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Misfortunes Never Come Alone: From the Financial Crisis to the COVID-19 Pandemic

Author

Listed:
  • Antonio Moreno

    (School of Economics and Business, University of Navarra)

  • Steven Ongena

    (University of Zurich - Department of Banking and Finance; Swiss Finance Institute; KU Leuven; NTNU Business School; Centre for Economic Policy Research (CEPR))

  • Alexia Ventula Veghazy

    (European Central Bank (ECB))

  • Alexander F. Wagner

    (University of Zurich - Department of Banking and Finance; Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI); Swiss Finance Institute)

Abstract

Is there a connection between the 2007-2009 financial crisis and the COVID-19 pandemic? To answer this question, we examine the relation between both macroeconomic and financial losses derived from the financial crisis and the health outcomes associated with the first wave of the pandemic. At the European level, countries more affected by the financial crisis had more deaths relative to coronavirus cases. An analogous relation emerges across Spanish provinces and US states. Part of the transmission from finance to health outcomes appears to have occurred through cross-sectional differences in health facilities. Therefore, dampening financial-economic instability may yield long-term societal benefits.

Suggested Citation

  • Antonio Moreno & Steven Ongena & Alexia Ventula Veghazy & Alexander F. Wagner, 2022. "Misfortunes Never Come Alone: From the Financial Crisis to the COVID-19 Pandemic," Swiss Finance Institute Research Paper Series 22-44, Swiss Finance Institute.
    • Handle: RePEc:chf:rpseri:rp2244
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    More about this item

    Keywords

    Global Financial Crisis; COVID-19; local sovereign debt; death ratio; curative beds;
    All these keywords.

    JEL classification:

    • I10 - Health, Education, and Welfare - - Health - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • H1 - Public Economics - - Structure and Scope of Government

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