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.
1. Chapter 1. Introduction to the economic and financial impacts of the COVID-19 crisis and related topics - p. 7 2. Chapter 2. The COVID-19 pandemic vs past epidemics, pandemics, and other health crises - p. 50 3. Chapter 3. The COVID-19 pandemic as a “black swan” event—Comparisons with natural disaster shocks - p. 79 4. Chapter 4. Conceptual framework for economic, banking, and financial market cycles featuring crises - p. 113 5. Chapter 5. Putting the COVID-19 crisis into context—Comparison with earlier global crises - p. 121 6. Part II: Empirical evidence on the economic and financial effects of the COVID-19 crisis around the world - p. 130 7. Chapter 6. Empirical evidence on the economic effects of the COVID-19 crisis on national and local economies - p. 133 8. Chapter 7. Empirical evidence on the economic effects of the COVID-19 crisis on households - p. 139 9. Chapter 8. Empirical evidence on the economic effects of the COVID-19 crisis on nonfinancial firms - p. 149 10. Chapter 9. Empirical evidence on the effects of the COVID-19 crisis on banks - p. 157 11. Chapter 10. Empirical evidence on the economic effects of the COVID-19 crisis on financial markets - p. 171 12. Part III: Government policy reactions to the COVID-19 crisis and their economic and financial effects around the world - p. 177 13. Chapter 11. Putting the COVID-19 crisis policies into context—The Paycheck Protection Program (PPP) vs the Troubled Asset Relief Program (TARP) during the Global Financial Crisis (GFC) - p. 181 14. Chapter 12. Other policy reactions to the COVID-19 crisis in the US and their effects on local economies, households, nonfinancial firms, banks, and financial markets - p. 205 15. Chapter 13. Policy reactions to the COVID-19 crisis in the rest of the world and their effects on economies, households, nonfinancial firms, banks, and financial markets - p. 239 16. Part IV: The extraordinary recoveries in real economies, banking sectors, and financial markets during the COVID-19 crisis around the world - p. 253 17. Chapter 14. Recovery evidence from the US - p. 257 18. Chapter 15. Recovery evidence from the rest of the world - p. 261 19. Part V: Empirical evidence on COVID-19 economic and financial effects during the aftermath around the world - p. 272 20. Chapter 16. Continuations vs scale backs of COVID-19 crisis policies in the crisis aftermath - p. 275 21. Chapter 17. Evidence on national and local economies during the COVID-19 crisis aftermath - p. 307 22. Chapter 18. Evidence on households during the COVID-19 crisis aftermath - p. 321 23. Chapter 19. Evidence on nonfinancial firms during the COVID-19 crisis aftermath - p. 327 24. Chapter 20. Evidence on banks during the COVID-19 crisis aftermath - p. 335 25. Chapter 21. Financial markets during the COVID-19 crisis aftermath - p. 347 26. Part VI: Lessons learned from the COVID-19 crisis - p. 354 27. “Expect the Unexpected” and prepare for future crises - p. 357 28. Appendix - p. 365 29. Author Index - p. 475 30. Subject Index - p. 483
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.
1. Chapter 1. Introduction to the economic and financial impacts of the COVID-19 crisis and related topics - p. 7 2. Chapter 2. The COVID-19 pandemic vs past epidemics, pandemics, and other health crises - p. 50 3. Chapter 3. The COVID-19 pandemic as a “black swan” event—Comparisons with natural disaster shocks - p. 79 4. Chapter 4. Conceptual framework for economic, banking, and financial market cycles featuring crises - p. 113 5. Chapter 5. Putting the COVID-19 crisis into context—Comparison with earlier global crises - p. 121 6. Part II: Empirical evidence on the economic and financial effects of the COVID-19 crisis around the world - p. 130 7. Chapter 6. Empirical evidence on the economic effects of the COVID-19 crisis on national and local economies - p. 133 8. Chapter 7. Empirical evidence on the economic effects of the COVID-19 crisis on households - p. 139 9. Chapter 8. Empirical evidence on the economic effects of the COVID-19 crisis on nonfinancial firms - p. 149 10. Chapter 9. Empirical evidence on the effects of the COVID-19 crisis on banks - p. 157 11. Chapter 10. Empirical evidence on the economic effects of the COVID-19 crisis on financial markets - p. 171 12. Part III: Government policy reactions to the COVID-19 crisis and their economic and financial effects around the world - p. 177 13. Chapter 11. Putting the COVID-19 crisis policies into context—The Paycheck Protection Program (PPP) vs the Troubled Asset Relief Program (TARP) during the Global Financial Crisis (GFC) - p. 181 14. Chapter 12. Other policy reactions to the COVID-19 crisis in the US and their effects on local economies, households, nonfinancial firms, banks, and financial markets - p. 205 15. Chapter 13. Policy reactions to the COVID-19 crisis in the rest of the world and their effects on economies, households, nonfinancial firms, banks, and financial markets - p. 239 16. Part IV: The extraordinary recoveries in real economies, banking sectors, and financial markets during the COVID-19 crisis around the world - p. 253 17. Chapter 14. Recovery evidence from the US - p. 257 18. Chapter 15. Recovery evidence from the rest of the world - p. 261 19. Part V: Empirical evidence on COVID-19 economic and financial effects during the aftermath around the world - p. 272 20. Chapter 16. Continuations vs scale backs of COVID-19 crisis policies in the crisis aftermath - p. 275 21. Chapter 17. Evidence on national and local economies during the COVID-19 crisis aftermath - p. 307 22. Chapter 18. Evidence on households during the COVID-19 crisis aftermath - p. 321 23. Chapter 19. Evidence on nonfinancial firms during the COVID-19 crisis aftermath - p. 327 24. Chapter 20. Evidence on banks during the COVID-19 crisis aftermath - p. 335 25. Chapter 21. Financial markets during the COVID-19 crisis aftermath - p. 347 26. Part VI: Lessons learned from the COVID-19 crisis - p. 354 27. “Expect the Unexpected” and prepare for future crises - p. 357 28. Appendix - p. 365 29. Author Index - p. 475 30. Subject Index - p. 483
