Description
The Economic and Financial Impacts of the COVID-19 Crisis Around the World: Expect the Unexpected provides an informed, research-based in-depth understanding of the COVID-19 crisis, its impacts on households, nonfinancial firms, banks, and financial market participants, and the effectiveness of the reactions of governments and policymakers in the United States and around the world. It provides reflections and perspectives on the social costs and benefits of various policies undertaken and a toolkit of preventive measures to deal with crises beyond the COVID-19 crisis.Authors Allen N. Berger, Mustafa U. Karakaplan, and Raluca A. Roman apply their expertise to the research and data on the COVID-19 economic crisis as well as draw on their own rich research experience. They take a holistic approach that compares and contrasts this crisis with other economic and financial crises and assesses economic and financial behavior and government policies in the booms before crises and the aftermaths following them, as well as the crises themselves. They do all this with a keen eye on "Expecting the Unexpected future crises, and policies that might anticipate them and provide better outcomes for society.- Serves as a compendium of available research and data on COVID-19, policies in response to the pandemic, and its effects on the real economy, banking sector, and financial markets- Contextualizes the COVID-19 economic crisis by comparing it to two other global crises from the past: the Crash of 1929 and the Global Financial Crisis of 2007–2009- Helps illustrate how crises that originate in financial markets and in the banking sector differ from each other as well as from the COVID-19 crisis that harmed the real economy first- Compares the policies and outcomes of nations to the COVID-19 pandemic and assesses their costs and benefits, with potential implications for prospective future crises
Table of Contents
Part I. Focus of the book and other introductory materialsIntroduction to Part I1. Introduction to the economic and financial impacts of the COVID-19 crisis and related topics2. The COVID-19 pandemic versus past epidemics, pandemics, and other health crises3. The COVID-19 pandemic as a "black swan" event – comparisons with natural disaster shocks4. Conceptual framework for economic, banking, and financial market cycles featuring crises5. Putting the COVID-19 crisis into context – comparison with earlier global crisesPart II. Empirical evidence on economic and financial effects of COVID-19 crisis around the world Introduction to Part II6. Empirical evidence on the economic effects of COVID-19 crisis on national and local economies7. Empirical evidence on the economic effects of COVID-19 crisis on households8. Empirical evidence on the economic effects of COVID-19 crisis on nonfinancial firms9. Empirical evidence on the effects of COVID-19 crisis on banks10. Empirical evidence on the economic effects of COVID-19 crisis on financial marketsPart III. Government policy reactions to the COVID-19 crisis and their economic and financial effects around the worldIntroduction to Part III11. Putting the COVID-19 crisis policies into context – The Paycheck Protection Program (PPP) versus the Troubled Asset Relief Program (TARP) during the Global Financial Crisis (GFC)12. Other policy reactions to the COVID-19 crisis in the U.S. and their effects on local economies, households, nonfinancial firms, banks, and financial markets13. Policy reactions to the COVID-19 crisis in the rest of the world and their effects on economies, households, nonfinancial firms, banks, and financial marketsPart IV. The extraordinary recoveries in real economies, banking sectors, and financial marketsIntroduction to Part IV14. U.S. evidence15. Evidence from the rest of the worldPart V. Economic and financial effects during the aftermath of COVID-19 crisis around the worldIntroduction to Part V16. Continuations versus cutbacks of COVID-19 crisis policies in the crisis aftermath17. Aftermath effects on national and local economies18. Aftermath effects on households19. Aftermath effects on nonfinancial firms20. Aftermath effects on banks21. Aftermath effects on financial marketsPart VI. Lessons learned from the COVID-19 crisisIntroduction to Part VI22. Expect the unexpected and prepare for future crises
