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Emergency Economic Response and Evaluation in the COVID-19 Crisis

Author

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  • Daigo Nakata

    (Senior Fellow, Research Institute of Economy, Trade and Industry)

Abstract

This paper organises the variations of countermeasures put in place by countries around the world as their emergency financial measures to cope with the COVID-19 crisis that hit the world at the beginning of 2020. At the same time, it surveys policy evaluation analyses in countries that implemented similar policies as Japan’s emergency financial measures. In particular, it surveys reports published over the past few years on analyses in the United States, South Korea, and Israel that implemented direct transfer policies on household budgets, similar to Japan’s special cash payments, analyses in the United States and Australia that implemented employment retention policies similar to Japan’s employment adjustment subsidy, and analyses in Germany that reduced value-added tax (consumption tax) rates, which was not implemented but much debated in Japan. By summarising the experiences and analysis results in these countries, this paper organises the suggestions and implications related to future policy formation in Japan.

Suggested Citation

  • Daigo Nakata, 2023. "Emergency Economic Response and Evaluation in the COVID-19 Crisis," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 19(4), pages 1-25, November.
    • Handle: RePEc:mof:journl:ppr19_04_07
    DOI: 10.57520/prippr.19-4-7
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    More about this item

    Keywords

    COVID-19; emergency economic measures; direct transfer; employment retention policies; value-added tax;
    All these keywords.

    JEL classification:

    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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