Tools for Overcoming the Crisis Phenomena of the Pandemic in the Socio-economic Development of the Countries

The purpose of the study is to identify the specifics of the socio-economic development of the countries during the COVID-19 pandemic, as well as to determine effective tools for overcoming the crisis phenomena in the economy. The study of the growth rate of gross domestic product calculated by the expenditure method and the number of cases of coronavirus diseases were the grounds for sampling countries for the following analysis. The analysis of socio-economic indicators and identification of the development's specifics during the pandemic is carried out on the example of the United States, France, Great Britain, Spain, Italy, and Germany. Based on the analysis, the authors concluded that the least effective implementation of anti-COVID measures is in Italy and Spain, as a result of the lack of effective programs to support lending to the real sector, state support for companies in terms of maintaining employment, and making investments to support business. The German public administration system effectively used a package of anti-crisis measures based on the balance of increasing budget and extra-budgetary infusions into the economy, easing monetary policy, so the country managed to maintain investment activity at the pre-crisis level and create a serious basis for the subsequent recovery from the global economic crisis. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Characterizing food systems to better understand their vulnerabilities: a case study in Québec and São Paulo

Characterizing food systems, i.e., describing their organizational features, can help to generate a better understanding of the structural vulnerabilities that constrain transitions towards sustainable food security. However, their characterization across different economic contexts remains challenging. In this paper, by linking key concepts from research on food regimes, food system vulnerabilities and responsible innovation, we aim to characterize food systems in a developing and a developed economy to identify their shared vulnerabilities. We applied a case study design to characterize food production, processing and distribution in the province of Québec (Canada) and in the state of São Paulo (Brazil). In both cases, the processing and distribution stages have higher economic predominance when compared to the agricultural production stage. Furthermore, we observed concentration in a few activities in both food systems, with a shared focus on export-oriented supply chains. Vulnerabilities in both food systems include: (1) increased interdependence because some supply chains are export-oriented or depend on foreign labor and are, therefore, exposed to external risks;(2) concentration in a few activities, which threatens present and future local food diversity and (3) unequal power relations, making small and medium players vulnerable to decisions made by big players. The characterization developed in this study shows that the two food systems are mainly pursuing economic goals, following the institutional logics of the neoliberal food regime, which are not necessarily aligned with food security goals. It also exposes the presence of characteristics of ‘responsibility' that may eventually help overcome food systems' vulnerabilities and support transitions toward sustainability.

Moderating effect of project size on the relationship between COVID-19 safety protocols and economic performance of construction projects

PurposeThe COVID-19 health crisis has brought about a set of extra health and safety regulations, and procedures to the construction industry which could influence projects' economic performance (EP). The aim of this paper is to examine the effect of adopting COVID-19 safety protocols on construction sites on the economic performance (EP) of construction projects.Design/methodology/approachEmploying the survey method using a structured questionnaire, data were collected from small- and large-sized construction projects in Nigeria and analysed using partial least squares structural equation modelling (PLS-SEM) technique.FindingsThe findings reveal that job re-organization and sanitization have negative significant effects on EP, while social distancing and specific training have no effect on EP. Furthermore, project size moderates the relationship between job re-organization, sanitization, specific training and EP with the stronger effect on the relationships observed in big projects, except for the relationship between sanitization and EP where the moderating relationship is stronger in small projects. However, there is no significant moderating effect of project size on the relationship between social distancing and EP.Practical implicationsAs construction project sites continue to operate amidst strict safety protocols, this study offers theoretical and practical insights on how construction projects can adhere to the safety protocols while performing economically.Originality/valueThe originality of this study's findings stems from the fact that it is among the first to provide greater insight on how construction projects have fared economically considering the impact of the various COVID-19 protocols.

The stock market and NO2 emissions effects of COVID‐19 around the world

In this paper, we study the impact of the coronavirus disease 2019 pandemic in estimated panel vector autoregression models for 92 countries. The large cross‐section of countries allows us to shed light on the heterogeneity of the responses of stock markets and nitrogen dioxide emissions as high‐frequency measures of economic activity. We quantify the effect of the number of infections and four dimensions of policy measures: (1) containment and closure, (2) movement restrictions, (3) economic support, and (4) adjustments of health systems. Our main findings show that a surprise increase in the number of infections triggers a drop in our two measures of economic activity. Propping up economic support measures, in contrast, raises stock returns and emissions and, thus, contributes to the economic recovery. We also document vast differences in the responses across subsets of countries and between the first and the second wave of infections.

COVID-19's Impulse to Intensify Neo-industrial Digital Technologies 4.0 in the Legal Regulation of Foreign Economic Activity of Economic Entities of the EAEU and the BRICS Member States

The chapter contains a study of the impact of the new coronavirus pandemic 2019–2020 on the business activity of economic entities of the EAEU and BRICS jurisdictions in the implementation of foreign trade activities. The authors note the need and highlight the opportunities for wider and more intensive use of digital technologies of Industry 4.0 in the legal regulation of export–import transactions between the parties-residents of the member states of integration associations with the participation of the Russian Federation. The authors substantiate that in modern realities, infectious epidemiological risks are considered not as a force majeure circumstance but as restrictions on the collective work of employees of companies, including foreign trade commercial organizations. The authors argue that this pandemic set of legal procedures for the wider and more intensive use of digital technologies in Industry 4.0 should be enshrined in the provisions of the international convention, which countries participating in integration associations will be able to join, thereby ensuring the entry into force of the relevant regulatory provisions in their jurisdictions. The authors propose several legal procedures for wider and more intensive use of digital technologies of Industry 4.0 in the implementation of foreign economic transactions, which launched and implemented after the announcement of the next pandemic by the World Health Organization. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.

Monitoring the Construction Sector in Valle del Cauca

The objective of this research is to develop a monthly indicator that synthesizes the economic acti-vity of the construction sector in Valle del Cauca, as a tool for analyzing the production cycle and as a single, public measure that contributes to decision-making. Dynamic factorial models, the Kalman filter and the Litterman method are used, also employed in the Monthly Index of Economic Activity (IMAE), in order to capture signals, changes in the productive cycle of construction and compile the sectoral economic facts that affect production. In the results, the dynamics of the sectoral and economic variables are observed that explain the behavior of the sector in Valle del Cauca during 2009-2020. A change of slope is observed in 2020, as a direct consequence of the crisis generated by COVID-19 and the restrictive measures taken by the government to contain its advance.

Economic policy uncertainty, governance institutions and economic performance in Africa: are there regional differences?

In recent years, the global economy has witnessed several uncertainty-inducing events. However, empirical evidence in Africa on the effects of economic policy uncertainty (EPU) on economic activities remains scanty. Besides, the moderating effect of governance institutions on the uncertainty-economic performance relationship in Africa and the likelihood of regional differences in the response of economic activities to EPU on the continent are yet to be investigated. To address these gaps, we applied system GMM and quantile regressions on a panel of forty-seven African countries from 2010 to 2019. We find that while global EPU and EPUs from China, USA and Canada exert considerable influence on economic performance in Africa, the effects of domestic EPU and EPUs from Europe, UK, Japan, and Russia were negligible, suggesting that African economies are resilient to these sources of uncertainty shocks. We also find that governance institutions in Africa are not significantly moderating the uncertainty-economic performance relationship. However, our results highlighted regional differences in the response of economic activities to uncertainty, such that when compared to East and West Africa, economic performance in Central, North and Southern Africa is generally more resilient to global EPU and EPUs from China, USA, Europe and UK. We highlighted the policy implications of these findings.

Oil in the age of coronavirus: Hysteria or appropriate fall?

We look at the oil price fall in the beginning of 2020 and the effects of coronavirus and the attention towards it on these prices. Such a fall was observed at multiple markets simultaneously with the spread of coronavirus and the panic around it, and oil market wasn't an exception. Using OLS time series models, we investigate - what was the main reason behind such a fall - the coronavirus pandemic itself or rather the attention towards it. We prove the absence of straight effects of the COVID-19 itself on oil prices. At the same time we find significant negative impact of the attention towards COVID-19 on the Internet search on the oil prices. We investigate the role of the OPEC in mitigating the negative impact of coronavirus and the attention towards it. We found that after the OPEC summit both the number of Covid cases and the attention towards the disease lost its influence on oil prices. Our paper is relevant for the behavioral finance researchers, as well as for those who look at the influence of informational shocks on different markets and particularly, on the oil market and at the effect of the COVID-19 on the economy.

Managing disease containment measures during a pandemic

Throughout the current COVID‐19 pandemic, governments have implemented a variety of containment measures, ranging from hoping for herd immunity (which is essentially no containment) to mandating complete lockdown. On the one hand, containment measures reduce lives lost by limiting the disease spread and controlling the load on the healthcare system. On the other hand, such measures slow down economic activity, leading to lost jobs, economic stall, and societal disturbances, such as protests, civil disobedience, and increases in domestic violence. Hence, determining the right set of containment measures is a key social, economic, and political decision for policymakers. In this paper, we provide a model for dynamically managing the level of disease containment measures over the course of a pandemic. We determine the timing and level of containment measures to minimize the impact of a pandemic on economic activity and lives lost, subject to healthcare capacity and stochastic disease evolution dynamics. On the basis of practical evidence, we examine two common classes of containment policies—dynamic and static—and we find that dynamic policies are particularly valuable when the rate of disease spread is low, recovery takes longer, and the healthcare capacity is limited. Our work reveals a fundamental relationship between the structure of Pareto‐efficient containment measures (in terms of lives lost and economic activity) and key disease and economic parameters such as disease infection rate, recovery rate, and healthcare capacity. We also analyze the impact of virus mutation and vaccination on containment decisions.

Containment Measures and Business Confidence in COVID Times: A Global Study

In this article, we take a global perspective to assess the impact of the exogenous COVID pandemic shock on business confidence. Through a quantitative analysis of 31 advanced and 12 emerging economies over the period from January 2018 to December 2020, we provide a novel investigation of a unique worldwide event, in contrast to the most frequent exogenous shocks, which typically have a more limited local or regional scope. We proxy business expectations with the business confidence indicator or BCI. First, we find that the containment measures for the COVID pandemic have negatively affected business confidence, with the compulsory policies having a greater negative effect on BCI than the voluntary ones. Second, we find positive spillover effects on the local BCIs from the containment measures implemented in neighboring countries. This suggests that business people are not against compulsory measures per se, but rather that they are less inclined to assume the costs of these. Third, we find that while the severity of containment measures has been greater in emerging countries, the negative impact on BCI of these containment measures has been larger in advanced economies.Alternate :摘要：本文采用全球视角来评估新冠疫情带来的外源性休克给企业家经商信心带来的影响。通过对31个发达经济体和12个发展中经济体从2018年1月至2020年12月数据的量化分析，我们对该全球性事件进行了调研。使用企业家的 "商业期待” 来代表其经商信心，我们发现了几个重要结果。首先，新冠防疫措施挫伤了经商信心，措施越严厉，负面效应越大。其次，邻国由于疫情措施对经商信心的挫伤会产生溢出效应，而影响本地企业家的经商信心。第三，虽然发展中经济体的防疫措施更加严厉，但其负面影响却在发达经济体中更大。

Několik statisticko-analytických poznámek k charakteru krize 2020-2021

The present work is based on a hypothesis that the Czech economy was showing signs of economic deceleration and a potential slump into deeper growth problems way before the outbreak of the COVID-19 pandemic, i.e., at least in the year 2019. However, the present text does not intend to thoroughly confirm this hypothesis because in order to do so, a longer timeline of key economic indicators needs to be analysed. What it does present is at least a partial argumentation supporting the abovementioned hypothesis and some basic calculations. It proposes two ways towards its confirmation. The first one is a comparative analysis of individual - especially European - economies' response to subsiding external influences, i.e., to the weakening of the effects of the pandemic on the economy. The second way is at least a partial analysis of key macroeconomic indicators from the time before and during the pandemic, with an emphasis on detectable divergences in the development. The conclusion of our research is the finding that as early as in 2019, the Czech economy was showing signs of imminent deceleration of growth, which would probably have turned into stagnation and possibly a certain decrease in economic activity. The conclusions indicate that the reason behind such development was a massive but in fact little effective investment activity in the Czech economic environment, which is historically related to the structure of the economy and to the position of the Czech industrial sector in supplier relationships. Two related phenomena arise from that: firstly, a relatively low labour productivity, with producers domiciled in the Czech Republic reaching quite a low volume of value added, and secondly a massive capital outflow in the form of profits paid to parent companies abroad. The final part of the paper outlines some potentially effective steps which might lead - under favourable circumstances - to restructuring processes in the Czech economy. Due to the date of finishing the research, the paper does not include the consequences of the War in Ukraine.

The role of industrial zones in local development based on the example of the Wieliczka Economic Activity Zone (Poland)

The aim of the article is to present the role of economic activity zones in the development of local urban centres and their surroundings. The main area of research was the area of the town and commune of Wieliczka, with particular emphasis on the Wieliczka Economic Activity Zone (WEAZ). As part of the analysis, attention was focused primarily on the impact of enterprises on the labour market and the income of the commune. Based on the existing literature studies, the scale of multiplier effects resulting from the development of enterprises in WEAZ was also estimated. The presentation of the impact of companies located in the Wieliczka Economic Activity Zone on the socio-economic development of the commune area made it possible to determine the scale of benefits resulting from investing public funds in the creation of this type of investment zones. Analysing the role of WEAZ in the development of the local economy, the authors identified the relationship between the inflow of investments and a permanent increase in demand on the local labour market. This also concerned the resilience of newly created jobs in the context of the SARS-CoV-2 pandemic.

Monitoring the Construction Sector in Valle del Cauca

The objective of this research is to develop a monthly indicator that synthesizes the economic acti-vity of the construction sector in Valle del Cauca, as a tool for analyzing the production cycle and as a single, public measure that contributes to decision-making. Dynamic factorial models, the Kalman filter and the Litterman method are used, also employed in the Monthly Index of Economic Activity (IMAE), in order to capture signals, changes in the productive cycle of construction and compile the sectoral economic facts that affect production. In the results, the dynamics of the sectoral and economic variables are observed that explain the behavior of the sector in Valle del Cauca during 2009-2020. A change of slope is observed in 2020, as a direct consequence of the crisis generated by COVID-19 and the restrictive measures taken by the government to contain its advance.

Firms and Households during the Pandemic: What Do We Learn from Their Electricity Consumption?

We analyze the impact of the COVID-19 pandemic on electricity consumption patterns. We highlight the importance of decomposing total electricity consumption into consumption by firms and by households to better understand the economic and social impacts of the crisis. While electricity demand by firms has fallen substantially, the demand by households has gone up. In particular, our focus is on Spain where, during the total lockdown, these effects reached –29% and +10% respectively, controlling for temperature and seasonality. While the electricity demand reductions during the second wave were milder, the demand by firms remained 5% below its normal levels. We also document a change in people's daily routines in response to the stringency of the lockdown measures, as reflected in their hourly electricity consumption patterns. [ FROM AUTHOR] Copyright of Energy Journal is the property of International Association for Energy Economics, Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

The effects of the COVID-19 pandemic on primary health care private practice in Thessaloniki.

OBJECTIVE To explore the elasticity of the primary health care (PHC) private offices in Greece during the pandemic crisis, and to identify the features that make an independent private practice resilient to unfavorable situations. METHOD A survey of clinical and economic activities was conducted among general practitioners, internists and pediatricians working in private practice in Thessaloniki. The participants were questioned about their practice during the first (March to May 2020) and second (October to December 2020) phases of the COVID-19 pandemic. Statistical analysis of the data was carried out. RESULTS A significant drop in visits was reported during the pandemic, while telemedicine consultations increased. Profits were reduced, with variation depending on the size of the office and the specialty of the doctor. Most physicians received some sort of financial aid from the government, but overall, the consequences of the pandemic were not catastrophic for their private practice. CONCLUSIONS PHC private offices in Thessaloniki survived the difficulties caused by the pandemic, despite a loss in income. The private practitioners adjusted to the new policies that were implemented during this health crisis.Copyright © Athens Medical Society.

Economic Role of Government Budget Revision in the Presence of COVID-19

Fiscal policies are one of the most important instruments of government to guide the progress of the country's economic development. They find significant use in cases where the economy is experiencing a period of recession, such as the current one caused by COVID-19. This study aims to assess the multiplier effects that budget revision has on the economy for the case of Albania, and more specifically by referring to the initial and revised budget scenario for the year 2020 which is characterized by significant changes caused by the presence of COVID-19. Referring to the multipliers from the input–output tables (IOT) the total effect that the state budget brings to the economy for a certain year is derived. From this paper, it appears that the budget restructuring that takes place during the year does not take into account the multiplier effect in the economy, but is mostly done for specific purposes related to certain government functions. In this context, it is very important that various options during budget revision are evaluated, concluding with the option that has the highest returns for the economy.

Developing a laundered funds destination theory: applying the Walker–Unger gravity model to US-based money launderer country preference from 2000 to 2020

PurposeAlthough economists and academics have studied money laundering for several decades, there continues to be gaps in the research due to a lack of reliable data on money laundering activity, and a lack of detailed sources and methods of collection in government-based reporting. The purpose of this study is to apply the Walker-Unger gravity model and examine US-based money launderer preference for the 2000-2020 time frame. This paper then compares those results with previous applications of the model and identifies trends, which may serve as the foundations of a money launderer preference theory. The results of the investigation ranked countries by preference of US-based money launderers and determined that there was consistency in country destination preference even during recessionary periods.Design/methodology/approachThe Walker–Unger gravity model as applied by Roman et al. (2021) is used to conduct the investigation, to maintain consistency in the application of the Walker–Unger model and further the objective of validating the attractiveness simulation. The model tests the predictive capability of the independent variables to establish the degree of attractiveness each country represents for the funds of US-based money launderers. A score is generated by the model, which is then used to analyze and interpret its significance in relation to all sampled countries.FindingsModel results reveal the countries with the highest attractiveness for US-based money launderers during 2000–2020 were Australia, the Bahamas, Bermuda, Canada, Cayman Islands, Norway, Monaco, Puerto Rico, Switzerland and the USA. Model results show that over the two decades the proportion of money flow scores changed but not to a degree that would alter the country preference of US-based money launderers. US-based money launderers tended to use the same countries for their illicit financial activities, regardless of the state of the legitimate economy.Research limitations/implicationsOne of the limitations of the model is that it does not show the effect of money laundering on legitimate economic activity.Practical implicationsThe model results will give insight into the preferred destination of US-based money launderers and therefore frame one component of money laundering activities in the USA for the examined time period.Social implicationsA secondary objective of this study is to evaluate if any changes to US-based money launderer preferences occurred during the three most recent periods of economic downturn in the USA.Originality/valueThe model results will give insight into the preferred destination of US-based money launderers and therefore frame one component of money laundering activities in the USA for the examined time period. A secondary objective of this study is to evaluate if any changes to US-based money launderer preferences occurred during the three most recent periods of economic downturn in the USA. The periods chosen are the 2001 9/11 terrorist attacks, the 2007/08 global financial crisis and the COVID-19 pandemic.

The extent of the shock to economic growth by the epidemic and the recovery effect: evidence from China since 2020

The Covid-19 pandemic has exerted significant downward pressure on economic activity. In this paper, we examine the extent of the epidemic shock and recovery effects on economic growth by province in China since 2020. We find that the extent of the epidemic shock on economic growth in China has been gradually weakening. Still, the economy has not yet fully recovered from the shock. Also, there is some heterogeneity across provinces in the extent to the economic growth shocked by epidemic and the recovery effects.

Digital economic activity and resilience for metros and small businesses during Covid-19

The Covid-19 pandemic had an unequal impact across businesses and communities and rapidly accelerated digital trends in the economy. What role, then, did website use play in community resilience and small business outcomes? This article examines a new source of population data on domain name hosts to provide a unique measure of digital economic activity within communities. Seventy-five percent are commercial, including online-only, brick-and-mortar, small, and microbusinesses. With geolocated data on 20 million US domain name hosts, we investigate how their density (per 100 people) affected economic outcomes in the nation's largest metros during the pandemic. Using monthly time series data for the 50 largest metropolitan areas, the domain host data is merged with the US Census Small Business Pulse Surveys and Chetty et al.'s Opportunity Insights data. Results indicate metros with higher concentrations of businesses with an online presence experienced more positive economic perceptions and outcomes from April to December 2020. This high-frequency, granular data on digital economic activity suggests that digitally enabled small and microbusinesses played an important role in local economic resilience and demonstrates how commercial data can be used to generate new insights in a fast-changing environment.Plain English SummaryNew data show websites were a resource for small business and community resilience in Covid-19. While some studies have shown how digital technologies helped businesses during the pandemic, little research has examined how website use during this time affected communities and their small businesses. Data on the number of domain name hosts (per 100 people) provides a measure of the prevalence of website use in a community. Seventy-five percent of these domain name sites are commercial, primarily small, and microbusinesses. We examine economic outcomes for the 50 largest metros from April to December 2020, including credit and debit card spending, small business revenues and openings, and the perceptions of small business owners. With monthly data and across multiple measures, we find that this digital economic activity positively affected the resilience of communities and small businesses. These findings suggest that policies for an inclusive and effective recovery should consider support for digital skills and effective website use for small and microbusinesses.

Financial Risk Management of the Russian Economy during the COVID-19 Pandemic

The research objects are the tax and budgetary policies of the Russian Federation. In this research, financial (budgetary) risks are understood as a decrease in the balance of the state (national) budget resulting from a reduction in revenues or an increase in expenditures. This research considers production in the main sectors of the economy as a key factor of financial risk during the COVID-19 pandemic. The research aims to analyze the main directions of the budgetary and tax policy of the Russian Federation that aimed at supporting the economy and the population during the spread of COVID-19, which is especially relevant in connection with the expected recession in a number of sectors of the economy and a decrease in the level of employment and, accordingly, the well-being of citizens. In these conditions, it is necessary to adjust the budgetary and tax policy to preserve the state's social obligations and expand social and economic support for businesses and citizens to smooth out the negative consequences of the impact of restrictive measures. The authors applied systemic and institutional approaches and statistical methods. The main results of the research reflect the need to (1) implement support measures (tax and budgetary incentives) for small and medium-sized enterprises, on which the crisis provoked by the COVID-19 pandemic has had the most destructive impact, and (2) to expand the volume of budgetary financing of social programs for financial risk management of the Russian economy during the COVID-19 pandemic. Compositionally, the article consists of the following sections: the introduction, which provides an overview of the publication activity in the field of financing measures to overcome the spread of COVID-19 and substantiates the relevance and purpose of the study;the literature review, which lists modern authors whose works were aimed at studying similar issues as well as the methodological apparatus used by them, which are suitable for adaptation;the section ‘materials and methods', which provides more adaptive methods of other people's research and the authors selected in accordance with them are listed;the results section, in which the authors present the main array of statistical data, which is then discussed. At the end of the article, the authors draw conclusions about the applied fiscal policy tools that can be used effectively in the new economic reality.