The Economic and Financial Impacts of the COVID-19 Crisis Around the World

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The Economic and Financial Impacts of the Covid-19 Crisis Around the World: Expect the Unexpected provides an informed, research-based deep understanding of the COVID-19 crisis and its impacts on the businesses, consumers, banks, and financial markets and effectiveness of reactions of governments and policymakers in the U.S. and around the world. It provides reflections and perspectives on the social costs and benefits of various policies undertaken and a toolkit of preventive measures to deal with crises beyond COVID-19 crisis. Authors Allen N. Berger, Mustafa U. Karakaplan, and Raluca A. Roman put the COVID-19 economic crisis in context by comparing it to two other massive crises from the past-the Crash of 1929 and the Global Financial Crisis of 2007-2009-to help illustrate how crises that originate in financial markets and in the banking sector differ from one another as well as from the COVID-19 crisis that harmed the real economy first. They also compare the U.S. policies and outcomes in the COVID-19 crisis to those in other nations with different policy responses to the pandemic. They assess the important costs and benefits of various government policy responses to the programs and suggest potential policy implications for prospective future economic crises. The book takes a holistic approach that considers the effects of policies taken in advance of crises as well as when they are occurring and pay particular attention to the speed and magnitude of the policy reactions.Economics and finance students and researchers can use the information in this book to innovate, create new research, and make informed decisions. Bank executives can learn about tools to better shield institutions from future crises, and regulators and policy makers can learn how to make informed policy decisions beyond COVID-19. Financial analysts and anyone with a basic knowledge of economics and finance can keep themselves up to date on developments in economics and finance and general causes, consequences, and policies for the COVID-19 crisis and others.