Government financial support for businesses in the period of global threats

Apoyo financiero del gobierno para empresas en el período de amenazas globales

• Iryna Gryshchenko National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine. https://orcid.org/0000-0002-8191-1177
• Anna Barikova National Academy of Internal Affairs, Kyiv, Ukraine. https://orcid.org/0000-0002-9707-0106
• Volodymyr Oliinyk National University of Life and Environmental Sciences of Ukraine, Kyiv, Ukraine. https://orcid.org/0000-0002-4647-2658
• Ivanna Kozak Lviv Polytechnic National University, Lviv, Ukraine, Ukraine. https://orcid.org/0000-0003-1801-8877
• Nataliia Lutsiv Ukrainian National Forestry University, Lviv, Ukraine. https://orcid.org/0000-0001-5588-7778

DOI: https://doi.org/10.46398/cuestpol.4178.41

Palabras clave: amenazas globales, guerras asimétricas, política pública, apoyo financiero, empresas y autoridades

Resumen

El objetivo del artículo fue analizar los enfoques disponibles para la formación e implementación de apoyo financiero gubernamental para empresas en el período de amenazas globales. La metodología de investigación se basa en la identificación de riesgos clave y su naturaleza; método gráfico de clasificación de las restricciones fiscales; construcción de diagrama de dispersión; métodos de estudio sociológico y comparación de grupos; agrupación de los principales enfoques de la política gubernamental. En los resultados se identificó la dependencia de los instrumentos fiscales de apoyo gubernamental de la posibilidad de endeudamiento interno y de los problemas económicos externos en países de mediano y bajo nivel de ingreso. En las conclusiones del caso se determinaron los instrumentos más efectivos de la política financiera estatal en su conjunto y por grupos económicos de países y sectores económicos. Finalmente, se enfatiza en la necesidad de ampliar los instrumentos financieros de apoyo gubernamental a las empresas con miras a las consecuencias de la agresión rusa en Ucrania.

Citas

ADAMS-PRASSL, Alina; BONEVA, Teodora; GOLIN, Marta; RAUH, Christopher. 2020. “Inequality in the Impact of the Coronavirus Shock: Evidence from Real-Time Surveys” In: Journal of Public Economics. Vol. 189, Article 104245.

BALDWIN, Richard; DI MAURO, Beatrice Weder. 2020. Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes. CEPR Press. London, UK.

BARTIK, Alicia; BERTRAND, Marianne; CULLEN, Zoe; GLAESER, Edward; LUCA, Michael; STANTON, Christopher. 2020. “The impact of COVID-19 on small business outcomes and expectations” In: Proceedings of the National Academy of Sciences. Vol. 117, No. 30, pp. 17656-17666.

BRUÜLHART, Marius; LALIVE, Rafael; LEHMANN, Thomas; SIEGENTHALER, Michael. 2020. “COVID-19 financial support to small businesses in Switzerland: Evaluation and outlook.” In: Swiss Journal of Economics and Statistics. Vol. 156, No. 1, pp. 1-13.

CHETTY, Raj; FRIEDMAN, John; STEPNER, Michael. 2020. “How Did COVID-19 and Stabilization Policies Affect Spending and Employment?” In: A New Real-Time Economic Tracker Based on Private Sector Data. Available online. In: https://doi.org/10.3386/w27431. Consultation date: 10/11/2022.

CIRERA, Xavier. 2021. “Policies to support businesses through the COVID-19 shock: A firm level perspective” In: The World Bank Research Observer. Vol. 36, No. 1, pp. 41-66.

CORE, Fabrizio; DE MARCO, Filippo. 2020. Public Guarantees for Small Businesses in Italy During COVID-19. In: CEPR Discussion Paper №. DP15799. Available online. In: https://ssrn.com/abstract=3784039. Consultation date: 10/11/2022.

CORORATON, Andrew; ROSEN, Simon. 2021. “Public firm borrowers of the US Paycheck Protection Program” In: The Review of Corporate Finance Studies. Vol. 10, No. 4, p. 641-693.

FEYEN, Erik; MARE, Davide Salvatore. 2021. Measuring Systemic Banking Resilience: A Simple Reverse Stress Testing Approach Using Bank- Level Data. Policy Research Working Paper № 9864. World Bank. Washington, DC. USA.

GENTILINI, Ugo; ALMENFI, Mohamed; ORTON, Ian; PAMELA, Dániel. 2020. Social Protection and Jobs Responses to COVID-19: A Real-Time Review of Country Measures. Brief. World Bank. Washington, DC., USA.

GRANJA, João; MAKRIDIS, Christos; YANNELIS, Constantine; ZWICK, Eric. 2022. “Did the paycheck protection program hit the target?” In: Journal of financial economics, Vol. 145, No. 3, pp. 725-761.

INTERNATIONAL MONETARY FUND. 2021. IMF Financial Access COVID-19 Policy Tracker. Last updated on July 2. Available online. In: https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19. Consultation date: 10/11/2022.

JANZEN, Benjamin; RADULESCU, Diana. 2022. “Effects of COVID-19 related government response stringency and support policies: Evidence from European firms” In: Economic analysis and policy. Vol. 76, pp. 129-145.

KOZENIAUSKAS, Nicholas; MOREIRA, Paulo; SANTOS, Cezar. 2020. Covid-19 and Firms: Productivity and Government Policies. CEPR Discussion Papers № 15156. Available online. In: https://cepr.org/publications/dp15156. Consultation date: 10/11/2022.

NELSON, Mark. 2021. “COVID-19 Closure and Containment Policies: A First Look at the Labor Market Effects in Emerging Nations” In: COVID Economics, No. 66. Available online. In: https://cepr.org/node/390710. Consultation date: 10/11/2022.

OECD. 2020a COVID-19 Government Financing Support Programmes for Businesses. OECD Paris. Available online. In: https://www.oecd.org/finance/COVID-19-Government-Financing-Support-Programmes-for-Businesses.pdf. Consultation date: 10/11/2022.

OECD. 2020b. Supporting businesses in financial distress to avoid insolvency during the COVID-19 crisis. OECD Publishing. Available online. In: https://read.oecd-ilibrary.org/view/?ref=133_133330-0xcbam2j0c&title=Supporting-businesses-in-financial-distress-to-avoid-insolvency-during-the-Covid-19-crisis. Consultation date: 10/11/2022.

OECD. 2021. COVID-19 Government Financing Support Programmes for Businesses: 2021 Update. OECD Paris, 2021. Available online. In: https://www.oecd.org/finance/COVID-19-Government-Financing-Support-Programmes-for-Businesses-2021-Update.pdf. Consultation date: 10/11/2022.

STEMMLER, Hannah. 2022. «The Effects of COVID-19 on Businesses: Key versus Non-key Firms.» In: International Labour Organization. Available online. In: https://doi.org/10.54394/BZKJ3115. Consultation date: 10/11/2022.

WAGNER, Julia. 2022. «Firm Survival and Gender of Firm Owner in Times of COVID-19: Evidence from 10 European Countries» In: Economies. Vol. 10, No. 5, p. 98.

WEBSTER, Alice; KHORANA, Sangeeta; PASTORE, Francesco. 2022. «The Effects of COVID-19 on Employment, Labor Markets, and Gender Equality in Central America» In: IZA Journal of Development and Migration. Vol. 13, No. 1.

WEF. 2023. The Global Risks Report 2023. 18th Edition. World Economic Forum. Available online. In: https://www3.weforum.org/docs/WEF_ Global_Risks_Report_2023.pdf. Consultation date: 02/05/2023.

WORLD BANK. 2022a. Ukraine Recovery and Reconstruction Needs Estimated $349 Billion. Press Release. Available online. In: https://www.worldbank.org/en/news/press-release/2022/09/09/ukraine-recovery-and-reconstruction-needs-estimated-349-billion. Consultation date: 10/11/2022.

WORLD BANK. 2022b. World Development Report 2022: Finance for an Equitable Recovery. Available online. In: https://doi.org/10.1596/978-1-4648-1730-4. Consultation date: 10/11/2022.