The Global Financial Crisis and the COVID-19 Pandemic

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Campo DC	Valore
dc.identifier	ECF_chapter_4216
dc.contributor.author	Moreno Antonio
dc.contributor.author	Ongena Steven
dc.contributor.author	Veghazy Alexia Ventula
dc.contributor.author	Wagner Alexander F.
dc.title	The Global Financial Crisis and the COVID-19 Pandemic
dc.type	Capitolo
dc.language.iso	en
dc.description.abstract	We sketch possible linkages between features of the 2008-2009 financial crisis and outcomes of the 2020 COVID-19 pandemic. We start from three features of the financial crisis, i.e. (1) costly bank bailouts, (2) constrained SME credit, and (3) strict bank regulation. We then discuss their intermediate outcomes in terms of: (1) sovereign debt accumulation and possible cuts in public health spending, (2) the slowing of economic growth and labour mobility; and (3) bank zombie lending, to arrive at the COVID-19 pandemic severity in terms of infection and death rates and the difficulties in designing and implementing economic support policies.
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/it/edizioni4/libri/978-88-6969-443-1/the-global-financial-crisis-and-the-covid-19-pande/
dc.identifier.doi	10.30687/978-88-6969-442-4/001
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	Bank default
dc.subject	Bank default
dc.subject	COVID-19 pandemic
dc.subject	COVID-19 pandemic
dc.subject	Financial crisis
dc.subject	Financial crisis
dc.subject	Local credit
dc.subject	Local credit
dc.subject	Zombie lending
dc.subject	Zombie lending

Capitolo
open access peer reviewed

The Global Financial Crisis and the COVID-19 Pandemic

Antonio Moreno Universidad de Navarra, España

Steven Ongena University of Zurich, Switzerland; Swiss Finance Institute; KU Leuven and CEPR

Alexia Ventula Veghazy European Central Bank

Alexander F. Wagner University of Zurich, Switzerland; Swiss Finance Institute; European Corporate Governance Institute; CEPR

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abstract

We sketch possible linkages between features of the 2008-2009 financial crisis and outcomes of the 2020 COVID-19 pandemic. We start from three features of the financial crisis, i.e. (1) costly bank bailouts, (2) constrained SME credit, and (3) strict bank regulation. We then discuss their intermediate outcomes in terms of: (1) sovereign debt accumulation and possible cuts in public health spending, (2) the slowing of economic growth and labour mobility; and (3) bank zombie lending, to arrive at the COVID-19 pandemic severity in terms of infection and death rates and the difficulties in designing and implementing economic support policies.

Pubblicato

31 Luglio 2020

Accettato

30 Giugno 2020

Presentato

03 Giugno 2020

Lingua

ISBN (EBOOK)

978-88-6969-442-4

Keywords: Financial crisis • COVID-19 pandemic • Bank default • Zombie lending • Local credit

permalink: http://doi.org/10.30687/978-88-6969-442-4/001

Copyright: © 2020 Antonio Moreno, Steven Ongena, Alexia Ventula Veghazy, Alexander F. Wagner. 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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