The rapid spread of COVID-19 forced policy-makers to swiftly find solutions to reduce infection rates and keep mortality as low as possible. Empirical analyses on the effectiveness of control measures are hereby of primary importance. School closures were among the earliest measures enacted by...

We estimate the impact of the COVID-19 crisis on business failures among small and medium size enterprises (SMEs) in seventeen countries using a large representative firm-level database. We use a simple model of firm cost-minimization and measure each firm's liquidity shortfall during and after...