IDEAS home Printed from https://ideas.repec.org/p/ris/bkamdt/2022_004.html
   My bibliography  Save this paper

Les déterminants de l’effort de relance en réponse à la crise de Covid-19

Author

Listed:
  • Lahlou, Kamal

    (Bank Al-Maghrib, Département de la Recherche)

  • Hajjaji , Saida

    (Bank Al-Maghrib, Département de la Recherche)

Abstract

L’économie mondiale a observé une récession sans précèdent à cause de la pandémie de la Covid-19. Les gouvernements ont ainsi utilisé différentes mesures de soutien aux ménages et aux entreprises pour atténuer les effets de la crise et relancer l’activité économique. Toutefois, l’ampleur des dépenses a significativement varié d'une économie à l'autre. Ce travail examine les déterminants macroéconomiques de l’effort de relance en réponse à la pandémie sur un panel de 86 pays émergents et en développement dont le Maroc. Les résultats ont montré que des niveaux élevés de la dette et du déficit du compte courant ont contribué à la réduction de l’effort de relance. En revanche, la sévérité de la récession économique observée en 2020, le nombre de cas de contaminations et l’indice de développement humain ont concouru à l’augmentation de l’effort de relance. De même, la taille de l’économie informelle a davantage accentué les besoins d’aides puisque les travailleurs qui opèrent dans ces activités ne bénéficient pas des filets de sécurité sociale. Enfin, le développement du secteur financier a positivement agi sur l’effort de relance destiné aux entreprises à travers les mécanismes de garantie du crédit.

Suggested Citation

  • Lahlou, Kamal & Hajjaji , Saida, 2022. "Les déterminants de l’effort de relance en réponse à la crise de Covid-19," Document de travail 2022-4, Bank Al-Maghrib, Département de la Recherche.
    • Handle: RePEc:ris:bkamdt:2022_004
    as

    Download full text from publisher

    File URL: https://www.bkam.ma/content/download/776340/8675181/version/1/file/Les+d%C3%A9terminants+de+l%27effort+de+relance+en+r%C3%A9ponse+%C3%A0+la+crise+de+Covid-19.pdf
    File Function: Full text
    Download Restriction: s.loukili@bkam.ma
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Daniel Jeong-Dae Lee, 2020. "An assessment of fiscal space for COVID-19 response and recovery in Asia-Pacific developing countries," MPDD Policy Briefs PB116, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
    2. Mr. Manmohan S. Kumar & Mr. Dennis P Botman, 2006. "Fundamental Determinants of the Effects of Fiscal Policy," IMF Working Papers 2006/072, International Monetary Fund.
    3. Efraim Benmelech & Nitzan Tzur-Ilan, 2020. "The Determinants of Fiscal and Monetary Policies During the Covid-19 Crisis," NBER Working Papers 27461, National Bureau of Economic Research, Inc.
    4. Christopher Adam & Enrique Alberola-Ila & Albert Pierres Tejada, 2022. "Covid-19 and the monetary-fiscal policy nexus in Africa," BIS Papers, Bank for International Settlements, number 121.
    5. Enrique Alberola-Ila & Yavuz Arslan & Gong Cheng & Richhild Moessner, 2020. "The fiscal response to the Covid-19 crisis in advanced and emerging market economies," BIS Bulletins 23, Bank for International Settlements.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Galina Hale & John Leer & Fernanda Nechio, 2022. "Inflationary Effects of Fiscal Support to Households and Firms," Working Paper Series 2023-02, Federal Reserve Bank of San Francisco.
    2. Grabowski, Wojciech & Janus, Jakub & Stawasz-Grabowska, Ewa, 2023. "The COVID-19 pandemic and financial markets in Central Europe: Macroeconomic measures and international policy spillovers," Emerging Markets Review, Elsevier, vol. 54(C).
    3. Galiani, Sebastian, 2022. "Pandemic economics," Journal of Economic Behavior & Organization, Elsevier, vol. 193(C), pages 269-275.
    4. Juncal Cunado & David Gabauer & Rangan Gupta, 2024. "Realized volatility spillovers between energy and metal markets: a time-varying connectedness approach," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-17, December.
    5. Lalinsky, Tibor & Pál, Rozália, 2022. "Distribution of COVID-19 government support and its consequences for firm liquidity and solvency," Structural Change and Economic Dynamics, Elsevier, vol. 61(C), pages 305-335.
    6. Feyen, Erik & Alonso Gispert, Tatiana & Kliatskova, Tatsiana & Mare, Davide S., 2021. "Financial Sector Policy Response to COVID-19 in Emerging Markets and Developing Economies," Journal of Banking & Finance, Elsevier, vol. 133(C).
    7. Hale, Galina & Leer, John & Nechio, Fernanda, 2025. "Fiscal policy design and inflation: The COVID-19 pandemic experience," Santa Cruz Department of Economics, Working Paper Series qt9cc4c34z, Department of Economics, UC Santa Cruz.
    8. Berger, Johannes & Strohner, Ludwig, 2020. "Documentation of the PUblic Policy Model for Austria and other European countries (PUMA)," Research Papers 11, EcoAustria – Institute for Economic Research.
    9. Eichengreen, Barry & Park, Donghyun & Shin, Kwanho, 2021. "The shape of recovery: Implications of past experience for the duration of the COVID-19 recession," Journal of Macroeconomics, Elsevier, vol. 69(C).
    10. Botman, Dennis & Edison, Hali & N'Diaye, Papa, 2009. "Strategies for fiscal consolidation in Japan," Japan and the World Economy, Elsevier, vol. 21(2), pages 151-160, March.
    11. Javier Olivera & Philippe Kerm, 2022. "Public support for tax policies in COVID-19 times: evidence from Luxembourg," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 29(6), pages 1395-1418, December.
    12. Luca Agnello & Davide Furceri & Ricardo M. Sousa, 2011. "Fiscal Policy Discretion, Private Spending, and Crisis Episodes," NIPE Working Papers 31/2011, NIPE - Universidade do Minho.
    13. Andrieș, Alin Marius & Ongena, Steven & Sprincean, Nicu, 2021. "The COVID-19 Pandemic and Sovereign Bond Risk," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    14. Mawejje, Joseph & Odhiambo, Nicholas M, 2022. "Macroeconomic determinants of fiscal policy in east Africa: a panel causality analysis," Working Papers 29842, University of South Africa, Department of Economics.
    15. Central Bank of Malaysia, 2022. "Monetary and fiscal policy interactions in the wake of the pandemic," BIS Papers chapters, in: Bank for International Settlements (ed.), The monetary-fiscal policy nexus in the wake of the pandemic, volume 122, pages 187-194, Bank for International Settlements.
    16. Mr. Manmohan S. Kumar & Mr. Dennis P Botman, 2007. "Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms," IMF Working Papers 2007/196, International Monetary Fund.
    17. Alina Danilowska, 2021. "The Impact of the COVID19 Pandemic on the Credit Market in Poland," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 229-240.
    18. ORIHARA Masanori & SUZUKI Takafumi, 2021. "Windfalls? Costs and Benefits of Investment Tax Incentives due to Financial Constraints," Discussion papers 21087, Research Institute of Economy, Trade and Industry (RIETI).
    19. Deev, Oleg & Plíhal, Tomáš, 2022. "How to calm down the markets? The effects of COVID-19 economic policy responses on financial market uncertainty," Research in International Business and Finance, Elsevier, vol. 60(C).
    20. Brunckhorst, Ben & Cojocaru, Alexandru & Kim, Yeon Soo & Kugler, Maurice, 2024. "Long COVID: The evolution of household welfare in developing countries during the pandemic," World Development, Elsevier, vol. 175(C).

    More about this item

    Keywords

    Pandémie-Covid19; crise-économique-et-sociale; effort-de-relance; déterminants-macroéconomiques; modélisation-en-coupe-transversale;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:ris:bkamdt:2022_004. 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.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: Département Recherche (email available below). General contact details of provider: https://edirc.repec.org/data/bamgvma.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.