Discretionary fiscal responses to the COVID-19 pandemic

Devereux, Michael; Guceri, Irem; Simmler, Martin; Tam, Eddy H.F.

doi:10.1093/oxrep/graa019

Cited by 42 publications

(51 citation statements)

References 34 publications

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“…But in a similar way, our economic interventions must change. As Devereux et al (2020 , this issue) argue, as we move out of lockdown and into a tentative period of recovery, it will be necessary to consider a new set of policy options: extension of short-time work and possible temporary subsidy for re-employment; corporation tax incentives; VAT reductions; and a holiday from taxes on business property. More generally, as noted before, radical fiscal measures that were designed to temporarily keep workers attached to their existing employers must be replaced with alternative, and more sustainable, measures ( Mayhew and Anand, 2020 ).…”

Section: The Economic Interventionsmentioning

confidence: 99%

The economics of the COVID-19 pandemic: an assessment

Susskind¹,

Vines

2020

Oxford Review of Economic Policy

125

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The COVID-19 pandemic has created both a medical crisis and an economic crisis. As others have noted, we face challenges just as big as those in the Spanish Flu Pandemic and the Great Depression—all at once. The tasks facing policy-makers are extraordinary. Many new kinds of intervention are urgently required. This issue of the Oxford Review of Economic Policy has two objectives. The first is to explore these new interventions: evaluating their use, suggesting how they might be improved, and proposing alternatives. The second is to show that the challenges facing us are global and will require international cooperation if they are to be dealt with effectively. This short introductory essay positions the papers in the issue within an overall conceptual framework, with the aim of telling an overarching story about the pandemic.

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Section: The Economic Interventionsmentioning

confidence: 99%

The economics of the COVID-19 pandemic: an assessment

Susskind¹,

Vines

2020

Oxford Review of Economic Policy

125

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“…This had a negative impact on the economy, and the condition of state finances. According to Clemens and Veuger (2020) and Devereux et al (2020), extraordinary circumstances require the application of discretionary fiscal policy regarding tax revenue and budgetary expenditure. The reduction in government revenue combined with the need to finance aid schemes has led to an increase in government debt (Browne, 2020;Economist, 2020a;United Nations, 2020) and deficit in national budgets (International Monetary Fund, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

Shaping the Public Perception of Economic Phenomena During the COVID-19 Pandemic: Priority of Goals or Values?

Piotrowski¹

2021

ERSJ

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Purpose: The coronavirus pandemic has posed serious challenges to governments almost all over the world. To stop its development authorities have overwhelmingly introduced social distancing and locked down the economy. Apart from implementing measures restoring socioeconomic activity, it was equally important how the government informed the society about them. The aim of this work is to determine the factors that impact the way in which the coronavirus pandemic is presented to the society in Poland. Design/Methodology/Approach: The analyses of selected literature and case study method were used to show how government communicated the actions taken in public finance and economy, as well as socio-political life. The uniqueness of the research should be related to the fact that two presidential campaigns were run during the epidemic. Findings: The research results indicate that the issue of the pandemic and the actions taken to combat the crisis it triggered, as well as the attitude towards social distancing, were used in the message addressed to the public with a view to achieving specific political objectives of the authorities. The coronavirus epidemic was presented differently by politicians and public media during each of the two campaigns accompanying the elections for the office of the President of Poland. Prior to the elections scheduled for 10 May 2020, the coronavirus pandemic was presented to the public as a serious threat to health and life which necessitated restrictive adherence to social distancing restrictions. In the second election campaign, those in power sent an optimistic message to society suggesting a victory over coronavirus had been achieved in terms of health and economy. Practical Implications: The paper shows the possibility of shaping the perception of economic phenomena by means of the mass media. Originality/Value: The research shows that topics important for the functioning of the state, such as the rapidly deteriorating condition of public finances or the entry of the economy into recession, were not the main axis of the political dispute during the election campaigns.

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“…They find a relationship between tax revenues and spending on education and health, as well as various government support measures. Devereux et al (2020) examine how tax deferral and incentive measures adopted by governments at different stages of the pandemic crisis (tax breaks for corporations, temporary VAT rate cuts) have impacted economic activity and budget revenues. Several authors attribute the severity of the pandemic shock to a combination of taxes and fees in tax systems (Chernick et al, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

How the 2020 pandemic affected tax revenues in Russian regions?

Малкина¹

2021

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Research background: The 2020 pandemic has proven to be stressful for regional tax systems. However, these systems reacted differently to lockdown and a decline in business activity, which was associated with both their structures and the specifics of their development. Purpose of the article: The aim of the article is to assess the impact of the 2020 pandemic on tax revenues of Russian regions, as well as to analyze the factors contributing to the resilience of regional tax systems to epidemiological crises. Methods: The study is based on monthly data from the Federal Tax Service of the Russian Federation on total tax revenues in 83 Russian regions for 2013?2020. For data up to March 2020, we construct stationary time series and plotted ARiMA regressions. Based on them, we forecast tax revenues for the period from April to December 2020, if there were no pandemic. The impact of the pandemic is calculated as the deviation of actual tax revenue from the forecast for the corresponding 9 months. Findings & value added: We find that the impact of the pandemic on tax revenues varies over time and space. The crisis hit the fiscal system most negatively in the first three full months of the lockdown (April?June 2020). Some mining regions of the Urals, Western and Eastern Siberia, specializing in the extraction of oil and gas, as well as non-ferrous metals, turned out to be the most vulnerable to the pandemic. The most resistant to it are the central and southern regions of the European part of Russia. Calculation of Pearson's correlations shows that the greatest drop in tax revenues occur in regions with a larger share of the mining industry in gross value added and MET in tax revenues, with a higher GRP per capita and an increased level of general economic instability. The smallest decline in tax revenue, or even its growth, is observed in regions with a larger share of personal income tax and property tax in tax revenues, a higher share of trade and processing industries, social sphere and public administration in gross value added, a higher degree of economic diversification and a larger share of small business in total turnover. The obtained results are applicable to manage the resilience of tax systems to epidemiological crises.

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Discretionary fiscal responses to the COVID-19 pandemic

Cited by 42 publications

References 34 publications

The economics of the COVID-19 pandemic: an assessment

The economics of the COVID-19 pandemic: an assessment

Shaping the Public Perception of Economic Phenomena During the COVID-19 Pandemic: Priority of Goals or Values?

How the 2020 pandemic affected tax revenues in Russian regions?

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