The Economic and Financial Impacts of the COVID-19 Crisis Around the World: Expect the Unexpected provides an informed, research-based in-depth understanding of the COVID-19 crisis, its impacts on households, nonfinancial firms, banks, and financial market participants, and the effectiveness of the reactions of governments and policymakers in the United States 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 the COVID-19 crisis.
Authors Allen N. Berger, Mustafa U. Karakaplan, and Raluca A. Roman apply their expertise to the research and data on the COVID-19 economic crisis as well as draw on their own rich research experience. They take a holistic approach that compares and contrasts this crisis with other economic and financial crises and assesses economic and financial behavior and government policies in the booms before crises and the aftermaths following them, as well as the crises themselves. They do all this with a keen eye on "Expecting the Unexpected� future crises, and policies that might anticipate them and provide better outcomes for society.
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Table of Contents
Part I. Focus of the book and other introductory materials Introduction to Part I 1. Introduction to the economic and financial impacts of the COVID-19 crisis and related topics 2. The COVID-19 pandemic versus past epidemics, pandemics, and other health crises 3. The COVID-19 pandemic as a "black swan" eventcomparisons with natural disaster shocks 4. Conceptual framework for economic, banking, and financial market cycles featuring crises 5. Putting the COVID-19 crisis into context
comparison with earlier global crises
Part II. Empirical evidence on economic and financial effects of COVID-19 crisis around the world Introduction to Part II 6. Empirical evidence on the economic effects of COVID-19 crisis on national and local economies 7. Empirical evidence on the economic effects of COVID-19 crisis on households 8. Empirical evidence on the economic effects of COVID-19 crisis on nonfinancial firms 9. Empirical evidence on the effects of COVID-19 crisis on banks 10. Empirical evidence on the economic effects of COVID-19 crisis on financial markets
Part III. Government policy reactions to the COVID-19 crisis and their economic and financial effects around the world Introduction to Part III 11. Putting the COVID-19 crisis policies into context
The Paycheck Protection Program (PPP) versus the Troubled Asset Relief Program (TARP) during the Global Financial Crisis (GFC) 12. Other policy reactions to the COVID-19 crisis in the U.S. and their effects on local economies, households, nonfinancial firms, banks, and financial markets 13. Policy reactions to the COVID-19 crisis in the rest of the world and their effects on economies, households, nonfinancial firms, banks, and financial markets
Part IV. The extraordinary recoveries in real economies, banking sectors, and financial markets Introduction to Part IV 14. U.S. evidence 15. Evidence from the rest of the world
Part V. Economic and financial effects during the aftermath of COVID-19 crisis around the world Introduction to Part V 16. Continuations versus cutbacks of COVID-19 crisis policies in the crisis aftermath 17. Aftermath effects on national and local economies 18. Aftermath effects on households 19. Aftermath effects on nonfinancial firms 20. Aftermath effects on banks 21. Aftermath effects on financial markets
Part VI. Lessons learned from the COVID-19 crisis Introduction to Part VI 22. Expect the unexpected and prepare for future crises
Authors
Allen N. Berger Professor in Banking and Finance, University of South Carolina, President, Financial Intermediation Research Society, Senior Fellow, Wharton Financial Institutions Center, and Fellow of the European Banking Center, SC, USA. Allen N. Berger is H. Montague Osteen, Jr., Professor in Banking and Finance at the University of South Carolina, President of the Financial Intermediation Research Society, Senior Fellow at the Wharton Financial Institutions Center, and Fellow of the European Banking Center.He has published over 125 articles in refereed journals, including in top finance journals, Journal of Finance, Journal of Financial Economics, and top economics journals, Journal of Political Economy and American Economic Review. He is co-author of two research books and co-edited all three editions of the Oxford Handbook of Banking. He serves on nine journal editorial boards, co-edited eight special issues of research journals, and formerly edited the Journal of Money, Credit, and Banking.
His research has been cited over 90,000 times, including 30 articles with over 1,000 citations each, and another 19 with over 500 citations each. He has given invited keynote addresses on five continents. Mustafa U. Karakaplan Professor, Finance Department, Darla Moore School of Business, University of South Carolina, USA. Mustafa U. Karakaplan is a Professor in the Finance Department in the Darla Moore School of Business at the University of South Carolina. He received his Ph.D. from Texas A&M University in 2012 and held appointments at Utah State University and Georgetown University. His research has been published in leading peer-reviewed journals including the Journal of Productivity Analysis, Empirical Economics, and Journal of Banking and Finance. His current research interests include Banking, Financial Intermediation, FinTech, International Finance, Financial Markets, Econometric Programming, Forecasting, Predictive Analytics, and Machine Learning. He has also been a co-investigator of a $19 million policy research project funded by the U.S. federal and state agencies, and private organizations. Raluca A. Roman Senior Economist, Federal Reserve Bank of Philadelphia; formerly Federal Reserve Bank of Kansas City, KS, USA. Raluca A. Roman is Senior Economist at the Federal Reserve Bank of Philadelphia, and formerly at the Federal Reserve Bank of Kansas City. She holds a Ph.D. in Finance from University of South Carolina. Her research areas include banking and financial institutions consumer finance, corporate finance, and international finance. She has published articles in the Journal of Financial and Quantitative Analysis, Management Science, Journal of Financial Intermediation, Journal of Money, Credit, and Banking, Financial Management, Journal of Corporate Finance, Journal of International Money and Finance, Journal of Banking and Finance, and has received four awards for her papers at conferences. She also co-authored the book TARP and other Bank Bailouts and Bail-Ins around the World: Connecting Wall Street, Main Street, and the Financial System (2020, Elsevier). Raluca has presented her research and discussed the research of others at numerous finance and regulatory conferences.
