The COVID-19 insolvency gap: first round effects of policy responses to SMEs
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | Englisch |
| Veröffentlicht: |
Mannheim, Germany
ZEW - Leibniz Centre for European Economic Research
2021
|
| Schriftenreihe: | ZEW discussion papers
21-018 (02/2021) |
| Links: | http://ftp.zew.de/pub/zew-docs/dp/dp21018.pdf |
| Abstract: | COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe’s real economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever it takes fashion contrasts, however, with the cleansing mechanism of economic crises: a mechanism which forces unviable firms out of the market, thereby reallocating resources efficiently. By focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap and analyze whether the gap is characterized by firms which had already struggled before the pandemic. With the policy measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based on credit rating and insolvency data for the near universe of actively rated German firms, our results suggest that the policy reponse to COVID-19 has triggered a backlog of insolvencies in Germany that is particularly pronounced among financially weak, small firms, having potential long term implications on economic recovery. |
| Umfang: | 1 Online-Ressource (44 Seiten) Diagramme |
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| 520 | 3 | |a COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe’s real economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever it takes fashion contrasts, however, with the cleansing mechanism of economic crises: a mechanism which forces unviable firms out of the market, thereby reallocating resources efficiently. By focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap and analyze whether the gap is characterized by firms which had already struggled before the pandemic. With the policy measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based on credit rating and insolvency data for the near universe of actively rated German firms, our results suggest that the policy reponse to COVID-19 has triggered a backlog of insolvencies in Germany that is particularly pronounced among financially weak, small firms, having potential long term implications on economic recovery. | |
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| id | DE-604.BV047215289 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T19:13:03Z |
| institution | BVB |
| language | English |
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| spelling | Dörr, Julian 1983- Verfasser (DE-588)1121109845 aut The COVID-19 insolvency gap first round effects of policy responses to SMEs Julian Dörr, Simona Murmann, and Georg Licht Mannheim, Germany ZEW - Leibniz Centre for European Economic Research 2021 1 Online-Ressource (44 Seiten) Diagramme txt rdacontent c rdamedia cr rdacarrier ZEW discussion papers 21-018 (02/2021) COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Europe’s real economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever it takes fashion contrasts, however, with the cleansing mechanism of economic crises: a mechanism which forces unviable firms out of the market, thereby reallocating resources efficiently. By focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap and analyze whether the gap is characterized by firms which had already struggled before the pandemic. With the policy measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based on credit rating and insolvency data for the near universe of actively rated German firms, our results suggest that the policy reponse to COVID-19 has triggered a backlog of insolvencies in Germany that is particularly pronounced among financially weak, small firms, having potential long term implications on economic recovery. Murmann, Simona Verfasser (DE-588)1230160450 aut Licht, Georg 1956- Verfasser (DE-588)136671888 aut Erscheint auch als Druck-Ausgabe ZEW discussion papers 21-018 (02/2021) (DE-604)BV046176481 21-018 (02/2021) http://ftp.zew.de/pub/zew-docs/dp/dp21018.pdf kostenfrei Volltext |
| spellingShingle | Dörr, Julian 1983- Murmann, Simona Licht, Georg 1956- The COVID-19 insolvency gap first round effects of policy responses to SMEs ZEW discussion papers |
| title | The COVID-19 insolvency gap first round effects of policy responses to SMEs |
| title_auth | The COVID-19 insolvency gap first round effects of policy responses to SMEs |
| title_exact_search | The COVID-19 insolvency gap first round effects of policy responses to SMEs |
| title_full | The COVID-19 insolvency gap first round effects of policy responses to SMEs Julian Dörr, Simona Murmann, and Georg Licht |
| title_fullStr | The COVID-19 insolvency gap first round effects of policy responses to SMEs Julian Dörr, Simona Murmann, and Georg Licht |
| title_full_unstemmed | The COVID-19 insolvency gap first round effects of policy responses to SMEs Julian Dörr, Simona Murmann, and Georg Licht |
| title_short | The COVID-19 insolvency gap |
| title_sort | the covid 19 insolvency gap first round effects of policy responses to smes |
| title_sub | first round effects of policy responses to SMEs |
| url | http://ftp.zew.de/pub/zew-docs/dp/dp21018.pdf |
| volume_link | (DE-604)BV046176481 |
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