IDEAS home Printed from https://ideas.repec.org/a/bog/econbl/y2021i53p29-48.html
   My bibliography  Save this article

Explaining the cross-country differences in the economic fallout during the COVID-19 pandemic crisis

Author

Listed:
  • Dimitra Dimitropoulou

    (Bank of Greece)

  • Anastasia Theofilakou

    (Bank of Greece)

Abstract

This study investigates the main drivers of the differences in the economic fallout in advanced economies during the COVID-19 crisis. In addition to containment measures, the analysis places emphasis on pre-crisis factors that may have bolstered economic resilience during the health crisis and mitigated the output loss. Also, it assesses the role of discretionary fiscal policy in 2020 in explaining the cross-country variation in the economic fallout by explicitly controlling for the simultaneity of the policy measures and the size of the GDP shock. The authors find that factors such as social distancing measures and the structure of the economy, which are directly related to the COVID-19 crisis, explain a large part of the asymmetry in output loss in 2020 across countries. Pre-crisis structural and institutional factors also seem to contribute to economic resilience during the current crisis, while stronger discretionary fiscal support in 2020 is associated with lower output loss.

Suggested Citation

  • Dimitra Dimitropoulou & Anastasia Theofilakou, 2021. "Explaining the cross-country differences in the economic fallout during the COVID-19 pandemic crisis," Economic Bulletin, Bank of Greece, issue 53, pages 29-48, July.
    • Handle: RePEc:bog:econbl:y:2021:i:53:p:29-48
    DOI: 10.52903/econbull20215302
    as

    Download full text from publisher

    File URL: https://doi.org/10.52903/econbull20215302
    Download Restriction: no
    File URL: https://libkey.io/10.52903/econbull20215302?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Sofia Anyfantaki & Yannis Caloghirou & Konstantinos Dellis & Aikaterini Karadimitropoulou & Filippos Petroulakis, 2022. "Skills, management practices and technology adoption in Greek manufacturing firms," Economic Bulletin, Bank of Greece, issue 55, pages 7-42, July.
    2. Lalinsky, Tibor & Anyfantaki, Sofia & Benkovskis, Konstantins & Bergeaud, Antonin & Bun, Maurice & Bunel, Simon & Colciago, Andrea & De Mulder, Jan & Lopez, Beatriz Gonzalez & Jarvis, Valerie & Krasno, 2024. "The impact of the COVID-19 pandemic and policy support on productivity," Occasional Paper Series 341, European Central Bank.
    3. Nikos Ventouris & Georgios Palaiodimos, 2022. "Proposals for the reform of EU fiscal rules," Economic Bulletin, Bank of Greece, issue 55, pages 67-81, July.
    4. Christos Catiforis, 2022. "Post-pandemic inflation: Phillips Curve, trends, drivers and lessons," Economic Bulletin, Bank of Greece, issue 55, pages 43-65, July.
    5. Sofia Anyfantaki & Petros Migiakis & Katerina Paisiou, 2022. "Green finance in Europe: actors and challenges," Economic Bulletin, Bank of Greece, issue 55, pages 83-105, July.

    More about this item

    Keywords

    economic resilience; COVID-19 pandemic; cross-sectional analysis;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bog:econbl:y:2021:i:53:p:29-48. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Anastasios Rizos (email available below). General contact details of provider: https://edirc.repec.org/data/boggvgr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.