Survival of firms in developing economies during economic crisis
With lockdown measures in place worldwide, cash-flow represents a significant concern for firms across multiple sectors. This chapter estimates the...
A Restart Procedure to Deal with Covid-19
Governments around the world are assisting firms to deal with the adverse effects of Covid-19. Most forms of government assistance provided so far...
Europe's pandemic price tag to keep firms afloat
Simeon Djankov's testimony before the members of the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.
The effects of recessionary stimulus programmes: New evidence from the UK’s Enterprise Finance Guarantee scheme
Loan guarantees to small businesses are emerging as a main policy response during the COVID-19 crisis. Using evidence from the UK’s Enterprise Finance...
Volatility, dark trading and market quality: evidence from the 2020 COVID-19 pandemic-driven market volatility
We exploit the exogenous shock of the COVID-19 pandemic on financial markets and regulatory restrictions on dark trading to investigate how volatility...
How long can firms survive in the Covid-19 crisis?
Median survival time ranges from 8 to 19 weeks across 12 countries. Worryingly, this is not correlated with firm size, age or productivity, which...
It’s time for a recovery plan
With businesses fast running out of cash, governments need to roll out a loan program that builds on the recently-created job retention scheme, write...
Synthetic Forecasting Method for COVID-19: Applications to UK and Turkey
Synthetic control method (SCM) is generally used for producing counterfactual scenarios in policy evaluations. In the light and urgency of the recent...
How to restart the economy after Covid-19
Governments can do two things to keep businesses afloat: temporarily suspend bankruptcy procedures, and design a post-crisis restart process, write...
When will the Covid-19 pandemic peak?
We carry out some analysis of the daily data on the number of new cases and number of new deaths by (191) countries as reported to the European CDC...
The Effects of Small-Firm Loan Guarantees in the UK: Insights for the COVID-19 Pandemic Crisis
Loan guarantees are popular policy responses during the COVID-19 crisis. Despite their prevalence, evidence of their effectiveness is sparse. We...
Future imperfect after coronavirus
The authorities, like most of the rest of us, have been caught short by the sudden advent of the coronavirus pandemic, and are rightly rushing to...
The coronavirus crisis is no 2008
Many comparisons have been made between the coronavirus crisis and the global systemic crisis in 2008. This column argues that seen through the lens...
Artificial intelligence as a central banker
Artificial intelligence, such as the Bank of England Bot, is set to take over an increasing number of central bank functions. This column argues that...
Loan Insurance, Market Liquidity, and Lending Standards
We examine loan insurance when lenders can screen at origination, learn loan quality over time, and can sell loans in secondary markets. Loan...
Turning alphas into betas: Arbitrage and endogenous risk
Journal of Financial Economics, 137(2), 550-570
