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Holistic Framework for COVID-19 Pandemic as Systemic Risk

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  • Jan Krzysztof Solarz
  • Krzysztof Waliszewski

Abstract

Purpose: The aim of this study is to provide knowledge to manage the holistic nature of the COVID-19 pandemic. Design/Methodology/ Approach: The theoretical framework of COVID-19 research forms a matrix of multidiscipline scientists from medics, epidemiologists, sociologists, economists, and full life cycle performance. This ground level creates systemic risk in form of White Swan. The next layer are costs of pandemic private, public, club, merit costs. This is Black Swan model of COVID-19 pandemic as systemic risk. In the top layer we see Green Swan and pure uncertainty. Each of the elements of a Systemic Matrix is different in every country. Findings: In our opinion, COVID-19 pandemic should be described in the language of systemic risk. There is uncertainty if nature of COVID-19 is endogenous or exogenous? The matrix of COVID-19 understanding is crowned by well-being and the perception of the risk of COVID-19 among the various participants in the economy. Practical Implications: Knowing that COVID-19 pandemic is Green Swan we may use Resolution Funds to support Public-Private network for testing and vaccines. Originality/value: Our theoretical language opens cross disciplinary communication on COVID-19 pandemic. Now, we can discuss on distribution of cost of COVID-19 pandemic between participants of this multilevel systemic process. This is also cost of blocked transgenerational transfers. Some people lost life, some lost social capital because of the loss of grandparents.

Suggested Citation

  • Jan Krzysztof Solarz & Krzysztof Waliszewski, 2020. "Holistic Framework for COVID-19 Pandemic as Systemic Risk," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 340-351.
    • Handle: RePEc:ers:journl:v:xxiii:y:2020:i:special2:p:340-351
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    Cited by:

    1. Krzysztof Waliszewski & Anna Warchlewska, 2021. "How we can benefit from personal finance management applications during the COVID-19 pandemic? The Polish case," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(3), pages 681-699, March.
    2. Francis Kuriakose & Deepa Kylasam Iyer, 2024. "Initial conditions and cross-country macroeconomic impact during Covid-19," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 19(1), pages 4-27.
    3. Krzysztof Waliszewski & Anna Warchlewska, 2021. "How we can benefit from personal finance management applications during the COVID-19 pandemic? The Polish case," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 8(4), pages 103-121, June.

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    More about this item

    Keywords

    Pandemic; systemic risk; systemic matrix; green; white and black swans.;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G01 - Financial Economics - - General - - - Financial Crises
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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