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The role of government for the non-financial corporate sector during the COVID-19 crisis

Author

Listed:
  • Rodríguez-Vives, Marta
  • Giron, Celestino

Abstract

This article looks at the government support for firms during the COVID-19 crisis in the form of subsidies, transfers, government guarantees and other forms of financing, such as loans at low interest rates and equity injections. It highlights that these government responses may substantially change the composition and dynamics of balance sheets. The article also discusses the implications of the responses for the size of government balance sheets. In addition, the phasing out of government support needs to be carefully aligned with economic and social objectives. JEL Classification: D3, E21, E52

Suggested Citation

  • Rodríguez-Vives, Marta & Giron, Celestino, 2021. "The role of government for the non-financial corporate sector during the COVID-19 crisis," Economic Bulletin Articles, European Central Bank, vol. 5.
    • Handle: RePEc:ecb:ecbart:2021:0005:3
    Note: 1649295
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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/articles/2021/html/ecb.ebart202105_03~997529d196.en.html
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    Citations

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    Cited by:

    1. Francesco Columba & Tommaso Orlando & Francesco Palazzo & Fabio Parlapiano, 2022. "The features of equity capital increases by Italian corporates," Questioni di Economia e Finanza (Occasional Papers) 709, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    Balance sheets; corporate sector; government sector;
    All these keywords.

    JEL classification:

    • D3 - Microeconomics - - Distribution
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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