IDEAS home Printed from https://ideas.repec.org/p/eiq/eileqs/165.html

Similar but different? Comparing economic policy responses to the Corona Crisis in the UK and Germany

Author

Listed:
  • Bob Hancke
  • Toon Van Overbeke
  • Dustin Voss

Abstract

This paper presents a comparative political economic analysis of the policy responses to the Covid-19 crisis in Germany and the UK. These two countries responded to this symmetric economic shock with similar furlough and business loan schemes to stabilize both the demand and supply side of the economy. However, highly different political-economic structures in both countries meant these a priori similar policies produced different results. We argue that this divergence can best be explained through the lens of Varieties of Capitalism’s ‘institutional complementarities’.

Suggested Citation

  • Bob Hancke & Toon Van Overbeke & Dustin Voss, 2021. "Similar but different? Comparing economic policy responses to the Corona Crisis in the UK and Germany," LEQS – LSE 'Europe in Question' Discussion Paper Series 165, European Institute, LSE.
    • Handle: RePEc:eiq:eileqs:165
    as

    Download full text from publisher

    File URL: https://www.lse.ac.uk/european-institute/Assets/Documents/LEQS-Discussion-Papers/LEQSPaper165.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Paolo Cavallino & Fiorella De Fiore, 2020. "Central banks' response to Covid-19 in advanced economies," BIS Bulletins 21, Bank for International Settlements.
    2. Ioannis Laliotis & Giuseppe Moscelli & Vassilis Monastiriotis, 2023. "Summertime and the drivin’ is easy? Daylight saving time and vehicle accidents," Health Economics, John Wiley & Sons, Ltd., vol. 32(10), pages 2192-2215, October.
    3. Richard Bronk & Wade Jacoby, 2020. "The epistemics of populism and the politics of uncertainty," LEQS – LSE 'Europe in Question' Discussion Paper Series 152, European Institute, LSE.
    4. Richard M. Locke & Kathleen Thelen, 1995. "Apples and Oranges Revisited: Contextualized Comparisons and the Study of Comparative Labor Politics," Politics & Society, , vol. 23(3), pages 337-367, September.
    5. Aleksandra Sojka & Jorge Diaz-Lanchas & Federico Steinberg, 2019. "The Politicization of Transatlantic Trade in Europe: Explaining Inconsistent Preferences Regarding Free Trade and the TTIP," JRC Working Papers on Territorial Modelling and Analysis 2019-09, Joint Research Centre.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dimitry Kochenov, 2020. "Genuine Purity of Blood: The 2019 Report on Investor Citizenship and Residence in the European Union and its Litigious Progeny," LEQS – LSE 'Europe in Question' Discussion Paper Series 164, European Institute, LSE.
    2. Nina Lopez Uroz, 2020. "Populism Amidst Prosperity: Poland's Growth Model and its Socio-Political Outcomes," LEQS – LSE 'Europe in Question' Discussion Paper Series 159, European Institute, LSE.
    3. Mitchell Orenstein & Bojan Bugaric, 2020. "Populism Amidst Prosperity: Work, Family, Fatherland: The Political Economy of Populism in Central and Eastern Europe," LEQS – LSE 'Europe in Question' Discussion Paper Series 163, European Institute, LSE.
    4. Lorenzo Codogno & Paul Noord, 2022. "Assessing Next Generation EU," Springer Proceedings in Business and Economics, in: Luigi Paganetto (ed.), Economic Challenges for Europe After the Pandemic, pages 59-82, Springer.
    5. Gerard Delanty, 2020. "Six political philosophies in search of a virus: Critical perspectives on the coronavirus pandemic," LEQS – LSE 'Europe in Question' Discussion Paper Series 156, European Institute, LSE.
    6. Tobias Tesche, 2020. "The European Union's response to the coronavirus emergency: an early assessment," LEQS – LSE 'Europe in Question' Discussion Paper Series 157, European Institute, LSE.
    7. Richard Bronk & Wade Jacoby, 2020. "The epistemics of populism and the politics of uncertainty," LEQS – LSE 'Europe in Question' Discussion Paper Series 152, European Institute, LSE.
    8. Ergen, Timur, 2015. "Große Hoffnungen und brüchige Koalitionen: Industrie, Politik und die schwierige Durchsetzung der Photovoltaik," Schriften aus dem Max-Planck-Institut für Gesellschaftsforschung Köln, Max Planck Institute for the Study of Societies, volume 83, number 83.
    9. Yoo, Taeyoung & Sung, Taeyoon, 2015. "How outside directors facilitate corporate R&D investment? Evidence from large Korean firms," Journal of Business Research, Elsevier, vol. 68(6), pages 1251-1260.
    10. Jens Arnholtz & Nana Wesley Hansen, 2013. "Labour market specific institutions and the working conditions of labour migrants: The case of Polish migrant labour in the Danish labour market," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 34(3), pages 401-422, August.
    11. Feinstein, Zachary & Hałaj, Grzegorz, 2023. "Interbank asset-liability networks with fire sale management," Journal of Economic Dynamics and Control, Elsevier, vol. 155(C).
    12. David M. Arseneau & José Fillat & Molly Mahar & Donald P. Morgan & Skander J. Van den Heuvel, 2021. "COVID Response: The Main Street Lending Program," Staff Reports 984, Federal Reserve Bank of New York.
    13. Martin Lukac & Nadja Doerflinger & Valeria Pulignano, 2019. "Developing a Cross-National Comparative Framework for Studying Labour Market Segmentation: Measurement Equivalence with Latent Class Analysis," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 145(1), pages 233-255, August.
    14. Eduardo Ortas & Isabel Gallego‐Álvarez & Igor Álvarez, 2019. "National institutions, stakeholder engagement, and firms' environmental, social, and governance performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(3), pages 598-611, May.
    15. Richard Hyman, 2007. "How can trade unions act strategically?," Transfer: European Review of Labour and Research, , vol. 13(2), pages 193-210, May.
    16. Guendalina Anzolin & Chiara Benassi & Armanda Cetrulo, 2024. "Industrial relations and firm-level innovation. A comparative analysis of establishment data in Germany and Italy," LEM Papers Series 2024/12, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    17. Adrien Thomas & Nadja Dörflinger & Karel Yon & Michel Pletschette, 2024. "Covid-19 and health and safety at work: Trade union dilemmas in Germany, France and Luxembourg (March 2020–December 2021)," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 45(1), pages 116-137, February.
    18. Hyman, Richard, 2007. "How can trade unions act strategically?," LSE Research Online Documents on Economics 39803, London School of Economics and Political Science, LSE Library.
    19. Nower, Michael, 2024. "Losing sleep at the international market: Daylight Saving Time and exchange rates," Economics Letters, Elsevier, vol. 241(C).
    20. Peter A.G. van Bergeijk, 2021. "Pandemic Economics," Books, Edward Elgar Publishing, number 20401.

    More about this item

    Keywords

    ;
    ;
    ;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eiq:eileqs:165. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Katjana Gattermann (email available below). General contact details of provider: https://edirc.repec.org/data/eilseuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.