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Short-Term Impact of COVID-19 in the Clusters of EU Market Economies

In: Macroeconomic Responses to the COVID-19 Pandemic

Author

Listed:
  • Vivien Czeczeli

    (University of Public Service, Research Institute of Competitiveness and Economy)

  • Pál Péter Kolozsi

    (University of Public Service, Research Institute of Competitiveness and Economy)

  • Gábor Kutasi

    (University of Public Service, Research Institute of Competitiveness and Economy)

  • Ádám Marton

    (University of Public Service, Research Institute of Competitiveness and Economy)

Abstract

Before the coronavirus epidemic and the related lockdowns, the EU countries represented various image of social, fiscal and external economic characteristics which is the base of the cluster analysis. The puzzle is whether the pre-crisis preparedness results in different or similar damages during the economic crisis. Specific evolution patterns of production, labour market, mobility and risk premium are explored as crisis indicators. The analysis concludes that a clear link can be established merely between the state of public finances and the indicator of financial risk in the examination of the behaviour of clusters. For all clusters, it is confirmed that the decline in mobility was mostly accompanied by a slowdown in industrial production, but not by unemployment.

Suggested Citation

  • Vivien Czeczeli & Pál Péter Kolozsi & Gábor Kutasi & Ádám Marton, 2021. "Short-Term Impact of COVID-19 in the Clusters of EU Market Economies," Springer Books, in: Neven Vidaković & Ivan Lovrinović (ed.), Macroeconomic Responses to the COVID-19 Pandemic, chapter 0, pages 53-84, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-75444-0_3
    DOI: 10.1007/978-3-030-75444-0_3
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    More about this item

    Keywords

    COVID-19; Fiscal policy; Crisis; Cluster analysis; EU; JEL-codes; C38; E60; H12; H60; J60;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General

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