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The Impact Of The Covid-19 Crisis On Public Finances Compared To The Previous Crisis

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  • MATEI Elena-Florentina

    (Doctoral School Economy I, Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

The start of a crisis, whether it is a financial, health, or any other crisis, is a negative macroeconomic phenomenon, with consequences for both the entire world and the European Union. The coronavirus epidemic manifested itself in European countries in the spring of 2020, leading to the emergence of economic imbalances amid slowing and shrinking economic activity. The measures taken by European states are unprecedented compared to those adopted in the previous crisis, ranging from financial support to individuals and legal entities, deferral of taxes and other debts, legislative changes, and the acceptance of work from home in more and more branches activity, which until this period was not possible. This paper aims to study and analyze the evolution of public debt and budget deficit in the European Union, but also the measures taken by the Member States in the context of COVID-19 compared to those during the financial crisis in 2009. In addition to this analysis, in this paper, I intend to identify the growth rate of public debt in the Member States in 2009/2008 compared to 2020/2019. To compile this paper, I will use statistical data taken from the Eurostat website on public debt and budget deficit, but also data taken from the European Commission`s AMECO database, section “Economic and Financial Affairs†which includes forecasts on public debt for the year 2020. Regarding the research method used, it consists of both descriptive analysis, dynamic macroeconomic analysis using graphs, and comparative analysis according to the objectives pursued throughout the research. Comparing with the way the information is presented in the bibliography used and found at the end of the paper, in this paper are found only the essential aspects, the particularities of the chosen research topic, which finally provides the overview.

Suggested Citation

  • MATEI Elena-Florentina, 2020. "The Impact Of The Covid-19 Crisis On Public Finances Compared To The Previous Crisis," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 204-212, December.
    • Handle: RePEc:ora:journl:v:1:y:2020:i:2:p:204-212
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    File URL: http://anale.steconomiceuoradea.ro/volume/2020/n2/018.pdf
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    References listed on IDEAS

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    1. Tracy Gordon & Lucy Dadayan & Kim Rueben, 2020. "State and Local Government Finances in the COVID-19 Era," National Tax Journal, National Tax Association;National Tax Journal, vol. 73(3), pages 733-758, September.
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    More about this item

    Keywords

    crisis; public debt; budget deficit; Covid-19; measures; evolution;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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