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Covid-19: What Determines Policy Responses Across Europe?

Bengtsson, Elias LU (2023) p.3-18
Abstract
This chapter analyses responses of European policymakers to the Covid-19 pandemic’s first and second waves. It is based on an empirical analysis where patterns are sought between contextual factors and policy responses. The results shows that that macroeconomic conditions and policy interactions appear to matter more than countries’ number of Covid-19 cases. The level of government indebtedness came out as a significantly positive determinant of fiscal stimulus. Policy interaction also matters, but merely between financial policies – social restrictions do not influence fiscal or prudential policy. In addition, unconventional policy measures support expansionary fiscal policy and loosening of prudential policy measures. The European... (More)
This chapter analyses responses of European policymakers to the Covid-19 pandemic’s first and second waves. It is based on an empirical analysis where patterns are sought between contextual factors and policy responses. The results shows that that macroeconomic conditions and policy interactions appear to matter more than countries’ number of Covid-19 cases. The level of government indebtedness came out as a significantly positive determinant of fiscal stimulus. Policy interaction also matters, but merely between financial policies – social restrictions do not influence fiscal or prudential policy. In addition, unconventional policy measures support expansionary fiscal policy and loosening of prudential policy measures. The European institutional context of coordination and joint decision making in fiscal, monetary and prudential policy likely influence these results and raise important policy questions.
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Please use this url to cite or link to this publication:
author
publishing date
type
Chapter in Book/Report/Conference proceeding
publication status
published
host publication
Crises and Uncertainty in the Economy
editor
Ben Ameur, Hachmi ; Ftiti, Zied and Louhichi, Wael
pages
3 - 18
publisher
Springer
DOI
10.1007/978-981-19-3296-0_1
language
English
LU publication?
no
id
ddac1e6a-74fc-41b4-b04d-bef094b2bc4c
date added to LUP
2023-10-05 09:26:34
date last changed
2023-10-05 16:52:56
@inproceedings{ddac1e6a-74fc-41b4-b04d-bef094b2bc4c,
  abstract     = {{This chapter analyses responses of European policymakers to the Covid-19 pandemic’s first and second waves. It is based on an empirical analysis where patterns are sought between contextual factors and policy responses. The results shows that that macroeconomic conditions and policy interactions appear to matter more than countries’ number of Covid-19 cases. The level of government indebtedness came out as a significantly positive determinant of fiscal stimulus. Policy interaction also matters, but merely between financial policies – social restrictions do not influence fiscal or prudential policy. In addition, unconventional policy measures support expansionary fiscal policy and loosening of prudential policy measures. The European institutional context of coordination and joint decision making in fiscal, monetary and prudential policy likely influence these results and raise important policy questions. <br/>}},
  author       = {{Bengtsson, Elias}},
  booktitle    = {{Crises and Uncertainty in the Economy}},
  editor       = {{Ben Ameur, Hachmi and Ftiti, Zied and Louhichi, Wael}},
  language     = {{eng}},
  pages        = {{3--18}},
  publisher    = {{Springer}},
  title        = {{Covid-19: What Determines Policy Responses Across Europe?}},
  url          = {{http://dx.doi.org/10.1007/978-981-19-3296-0_1}},
  doi          = {{10.1007/978-981-19-3296-0_1}},
  year         = {{2023}},
}