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1.
The spread of COVID-19, and international measures to contain it, are having a major impact on economic activity in the UK. In this paper, we describe how this impact has varied across industries, using data on share prices of firms listed on the London Stock Exchange, and how well targeted government support for workers and companies is in light of this. 相似文献
2.
Alison Andrew Sarah Cattan Monica Costa Dias Christine Farquharson Lucy Kraftman Sonya Krutikova Angus Phimister Almudena Sevilla 《Fiscal Studies》2020,41(3):653-683
This paper combines novel data on the time use, home-learning practices and economic circumstances of families with children during the COVID-19 lockdown with pre-lockdown data from the UK Time Use Survey to characterise the time use of children and how it changed during lockdown, and to gauge the extent to which changes in time use and learning practices during this period are likely to reinforce the already large gaps in educational attainment between children from poorer and better-off families. We find considerable heterogeneity in children's learning experiences – amount of time spent learning, activities undertaken during this time and availability of resources to support learning. Concerningly, but perhaps unsurprisingly, this heterogeneity is strongly associated with family income and in some instances more so than before lockdown. Furthermore, our analysis suggests that any impacts of inequalities in time spent learning between poorer and richer children are likely to be compounded by inequalities not only in learning resources available at home, but also in those provided by schools. 相似文献
3.
The coronavirus pandemic has had huge impacts on the National Health Service (NHS). Patients suffering from the illness have placed unprecedented demands on acute care, particularly on intensive care units (ICUs). This has led to an effort to dramatically increase the resources available to NHS hospitals in treating these patients, involving reorganisation of hospital facilities, redeployment of existing staff and a drive to bring in recently retired and newly graduated staff to fight the pandemic. These increases in demand and changes to supply have had large knock-on effects on the care provided to the wider population. This paper discusses likely implications for healthcare delivery in the short and medium term of the responses to the coronavirus pandemic, focusing primarily on the implications for non-coronavirus patients. Patterns of past care suggest those most likely to be affected by these disruptions will be older individuals and those living in more deprived areas, potentially exacerbating pre-existing health inequalities. Effects are likely to persist into the longer run, with particular challenges around recruitment and ongoing staff shortages. 相似文献
4.
This paper brings together evidence from various data sources and the most recent studies to describe what we know so far about the impacts of the COVID-19 crisis on inequalities across several key domains of life, including employment and ability to earn, family life and health. We show how these new fissures interact with existing inequalities along various key dimensions, including socio-economic status, education, age, gender, ethnicity and geography. We find that the deep underlying inequalities and policy challenges that we already had are crucial in understanding the complex impacts of the pandemic itself and our response to it, and that the crisis does in itself have the potential to exacerbate some of these pre-existing inequalities fairly directly. Moreover, it seems likely that the current crisis will leave legacies that will impact inequalities in the long term. These possibilities are not all disequalising, but many are. 相似文献
5.
The quarantine and disruption of non-essential activities as measure to contain the COVID-19 pandemic has negatively affected all economies around the World. This has had a deeper impact on small and medium enterprises (SMEs) in emerging economies because they have very limited resources and vulnerable supply chain and business-to-business/business-to-clients relationships. In this context, it is expected that after the pandemic many of these enterprises will disappear as the “new normality” will require changes in business and infrastructure management. To reduce this risk, innovation is identified as a key aspect of business recovery in the ongoing and post-COVID-19 pandemic period. This work presents a multidisciplinary methodological approach to guide these enterprises to innovate their products for new markets and making a better use of their limited available resources. As an example of this approach, the research-supported development of a new product for a family-owned SME was performed in a zone with high COVID-19 risk. The results provide insight regarding innovation as a survival tool for SMEs during and after the COVID-19 contingency, and the use of digital resources is identified as the main facilitator for networking and research-based design of innovative products within the “social distance” context. 相似文献
6.
The economic and public health crisis created by the COVID-19 pandemic has exposed existing inequalities between ethnic groups in England and Wales, as well as creating new ones. We draw on current mortality and case data, alongside pre-crisis labour force data, to investigate the relative vulnerability of different ethnic groups to adverse health and economic impacts. After accounting for differences in population structure and regional concentration, we show that most minority groups suffered excess mortality compared with the white British majority group. Differences in underlying health conditions such as diabetes may play a role; so too may occupational exposure to the virus, given the very different labour market profiles of ethnic groups. Distinctive patterns of occupational concentration also highlight the vulnerability of some groups to the economic consequences of social distancing measures, with Bangladeshi and Pakistani men particularly likely to be employed in occupations directly affected by the UK's ‘lockdown’. We show that differences in household structures and inequalities in access to savings mean that a number of minority groups are also less able to weather short-term shocks to their income. Documenting these immediate consequences of the crisis reveals the potential for inequalities to become entrenched in the longer term. 相似文献
7.
I analyze the shockwave effect of the COVID-19 pandemic on currency markets, with a comparison to the global financial crisis (GFC), employing Kapetanios m-break unit root test, investigations of standalone risk measures—downside variance, upside risk, volatility skewness, Gaussian Value at Risk (VaR), historical VaR, modified VaR—and Diebold–Yilmaz volatility spillover analysis. Standalone risk analysis shows that the turmoil in the initial months of COVID-19 was not as severe as that in the GFC. However, examination of co-movements and volatility spillovers illustrates a different scenario. According to the results of the static connectedness measure of Diebold–Yilmaz, the shockwave of the COVID-19 pandemic in the total volatility spillover is about eight times greater than that of the GFC. Among standalone risk measures, the results closest to this finding are obtained from volatility skewness analysis. Additionally, of six foreign exchange rates, the Brazilian real and Turkish lira are the currencies experiencing the greatest increase in received volatility during the GFC and the COVID-19 pandemic, respectively. These findings suggest the severe effect of crises on emerging financial markets. 相似文献
8.
Besides great turmoil in financial markets, the COVID-19 pandemic also disrupted the global supply chain, putting the precious metal market into great uncertainty. In this study, we revisit the diversifying role of precious metals – gold, silver, and platinum – for six Dow Jones Islamic (DJI) equity index portfolios using a battery of tests: dynamic conditional correlations (DCCs), four-moment modified value at risk (VaR) and conditional VaR, and global minimum-variance (GMV) portfolio approach. Our empirical results exhibit drastically increased DCCs between sample assets during the COVID period; however, pairing gold with any of the DJI equity indices (except for the Asia-Pacific region) decreases the downside risk of these portfolios. Other precious metals (silver and platinum) do not provide such benefits. Furthermore, we find that a higher allocation of wealth in DJI Japanese equities and gold is required to achieve a GMV portfolio in the post-COVID-19 era, implying higher transaction (hedging) costs to rebalance portfolios (weights) accordingly. Our out-of-sample tests examining the global financial crisis, European debt crisis, and extended sample (2000–2020) periods yield similar findings as gold glitters across all market conditions. Overall, our findings provide notable practical implications for both domestic and international investors. 相似文献
9.
Till von Wachter 《Fiscal Studies》2020,41(3):549-590
This paper discusses the potential long-run effects of large-scale unemployment during the COVID-19 crisis in the labour market on vulnerable job losers and labour market entrants in the United States. The paper begins by contrasting measures of the scale of job loss during the crisis. These measures are paired with estimates from past recessions indicating that the costs of job loss and unemployment can reduce workers’ earnings and raise their mortality for several decades. Focusing only on a subset of vulnerable job losers, the potential lifetime earnings losses from job loss related to the COVID-19 pandemic are predicted to be up to $2 trillion. Related losses in employment could imply a lasting reduction in the overall employment–population ratio. For these workers, losses in potential life years could be up to 24 million. Even at the low range, the resulting estimates are substantially larger than losses in potential life years from deaths directly due to COVID-19. New labour market entrants are at risk to suffer long-term losses in earnings and mortality as well. Based partly on experiences in other countries, the paper discusses potential reforms to short-time compensation programmes and unemployment insurance, which could help limit the short- and long-term harm from layoffs going forward. 相似文献
10.
The spread of COVID-19 has led to sweeping changes in the way households work, spend their time and shop, resulting in different shopping patterns and rapid price changes in some goods. How will changes such as these be reflected in headline inflation measures such as the Consumer Prices Index (CPI)? This paper discusses problems in interpreting the CPI as a measure of how the cost of living is changing during the lockdown. 相似文献
11.
We present the publication trends in the literature on venture capital financing during crises and highlight the top publishing source with the most contributing authors in their affiliated countries using bibliometric and content analysis of 115 documents retrieved from the Scopus database. This study provides insight into the theme with the help of co-occurrence, co-citation, and bibliographic coupling analysis. The authors’ keyword co-occurrence analysis shows the spatial links among the articles based on venture capital during the financial crisis and the COVID-19 pandemic. The top productive and influential source is the journal Venture Capital, followed by Small Business Economics and the Journal of Business Venturing. The Journal of Business Venturing is the top journal in terms of citations per document. The United States is the most contributing affiliated country having strong links with several nations. The publications on crisis-led venture capital increased significantly after the financial crisis of 2008. 相似文献
12.
2020年春节期间,湖北省武汉市爆发的由新型冠状病毒感染引起的肺炎疫情正在对中国经济和消费带来负向冲击。从逻辑上看,除了直接限制消费外,疫情还会通过收入效应、财富效应、实际购买力效应对消费形成不利影响。从历史上看,十七年前的非典疫情对经济和消费的影响是短期的,但此次疫情影响更大,持续期存在不确定性。稳定消费的关键是稳定居民收入,要稳定居民收入就需要稳定非农产业就业。基于分析,本文提出了一揽子政策建议。 相似文献
13.
We show that information exposure through international business networks enables firms to take proactive measures that benefit employees and potentially the local community. Specifically, in the early days of COVID-19, firms that have business networks with China and Italy are more likely to be aware of the severity of the disease, and proactively implement work-from-home (“WFH”) policies that can protect their employees. Using Safegraph foot traffic data, we find a higher stay-at-home ratio before local governments impose lockdowns in zip codes where firms have a larger information exposure. These areas are also associated with a lower spread of COVID-19. Our main findings are more pronounced when local governments face constraints in quickly responding to COVID-19 and when firms have a higher WFH capability or have more investors with socially responsible preferences. Collectively, we present evidence on the role of private corporations in mitigating the negative effects of a public health crisis before government intervention. 相似文献
14.
In this paper, we estimate the effects of the COVID-19 pandemic on mental health in the UK. We use longitudinal micro data for the UK over the period 2009–20 to control for pre-existing trends in mental health and construct individual-specific counterfactual predictions for April 2020, against which the COVID-19 mental health outcomes can be assessed. Our analysis reveals substantial effects at the population level, approximately equal in magnitude to the pre-pandemic differences between the top and bottom quintiles of the income distribution. This overall effect was not distributed equally in the population – the pandemic had much bigger effects for young adults and for women, which are groups that already had lower levels of mental health before COVID-19. Hence inequalities in mental health have been increased by the pandemic. Even larger effects are observed for measures of mental health that capture the number of problems reported or the fraction of the population reporting any frequent or severe problems, which more than doubled. Pre-existing health vulnerabilities had no predictive power for subsequent changes in mental health. 相似文献
15.
疫情危机的发生导致社会经济链条断裂,供应链流通受阻,并不断向上下游和其他节点传导,引爆诸多潜在的风险点,对社会经济产生巨大负面影响。本文以商业银行为例,研究疫情危机对商业银行的影响和管理危机的对策。研究表明,疫情危机的发生既是对社会经济秩序的一种破坏,同时也会在应对危机过程中催生出一些新的行业、产业或经营模式的变化。面对疫情危机,数字化不仅仅是商业银行应对危机的有效手段,更是商业银行转型升级的新方向。全面推进数字化对于其他行业应对疫情危机同样具有示范和借鉴意义。 相似文献
16.
The lockdown measures that were implemented in the spring of 2020 to stop the spread of COVID-19 are having a huge impact on economies in the UK and around the world. In addition to the direct impact of COVID-19 on health, the following recession will have an impact on people's health outcomes. This paper reviews economic literature on the longer-run health impacts of business-cycle fluctuations and recessions. Previous studies show that an economic downturn, which affects people through increased unemployment, lower incomes and increased uncertainty, will have significant consequences on people's health outcomes both in the short and longer term. The health effects caused by these adverse macroeconomic conditions will be complex and will differ across generations, regions and socio-economic groups. Groups that are vulnerable to poor health are likely to be hit hardest even if the crisis hit all individuals equally, and we already see that some groups such as young workers and women are worse hit by the recession than others. Government policies during and after the pandemic will play an important role in determining the eventual health consequences. 相似文献
17.
新冠肺炎疫情、金融市场震荡与金融危机 总被引：1，自引：0，他引：1
新型冠状病毒感染肺炎疫情在全球快速蔓延后,美国等国家金融市场出现大幅度震荡,历史罕见。金融市场震荡是疫情影响投资者信心,金融市场本身的风险需要释放,以及经济基本面悲观预期等因素共同作用的结果。目前来看,疫情对实体经济造成冲击,疫情应对情况也在很大程度上决定了金融市场震荡是否演化为全球金融危机,国外金融市场震荡对国内金融市场的传导需要审慎理性处理。 相似文献
18.
Unprecedented non-pharmaceutical interventions targeted to curb the spread of COVID-19 exerted a dramatic impact on the global economy and financial markets. This study is the first attempt to investigate the influence of these government policy responses on global stock market liquidity. To this end, we examine daily data from 49 countries for the period January-April 2020. We demonstrate that the impact of the interventions is limited in scale and scope. Workplace and school closures deteriorate liquidity in emerging markets, while information campaigns on the novel coronavirus facilitate trading activity. 相似文献
19.
The COVID-19 emergency has had a dramatic impact on market incomes and income-support policies. The lack of timely available data constrains the estimation of the scale and direction of recent changes in the income distribution, which in turn constrains policymakers seeking to monitor such developments. We overcome the lack of data by proposing a dynamic calibrated microsimulation approach to generate counterfactual income distributions as a function of more timely external data than are available in dated income surveys. We combine nowcasting methods using publicly available data and a household income generation model to perform the first calibrated simulation based upon actual data, aiming to assess the distributional implications of the COVID-19 crisis in Ireland. Overall, we find that the crisis had an equalizing real-time effect for both gross and disposable incomes, notwithstanding the significant hardship experienced by many households. 相似文献
20.
Using daily data from August 9, 2015, to July 7, 2020, this study examines the effects of economic policy uncertainty (EPU) on the returns of four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple. To this end, two new measures of EPU (Twitter-based economic uncertainty and Twitter-based market uncertainty) are considered. A Granger causality test using the recursive evolving window approach shows a significant causality between the Twitter-based EPU measures and the BTC/USD exchange rate from October 2016 to July 2017. Moreover, a significant causality was noted from the EPU measures to the ETH/USD exchange rate from June 2019 to February 2020 and from the EPU measures to the XRP/USD exchange rate from January 2020 to February 2020. The Twitter-based EPU measures primarily positively affect the returns of the related cryptocurrencies during these periods. These results are robust to different measures of Twitter-based EPU and different econometric techniques. Potential implications, including the COVID-19 era, are also discussed. 相似文献