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The Economic and Financial Impacts of the COVID-19 Crisis Around the World
Expect the Unexpected
- 1st Edition - September 5, 2023
- Authors: Allen N. Berger, Mustafa U. Karakaplan, Raluca A. Roman
- Language: English
- Paperback ISBN:9 7 8 - 0 - 4 4 3 - 1 9 1 6 2 - 6
- eBook ISBN:9 7 8 - 0 - 4 4 3 - 1 5 2 7 3 - 3
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… Read more
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Request a sales quoteThe 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
Economics and finance students (upper-level undergraduates/master’s/PhD), bank executives, regulators, policy makers, financial analysts, researchers, and anyone with a basic knowledge of economics/finance interested in COVID-19, financial crises, banking, and regulatory policy
- Cover image
- Title page
- Table of Contents
- Copyright
- Dedication
- List of figures
- List of tables
- About the authors
- Foreword
- Preface
- Acknowledgments
- Part I: Focus of the book and other introductory materials
- Introduction
- Chapter 1: Introduction to the economic and financial impacts of the COVID-19 crisis and related topics
- Abstract
- 1.1: The focus of the book—Be prepared by expecting the unexpected—and other introductory materials
- 1.2: Empirical evidence on economic and financial effects of the COVID-19 crisis around the world
- 1.3: Government policy reactions to the COVID-19 crisis and their economic and financial effects around the world
- 1.4: The extraordinary recoveries in real economies, banking sectors, and financial markets
- 1.5: Economic and financial effects during the aftermath of the COVID-19 crisis around the world
- 1.6: Lessons learned from the COVID-19 crisis
- Chapter 2: The COVID-19 pandemic vs past epidemics, pandemics, and other health crises
- Abstract
- 2.1: The effects of health crises on the populations of the world, their economies, banking sectors, and financial markets
- 2.2: The COVID-19 pandemic
- 2.3: Other health crises: Justinian Plague, Black Death, Spanish Flu, Yellow Fever, Acquired Immunodeficiency Syndrome (AIDS), H1N1, Ebola Virus, and the Opioid Epidemic
- References
- Chapter 3: The COVID-19 pandemic as a “black swan” event—Comparisons with natural disaster shocks
- Abstract
- 3.1: How natural disaster shocks differ from health shocks in terms of manifestation, temporal duration, geographic dispersion, and contagion
- 3.2: Natural disasters: Institutional details
- 3.3: Natural disasters and economies around the world
- 3.4: Natural disasters and banking sectors around the world
- 3.5: Natural disasters and financial markets around the world
- References
- Chapter 4: Conceptual framework for economic, banking, and financial market cycles featuring crises
- Abstract
- 4.1: Why economies, banking sectors, and financial markets are subject to significant cycles and crises
- 4.2: Behaviors by households, nonfinancial firms, banks, and policymakers that exacerbate cycles and intensify crises
- 4.3: Types of policies to moderate cycles and lessen the likelihood and impacts of crises
- References
- Chapter 5: Putting the COVID-19 crisis into context—Comparison with earlier global crises
- Abstract
- 5.1: Similarities and differences among economic, banking, and financial market crises
- 5.2: The COVID-19 crisis (economic crisis)
- 5.3: The Global Financial Crisis (banking crisis)
- 5.4: The crash of 1929 (financial market crisis)
- References
- Part II: Empirical evidence on the economic and financial effects of the COVID-19 crisis around the world
- Introduction
- Chapter 6: Empirical evidence on the economic effects of the COVID-19 crisis on national and local economies
- Abstract
- 6.1: Effects of COVID-19 crisis on GDP and unemployment outcomes
- 6.2: Effects of COVID-19 crisis on employment on the national and local levels
- 6.3: Effects of COVID-19 crisis on industrial exposure and other economic vulnerabilities/supply chain
- References
- Chapter 7: Empirical evidence on the economic effects of the COVID-19 crisis on households
- Abstract
- 7.1: Effects of COVID-19 crisis on consumer demand and spending
- 7.2: Effects of COVID-19 crisis on consumer health, mobility, income, and employment
- 7.3: Effects of COVID-19 crisis on consumer credit cards
- 7.4: Effects of COVID-19 crisis on consumer mortgages, auto loans, and student loans
- References
- Chapter 8: Empirical evidence on the economic effects of the COVID-19 crisis on nonfinancial firms
- Abstract
- 8.1: Effects of COVID-19 crisis on nonfinancial firm failures and performance
- 8.2: Effects of COVID-19 crisis on firm stockholders and other stakeholders
- 8.3: Effects of COVID-19 crisis on other nonfinancial firm outcomes
- References
- Chapter 9: Empirical evidence on the effects of the COVID-19 crisis on banks
- Abstract
- 9.1: Effects of the COVID-19 crisis on lending and relationships
- 9.2: Effects of the COVID-19 crisis on bank profitability
- 9.3: Effects of COVID-19 crisis on bank risk
- References
- Chapter 10: Empirical evidence on the economic effects of the COVID-19 crisis on financial markets
- Abstract
- 10.1: Effects of the COVID-19 crisis on the stock market
- 10.2: Effects of the COVID-19 crisis on the bond market
- 10.3: Effects of the COVID-19 crisis on the CDS market
- References
- Part III: Government policy reactions to the COVID-19 crisis and their economic and financial effects around the world
- Introduction
- 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)
- Abstract
- 11.1: Comparisons of the programs
- 11.2: Empirical evidence on the economic and financial effects of PPP
- 11.3: Empirical evidence on the economic and financial effects of TARP
- References
- 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
- Abstract
- 12.1: CARES Act provisions other than PPP
- 12.2: Federal Reserve actions
- 12.3: Corporate bond and loan purchase programs
- References
- 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
- Abstract
- 13.1: COVID-19 financial aid programs
- 13.2: COVID-19 forbearance programs and other related policies
- 13.3: COVID-19 conventional and unconventional monetary policies
- 13.4: COVID-19 credit and liquidity facilities
- 13.5: COVID-19 asset and security purchases
- 13.6: COVID-19 fiscal and labor market support policies
- References
- Part IV: The extraordinary recoveries in real economies, banking sectors, and financial markets during the COVID-19 crisis around the world
- Introduction
- Chapter 14: Recovery evidence from the US
- Abstract
- 14.1: Real economy recovery in the US
- 14.2: Banking sector recovery in the US
- 14.3: Financial markets recovery in the US
- Chapter 15: Recovery evidence from the rest of the world
- Abstract
- 15.1: Real economy recovery in the rest of the world
- 15.2: Banking sector recovery in the rest of the world
- 15.3: Financial markets recovery in the rest of the world
- Part V: Empirical evidence on COVID-19 economic and financial effects during the aftermath around the world
- Introduction
- Chapter 16: Continuations vs scale backs of COVID-19 crisis policies in the crisis aftermath
- Abstract
- 16.1: When and how should crisis policies be continued vs scaled back in crisis aftermaths to avoid policy traps
- 16.2: Policy continuations vs scale backs during the COVID-19 aftermath in the US
- 16.3: Policy continuations vs scale backs during the COVID-19 aftermath in the rest of the world
- Chapter 17: Evidence on national and local economies during the COVID-19 crisis aftermath
- Abstract
- 17.1: Evidence of GDP and unemployment outcomes during the aftermath
- 17.2: Evidence on employment on the national and local levels during the aftermath
- 17.3: Evidence of exposure by industry and other economic vulnerabilities during the aftermath
- Chapter 18: Evidence on households during the COVID-19 crisis aftermath
- Abstract
- 18.1: Evidence on inflation and consumer spending during the aftermath
- 18.2: Evidence on consumer credit cards during the aftermath
- 18.3: Evidence on consumer mortgages, auto loans, and student loans during the aftermath
- Chapter 19: Evidence on nonfinancial firms during the COVID-19 crisis aftermath
- Abstract
- 19.1: Evidence on nonfinancial firm failures and performance during the aftermath
- 19.2: Evidence on nonfinancial firm stockholders and other stakeholders during the aftermath
- 19.3: Evidence on other nonfinancial firm risk and financial needs during the aftermath
- Chapter 20: Evidence on banks during the COVID-19 crisis aftermath
- Abstract
- 20.1: Evidence on bank lending during the aftermath
- 20.2: Evidence on bank profitability during the aftermath
- 20.3: Evidence on bank risk during the aftermath
- Chapter 21: Financial markets during the COVID-19 crisis aftermath
- Abstract
- 21.1: Evidence on the stock market during the aftermath
- 21.2: Evidence on the bond market during the aftermath
- 21.3: Evidence on the CDS market during the aftermath
- Part VI: Lessons learned from the COVID-19 crisis
- Introduction
- Chapter 22: “Expect the Unexpected” and prepare for future crises
- Abstract
- 22.1: Assessments of research and data compiled on COVID-19 and applying these assessments in a challenging new world
- 22.2: “Expect the Unexpected” specific research and policy preparations for the future unknown economic and financial crises
- 22.3: Rough suggestions for adapting “Expect the Unexpected” research and policy preparations for other types of future crises
- Appendix
- Author Index
- Subject Index
- No. of pages: 520
- Language: English
- Edition: 1
- Published: September 5, 2023
- Imprint: Academic Press
- Paperback ISBN: 9780443191626
- eBook ISBN: 9780443152733
AB
Allen N. Berger
Allen N. Berger is H. Montague Osteen, Jr., Professor in Banking and Finance at the University of South Carolina, President of the Financial Intermediation Research Society, Senior Fellow at the Wharton Financial Institutions Center, and Fellow of the European Banking Center.
He has published over 125 articles in refereed journals, including in top finance journals, Journal of Finance, Journal of Financial Economics, and top economics journals, Journal of Political Economy and American Economic Review. He is co-author of two research books and co-edited all three editions of the Oxford Handbook of Banking. He serves on nine journal editorial boards, co-edited eight special issues of research journals, and formerly edited the Journal of Money, Credit, and Banking.
His research has been cited over 90,000 times, including 30 articles with over 1,000 citations each, and another 19 with over 500 citations each. He has given invited keynote addresses on five continents.
Affiliations and expertise
Professor in Banking and Finance, University of South Carolina, President, Financial Intermediation Research Society, Senior Fellow, Wharton Financial Institutions Center, and Fellow of the European Banking Center, SC, USAMK
Mustafa U. Karakaplan
Mustafa U. Karakaplan is a Professor in the Finance Department in the Darla Moore School of Business at the University of South Carolina. He received his Ph.D. from Texas A&M University in 2012 and held appointments at Utah State University and Georgetown University. His research has been published in leading peer-reviewed journals including the Journal of Productivity Analysis, Empirical Economics, and Journal of Banking and Finance. His current research interests include Banking, Financial Intermediation, FinTech, International Finance, Financial Markets, Econometric Programming, Forecasting, Predictive Analytics, and Machine Learning. He has also been a co-investigator of a $19 million policy research project funded by the U.S. federal and state agencies, and private organizations.
Affiliations and expertise
Professor, Finance Department, Darla Moore School of Business, University of South Carolina, USARR
Raluca A. Roman
Raluca A. Roman is Senior Economist at the Federal Reserve Bank of Philadelphia, and formerly at the Federal Reserve Bank of Kansas City. She holds a Ph.D. in Finance from University of South Carolina. Her research areas include banking and financial institutions consumer finance, corporate finance, and international finance. She has published articles in the Journal of Financial and Quantitative Analysis, Management Science, Journal of Financial Intermediation, Journal of Money, Credit, and Banking, Financial Management, Journal of Corporate Finance, Journal of International Money and Finance, Journal of Banking and Finance, and has received four awards for her papers at conferences. She also co-authored the book TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System (2020, Elsevier). Raluca has presented her research and discussed the research of others at numerous finance and regulatory conferences.
Affiliations and expertise
Senior Economist, Federal Reserve Bank of Philadelphia; formerly Federal Reserve Bank of Kansas City, KS, USA