of economic policy uncertainty (EPU) around the World. Recent empirical investigations suggest that the COVID-19 has played a key role in amplifying the overall level of political uncertainty. In Italy, where anti-COVID-19 measures were implemented with some delay and were badly communicated, EPU rose dramatically. We examine the implications of rising COVID-19-related uncertainty for company revenues, gross operating margin and employment in 16 different Italian sectors. Our findings indicate construction, education, manufacturing activities and hospitality as the most hit sectors, with an average short-term drop in company revenues of around 4% in annual terms and a recovery time of almost two years. Thus, COVID-19-related uncertainty is found to be a significant business cycle driver.

Published

July 31, 2020

Accepted

June 30, 2020

Submitted

June 3, 2020

Language

ISBN (EBOOK)

978-88-6969-442-4

Keywords: Revenues • Ambiguity • COVID-19 • Political uncertainty • Non-macro-related uncertainty • Employment

permalink: http://doi.org/10.30687/978-88-6969-442-4/016

Copyright: © 2020 Marta Castellini, Michael Donadelli, Ivan Gufler. This is an open-access work distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction is permitted, provided that the original author(s) and the copyright owner(s) are credited and that the original publication is cited, in accordance with accepted academic practice. The license allows for commercial use. No use, distribution or reproduction is permitted which does not comply with these terms.

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