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oapen-20.500.12657-54222
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oapen-20.500.12657-542222023-02-01T08:50:48Z EIB Working Paper 2022/01 European Investment Bank Harasztosi, Péter Maurin, Laurent Pál, Rozália Revoltella, Debora van der Wiel, Wouter Business & Economics Corporate Finance bic Book Industry Communication::K Economics, finance, business & management::KF Finance & accounting::KFF Finance::KFFH Corporate finance During the COVID-19 crisis, the European corporate ecosystem avoided major disruptions, and corporate bankruptcy rates even declined. This outcome mostly resulted from the strength of support from monetary, financial supervisory and fiscal policies. Using the 2021 vintage of the EIB Investment Survey (EIBIS) matched with balance sheet data on firms' profits and losses, this paper investigates what has driven the allocation of fiscal policy support and the impact of this support during the investment recovery. It finds that support was largely directed towards firms that were most affected by the crisis in terms of lost sales, and was not tilted firms already weak before the crisis. It also shows that the firms that benefitted from this support tend to be more optimistic in their investment plans, especially with regard to digital technologies. 2022-04-27T05:33:57Z 2022-04-27T05:33:57Z 2022 book 9789286152108 https://library.oapen.org/handle/20.500.12657/54222 eng application/pdf Attribution-NonCommercial-NoDerivatives 4.0 International economics_working_paper_2022_01_en.pdf European Investment Bank European Investment Bank https://doi.org/10.2867/24308 https://doi.org/10.2867/24308 66479d04-7b84-49c0-9a4d-db552a3ecc71 b818ba9d-2dd9-4fd7-a364-7f305aef7ee9 9789286152108 Knowledge Unlatched (KU) European Investment Bank Knowledge Unlatched open access
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OAPEN
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DSpace
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English
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| description |
During the COVID-19 crisis, the European corporate ecosystem avoided major disruptions, and corporate bankruptcy rates even declined. This outcome mostly resulted from the strength of support from monetary, financial supervisory and fiscal policies. Using the 2021 vintage of the EIB Investment Survey (EIBIS) matched with balance sheet data on firms' profits and losses, this paper investigates what has driven the allocation of fiscal policy support and the impact of this support during the investment recovery. It finds that support was largely directed towards firms that were most affected by the crisis in terms of lost sales, and was not tilted firms already weak before the crisis. It also shows that the firms that benefitted from this support tend to be more optimistic in their investment plans, especially with regard to digital technologies.
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economics_working_paper_2022_01_en.pdf
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| spellingShingle |
economics_working_paper_2022_01_en.pdf
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| title_short |
economics_working_paper_2022_01_en.pdf
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| title_full |
economics_working_paper_2022_01_en.pdf
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| title_fullStr |
economics_working_paper_2022_01_en.pdf
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| title_full_unstemmed |
economics_working_paper_2022_01_en.pdf
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| title_sort |
economics_working_paper_2022_01_en.pdf
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| publisher |
European Investment Bank
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| publishDate |
2022
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1771297383719632896
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