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Who Bore the Brunt of the Pandemic in Europe? Shifting Private Stress to the Public Sector
Author:
Mr. Marco Arena
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Ms. Ruo Chen
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Mr. Alfredo Cuevas https://isni.org/isni/0000000404811396, International Monetary Fund

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Karim Foda
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Mr. Borja Gracia
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Miss Estelle X Liu
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Alex Pienkowski
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Christiane Roehler
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Shituo Sun
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Mr. Sebastian Weber
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Xin Cindy Xu https://isni.org/isni/0000000404811396, International Monetary Fund

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Ms. Yu Shi
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Series:
Departmental Papers
Volume/Issue:
Volume 2021: Issue 015
Language:
English
Publication Date:
15 Jul 2021
DOI:
https://doi.org/10.5089/9781513577494.087
ISBN:
9781513577494
ISSN:
2616-5333
Pages:
45
Keywords:
Consumption; Saving; Wealth; Business Fluctuations
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector’s balance sheet and contrasts this experience to that of the global financial crisis.
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Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund