This paper provides novel information on the propagation of the pandemic-induced real shock to firms' financial … higher indebtedness and, hence, less capacity to deal with a liquidity shock. Conditional on these factors, firm size does …

points and the one of the stock market by 35 percentage points; during the COVID-19 pandemic by 25 and 15 percentage points …

This paper provides an analysis of the impact of the COVID-19 pandemic on exporting firms, focusing on the role of …-December 2021, we find that participation in global value chains increased firms' vulnerability to the COVID-19 shock, in terms …

This paper studies how the Covid-19 pandemic and the extensive job retention support that accompanied it affected … around estimates, the findings suggest that (1) productivity-enhancing reallocation was weaker in the pandemic than in the …

banks in countries with credit booms before the pandemic. The higher risk sensitivity of IRB models does not always result …

This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an … focus on the size and the direction of international spillovers both from the shock itself and from the ensuing fiscal … COVID-19 pandemic. The main messages are as follows. First, fiscal spillovers from the rest of the monetary union do matter …

This paper studies the macroeconomic consequences of the COVID-19 pandemic and makes a first step in adapting the … targeted confinement policies. By comparison, a "laissez-faire" approach to the pandemic emergency can even inflict in some …

of new coronavirus (COVID-19) pandemic. We focus on monetary, microprudential and macroprudential policies designed … with the pandemic response measures, banks' ability to supply credit would have been severely affected. The results also … investigate the potential real effects of the joint pandemic response measures by estimating the adjustment in labour input …

market impact of COVID-19. By focussing on the first wave of the pandemic in the four largest euro area economies, it finds …