Journal of Business Accounting and Finance Perspectives

(ISSN: 2603 7475) Open Access Journal

JBAFP 2019, 1(1); doi: 10.26870/jbafp.2018.01.003
Received: 26 Aug 2019 / Published: 2019-08-26
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Cheap money can become very expensive in the long run. Unconventional monetary policies have been the main tools of central banks to tackle the economic crisis. In this paper we aim to understand whether these policies have created distortions in the fi nancial markets and if we can be concerned about the creation of “bubbles”, considering whether quantitative easing has impacted fi nancial asset classes’ valuations beyond reasonable fundamentals. I conclude that there is empirical evidence of inordinate expansion of multiples and that central bank policy makers should include “fi nancial market infl ation” as well as consumer price indices (CPI) in their assessment of infl ation expectations. I believe that this should be an essential analysis to avoid unintended consequences in the future, and a possible next fi nancial crisis that central banks will be unable to face with the same tools of the past. Full article
JBAFP 2019, 1(1); doi: 10.26870/jbafp.2018.01.005
Received: 26 Aug 2019 / Published: 2019-08-26
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Over the last two decades academic literature has addressed much attention to the relationship between corporate ethical practices and financial performance. Results however remain contradictory, especially in terms of direction and effectiveness of their connection. Broadly speaking, most theorizing on the link between social and economic indicators assumes that the evidence is insufficient or too contrasting to draw any generalizable conclusions. In this perspective, this study aims to better explain the connection between corporate ethical practices and corporate financial performance, verifying that it is impacted by a large number of key variables. The empirical research is based on a longitudinal study on Italian listed companies operating in the banking sector. The adoption of the code of ethics is considered to measure their ethical practices, while regarding financial performance several accounting indicators are taken into consideration, including some control variables. To process the dataset a panel regression with fixed effect is applied. The paper aims at strengthening recent studies that consider bidirectional causality in the theory that “corporate social responsibility is both a predictor and consequence of firm financial performance”. Thus, the interest of the study lies in the identification of a reverse causality between positive financial performance and ethical orientation of Italian banking services companies. Full article
JBAFP 2019, 1(1); doi: 10.26870/jbafp.2018.01.002
Received: 26 Aug 2019 / Published: 2019-08-26
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his study examines (i) the dynamic shocks and volatility interactions between each of the eleven U.S. economic sectors and the oil market; (ii) riskminimizing optimal capital allocations between each sector and oil; and (iii) the hedging effectiveness resulting from the inclusion of oil in each sector portfolio. Using weekly data spanning the period June 1994 through February 2016, we document the following regularities: (i) the conditional correlation between each sector and the oil market is time-varying and slowly decaying; (ii) there is either volatility or shock transmission from oil to each sector but not the reverse; and (iii) investors can minimize and hedge risk by allocating a portion of their wealth to oil commodities and forming a portfolio consisting of sector stocks and oil commodities. however, they will need to overweight their investment in sector stocks. Our findings indicate that oil commodities offer diversification potential to U.S. investors holding sector portfolios such as sector ETFs and mutual funds. Further, the risk parity portfolio weights significantly differ from the capital allocation weights. Full article
JBAFP 2019, 1(1); doi: 10.26870/jbafp.2018.01.004
Received: 26 Aug 2019 / Published: 2019-08-26
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Recently, financial innovations have given rise to complex derivatives within the asset management industry. Although traditional assets pay dividends or coupons, vIX futures contracts have been partly misunderstood by unsophisticated investors, as they only provide portfolio insurance against stock market crashes. Therefore, over the calmer period 2009-2014, the most traded vIX futures exchange-traded product lost practically all of its value, ruining unexperienced investors. hence, this paper investigates appropriateness of these complex derivatives with investor's risk aversion. We address portfolio-choice optimality under uncertainty, for overlay allocations composed of equities, bonds, and vIX futures. This paper proposes a non-trivial solution based on the expected utility theory to simulate investor's behavior with risk aversion. Furthermore, it derives an investor's surprise metric defined as a welfare criterion measure, and a modelimplied risk premium defined as the insurance premium investor pays ex post to hedge. Empirical results show investing in vIX futures significantly beats traditionally diversified portfolios, but they turn to be particularly inappropriate for risk-loving investors. From the asset management perspective, this paper has practical implications since it recommends pedagogical efforts to raise investors' awareness of overlay strategies. Full article
JBAFP 2019, 1(1); doi: 10.26870/1
Received: 26 Aug 2019 / Published: 2019-08-26
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This study seeks to understand “how” economic shocks drive industry merger activity. We test whether economic shocks from deregulation and technological change drive industry merger activity by increasing industry competition, controlling for the effect of valuations. We find that these shocks drive merger activity through three channels related to industry competition; deregulation drives merger activity by increasing entry and cash flow volatility; technological change drives merger activity by increasing entry and inter-firm dispersion in the quality of production technology. These findings underscore the role of the competitive mechanism in how managers reallocate assets via mergers and support the view that the industry-level clustering of merger activity is an efficiency-driven restructuring response to increased competition. Full article
JBAFP 2020, 2(1), 1; doi: 10.35995/jbafp2010001
Received: 27 Aug 2019 / Revised: 7 Jan 2020 / Accepted: 2020-01-08 / Published: 2020-02-10
Digital liabilities are the unknown future costs that occur after an event related to digital assets threatens organizational value. These events emerge from: (1) an IT data breach or cybersecurity failure; (2) IT infrastructure limitations that limit future opportunities; and (3) changes in business models that are limited due to IT infrastructure. Potential digital liabilities are not fully understood and can be difficult to quantify. Derived from prior research, this research note proposes four methods, modified from existing research literature, for estimating the cost of digital liabilities prior to a digital asset compromise. We conclude the research note by discussing opportunities for future research in this area. Full article
JBAFP 2020, 2(1), 2; doi: 10.35995/jbafp2010002
Received: 27 Aug 2019 / Accepted: 2020-02-06 / Published: 2020-02-10
Motivated by the disconnect between survey evidence documenting that executives prioritize implicit contracting (i.e., labor market-based career concerns) when making earnings management decisions (Graham et al., 2005) and the extant literature’s focus on explicit contracting to explain earnings manipulation, we analytically examine the role of managerial career concerns in earnings management. Building on Holmstrom (1982, 1999), we present a career concerns-based earnings management model that incorporates the unique reversing nature of earnings management. A key insight derived from the model is that whether the predictions of a traditional career concerns model prevail, which is to say that managers engage in more income-increasing behavior in their early years, critically depends upon the reversal characteristics of the earnings management vehicle chosen. Full article
JBAFP 2020, 2(1), 3; doi: 10.35995/jbafp2010003
Received: 27 Aug 2019 / Accepted: 2020-02-07 / Published: 2020-02-11
Specialized literature has centered on analyzing the relationship between the entrepreneur and innovation, since the former is considered to be a driver for innovation. However, there are other factors that can influence innovation that should be considered: business cash flow, because it uses its own resources to innovate; bank credit, the possibility of accessing external financing; and taxes, which account for a reduction in businesses’ cash flow when they increase. The objective of this article is to analyze the existing relationship between these factors and innovation and the latter with growth. To achieve this, an empirical study has been carried out using a Partial Least Square (PLS) estimation with eleven European countries. Full article
JBAFP 2020, 2(1), 5; doi: 10.35995/jbafp2010005
Received: 27 Aug 2019 / Revised: 5 Feb 2020 / Accepted: 2020-02-07 / Published: 2020-02-11
This paper considers whether adding two established anomalies, momentum and low volatility, will improve our understanding of asset pricing beyond the FF5 model. We do this by considering whether these factors provide economic, as opposed to statistical, significance within the asset pricing model. We measure economic significance in two ways: First, we consider whether the factor coefficient signs and values on the factors are economically meaningful, for example, do the coefficients distinguish between high- and low-risk portfolios? Second, we consider an out-of-sample trading rule based on expected returns derived from each asset pricing model. Our results suggest that the momentum and volatility factors provide no additional information over the FF5 model. Moreover, it is not clear that the FF5 model itself provides a noticeable improvement over the FF3 model. Of note, the momentum and low-volatility factors exhibit limited statistical significance and have similar coefficients across high and low values of different anomalies and big- and small-firm portfolios. The trading performance of a seven-factor model, while reasonable itself, is worse than both the FF3 and FF5 models. Furthermore, based on the trading results, the FF5 model provides no noticeable contribution over the FF3 model, the latter of which could be regarded as preferred. Full article
JBAFP 2020, 2(1), 6; doi: 10.35995/jbafp2010006
Received: 27 Aug 2019 / Revised: 12 Feb 2020 / Accepted: 2020-02-12 / Published: 2020-02-14
While the average annual small-cap premia for the US and Canada are substantial over long horizons, there is considerable time variation of this premium within and across these countries. For the US, during expansions, the average annualized premium is a sizable 5.44%, while during recessions, there is a small-cap discount of 6.23%. The differentials are less pronounced in Canada. This paper investigates the hypothesis that the variation of the small-cap premium is related to macroeconomic and financial variables that can be captured by a nonlinear time series econometric model, i.e., the smooth transition autoregressive model (STAR model), with different factor sets across regimes between and countries. The regimes reflect expansionary vs. contractionary phases of the business cycle. For the Canadian small-cap premium, an augmented factor model that includes US factors dominates a purely domestic factor model, which is consistent with integrated markets. Full article
JBAFP 2020, 2(2), 11; doi: 10.35995/jbafp2020011
Received: 27 Aug 2019 / Revised: 6 Nov 2019 / Accepted: 2020-02-12 / Published: 2020-02-14
Socially Responsible Investment (SRI) has grown exponentially in recent years. The rising importance of social, environmental, and governance (ESG) aspects in decision making as well as in asset allocation is undeniable. However, important challenges must be addressed. The dramatic increase in ESG investments has coincided with a period of extremely low rates and massive liquidity injections. Also, the definition of socially responsible investment is too broad and can generate misunderstandings (an approximation to the correct definitions can be found in Sandberg et al., 2009). Additionally, I find that a significant part of funds that follow ESG principles can fall into the trap of investing in heavily subsidized and high-debt sectors. Investors should monitor the risk of concentration, the soundness of profit estimates, and strength of balance sheets to avoid rent-seeking and depending heavily on subsidies and grants. Furthermore, I find that performance of ESG and SRI funds has been monitored only in a period of low rates, high liquidity, rising asset valuations, and bullish markets. More tools have to be used to monitor risk as markets enter a consolidation phase. I find that it is essential to focus on real economic returns in a mid-cycle environment as well as monitoring excess leverage to avoid the risk of a very important reduction in ESG investments in a market correction phase for markets with rising interest rates. I conclude that strong fundamental analysis, diversification, and avoiding herd mentality are essential to prevent large outflows and a negative impact on ESG growth once the cycle changes. Full article
JBAFP 2020, 2(2), 8; doi: 10.35995/jbafp2020008
Received: 27 Aug 2019 / Revised: 12 Feb 2020 / Accepted: 2020-02-12 / Published: 2020-02-14
Young firms and established firms have a tendency to emphasize one type of organizational learning to their detriment. This reduces organizational ambidexterity and makes them susceptible to failure. This study explores how two high-tech manufacturing firms use cost information from an accounting system to balance exploitation and exploration learning for ambidexterity. A successful growth firm and a revival firm are examined since both of these business life-cycle stages focus on a strategy of aggressive building. The evidence shows that the use of cost information to balance learning and achieve ambidexterity is different between a growth firm and revival firm. The use of cost information for exploitation and exploration is undertaken by taking each firm’s learning pre-disposition, pivoting organizational culture, and utilizing a functional structure to realize contextual and structural ambidexterity. This study provides preliminary models for future research on accounting and the organizational elements for achieving organizational ambidexterity. Full article
JBAFP 2020, 2(1), 4; doi: 10.35995/jbafp2010004
Received: 27 Aug 2019 / Revised: 12 Feb 2020 / Accepted: 2020-02-13 / Published: 2020-02-14
Investment diversification is a prerequisite for dynamic growth performance. It is intuitively accepted that cultural background affects investment behavior and investment decision making, but does cultural change affect investment diversification? This paper assesses whether cultural background shapes growth performance through investment diversification. Empirical analysis was conducted using decade-level data for a sample of 33 OECD countries over the 30-year period from 1981 to 2010. Using fixed effects estimation, different intercepts across countries, and decade time dummies, the analysis shows that societies that are closer to the optimal cultural background achieve better investment diversification behavior. The article thus contributes to the long-standing debate on the cultural roots of growth. Full article
JBAFP 2020, 2(2), 9; doi: 10.35995/jbafp2020009
Received: 22 Oct 2017 / Revised: 14 Feb 2020 / Accepted: 2020-02-13 / Published: 2020-02-15
This conceptual article concentrates on the insolvency and recovery reforms and business survival. The aim of the research is an evaluation of the impact of insolvency law reforms on the increase of businesses’ survival. The study focuses on a comparative analysis of insolvency reforms on EU level, including the advantages and disadvantages, with a special emphasis on the Polish case, which includes some similarities and differences to other EU countries’ insolvency procedures. The article presents the concept of the most effective insolvency framework and its efficiency (as well as legal and financial framework) that gives the best results for companies to survive, to start recovery procedures and restructuring, not to go bankrupt, and not to become liquidated and eliminated from a competitive market. Taking a critical thinking approach, the article indicates the weaknesses of the existing insolvency procedures that should be improved and offers some recommendations for the future. The study covers, from a scientific point of view, the important issues that, in the face of complexity, a global, turbulent environment, and the global financial crisis, deserve an investigation. The findings and the implications are crucial not only for scientists, but also for insolvency practitioners, business and financial institutions’ representatives, and policymakers. Full article
JBAFP 2020, 2(1), 7; doi: 10.35995/jbafp2010007
Received: 27 Aug 2019 / Revised: 14 Feb 2020 / Accepted: 2020-02-13 / Published: 2020-02-18
This paper examines the role of economic uncertainty in the Eurozone countries by analyzing the credit supply and the evolution of non-performing loans following the 2008 global financial crisis. The discussion centers on how greater economic uncertainty restricts credit supply and increases the number of non-performing loans. Quarterly data for the Eurozone countries are studied for the period 2005 to 2016. To test the aforementioned hypothesis, an index of economic uncertainty for the Eurozone countries is calculated. Panel data analysis is performed using fixed effects estimation. This approach allows for individual heterogeneity, with different intercepts across countries and quarterly time dummies to control for time-specific effects that are common to all countries in the sample. The primary conclusions of the analysis are as follows: (1) When economic uncertainty increases, total gross loans decrease, and the number of non-performing loans increases. (2) When uncertainty increases, loans to deposit-takers, other domestic sectors, and general government decrease, while loans to financial corporations increase as a means of supporting the financial sector. (3) The most vulnerable Eurozone economies play a prominent role in these overall effects. In these economies, the effects of the recent global financial crisis are most pronounced, with uncertainty increasing significantly over the study period. Full article
JBAFP 2020, 2(2), 13; doi: 10.35995/jbafp2020013
Received: 27 Aug 2019 / Accepted: 2020-02-15 / Published: 2020-02-19
The banking sector has begun a process of digital transformation that is changing the way financial products and services are sold. This transformation is a consequence of the growing demand for digital channels by some sectors of the population, the progress of new technologies and the banks’ need to improve efficiency after the economic crisis. The emergence of innovative financial technology (fintech) startups in the banking sector has been the lever initiating this digital transformation. Technology companies are challenging established banking business models and promoting the democratisation of finance in a more efficient and transparent financial ecosystem. Increasing investment in these technology companies has also attracted the interest of various regulators, and the future suggests a scenario of collaboration between these new players and traditional companies, with a consequently difficult task for the regulators of guaranteeing the same conditions of competition for new entrants and incumbents. However, technology companies with vast experience in the gathering and use of data from millions of users (such as Amazon, Google or Facebook) are considered a threat. Moreover, some types of evolving fintechs, such as neobanks with bank licences, may also become competitors. Distributed ledger technology (DLT) or blockchain, a fintech technology that is evolving constantly, has already awoken the interest of all financial sector participants because it could trigger real disruption and produce a new era of value. Full article
JBAFP 2020, 2(2), 10; doi: 10.35995/jbafp2020010
Received: 27 Aug 2019 / Revised: 23 Mar 2020 / Accepted: 2020-03-25 / Published: 2020-03-28
This paper attempts to analyze the relationship between social network activity (message sentiment) and stock market (trading volume and risk premium). We used Artificial Neural Networks to analyze 87,511 stock-related microblogging messages related to S&P500 Index posted between October 2009 and October 2014. The results obtained suggest that there is a direct relationship between trading volume and negative sentiment, and between risk premium and negative sentiment. The paper concludes with several directions for future research. Full article
JBAFP 2020, 2(2), 12; doi: 10.35995/jbafp2020012
Received: 27 Aug 2019 / Accepted: 2020-02-13 / Published: 2020-02-16
For decades, European Union (EU) wide corporate tax harmonization has been sought to eradicate business relocation for tax reasons. It is hoped that this harmonization will ensure that companies pay taxes in the countries where they operate. One mechanism that countries use to achieve this harmonization is tax incentives. Yet each country establishes its own incentive structure, according to its statutory tax rate. This study analyzes the effective tax burden in the initial 15 EU member states between 2006 and 2014 to identify significant differences that prevent tax harmonization across these countries. The statutory and effective tax rates are used to evaluate the tax burden. The net tax incentives and disincentives are also considered. The analysis shows that between 2006 and 2014, these 15 member states used tax incentives to close the gaps among these countries’ tax burdens. Countries with above-average effective tax rates offered greater tax incentives than countries with below-average effective tax rates. However, though these tax policies reduced the gap in the tax burden, harmonization of the effective tax rate was not achieved during the study period. Full article
1 PhD Candidate at Department of Economics, College of Business, Feng Chia University, Taichung City, Taiwan
2 Faculty of Business Administration, Ton Duc Thang University, No. 19 Nguyen Huu Tho Street, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam
3 Department of Product Innovation and Entrepreneurship, National Taipei University of Business, Taoyuan City 324, Taiwan;
* Corresponding author:
* Author to whom correspondence should be addressed.
JBAFP 2020, 2(2), 14; doi: 10.35995/jbafp2020014
Received: 27 Aug 2019 / Revised: 10 Apr 2020 / Accepted: 2020-04-12 / Published: 2020-04-14
This study proposes a competitive model using the Box–Jenkins approach to implement a Box–Jenkins ARIMA-GARCH model in order to improve financial forecasting. Differing from previous studies, we consider optimizing the lagged terms, which assist in capturing the relationships more properly. The competitive model is then used to forecast the stock market index in Taiwan. This study conducts out-of-sample forecasting and compares the root mean square errors (RMSEs) against previous studies. The results show that the competitive model outperformed in terms of both RMSEs and consistency. Full article
1 Universidad Carólica de Santiago de Guayaquil, Guayaquil, Ecuador
2 Departament de Contabilidad, Universitat de Valencia, Valencia, Spain;
* Corresponding author:
* Author to whom correspondence should be addressed.
JBAFP 2020, 2(3), 15; doi: 10.35995/jbafp2030015
Received: 22 Oct 2019 / Revised: 14 Mar 2020 / Accepted: 2020-04-20 / Published: 2020-04-30
Listed companies have become increasingly aware not only of the importance of being socially responsible but also about reporting their initiatives in this field. Existing research has investigated many of the impacts of the sustainable profile of companies on a wide range of financial dimensions. The link between the cost of equity and sustainability is extremely timely as it can have great potential in reinforcing good practices regarding sustainable engagement amongst listed companies, which can also be regarded as trendsetters by other types of companies and institutions. This paper presents a thorough literature review of 22 articles focused on the link between sustainability and the cost of capital. The main contribution of this study is the broad scope of the literature review not only regarding the number of papers revised but also the provided details and their systematisation, such that future researchers in the field can easily identify the references regarding, for instance, different theoretical approaches. The methodologies that have been used to test the hypotheses as well as how the cost of equity is proxied by the different authors is presented together with the independent variables for measuring the sustainable profile of companies as well as the control variables. Our literature review also pays special attention to the different regional settings where research has examined the link between the cost of equity and sustainability and presents new ideas for studies in the field in order to open up future avenues for research. Full article
1 Affiliation Recently Macquarie University, Sydney, Australia;
* Author to whom correspondence should be addressed.
JBAFP 2020, 2(3), 17; doi: 10.35995/jbafp2030017
Received: 20 Feb 2020 / Revised: 21 Apr 2020 / Accepted: 2020-04-30 / Published: 2020-06-09
In September 2018, Danske Bank, the largest bank in Denmark and one of the largest in the Nordic region, published a report which detailed that the bank’s board had fallen into lapses in Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) policies at the bank, in particular, within its Estonian subsidiary. The report was devastating in its criticism of AML processes in the Estonian branch, stating that, over a period of several years, “all lines of defence failed” to manage money laundering risks. Soon after the publication of this report, the CEO of Danske resigned, causing the details of the underlying scandal to become public knowledge (although some the issues involved had been aired publicly on a number of occasions previously). It was also revealed that the bank had become the subject of criminal investigations by US authorities. While the events that are covered in the initial report related to failures to manage AML risks, the situation is more complex than merely deficient AML controls in a remote branch. There was a failure to manage a smorgasbord of different types of risks at both the local and group (i.e., headquarters) level, including: strategic risks; technology risks; and especially operational risks. As befits a sophisticated modern financial institution, Danske Bank operates a group-wide enterprise risk management (ERM) framework covering multiple types of risk (credit, market operational, etc.). The fact that the failure to manage the AML risks took several years to come to light casts doubts on the efficacy of their ERM framework and its implementation. Using Turner’s case study approach, this paper considers the Danske Bank case from the perspective of operational risk management with a view to identifying lessons that can be learned from the scandal that can be applied to future, large-scale operational risk events. Full article
1 Universidad de Salamanca, Instituto Multidisciplinar de Empresas-IME, Campus Miguel de Unamuno, Salamanca, España;
2 Departamento de Ciências Sociais Aplicadas, Universidade Estadual de Feira de Santana (UEFS), Salvador, Bahia, Brazil;
* Corresponding author:
* Author to whom correspondence should be addressed.
JBAFP 2020, 2(3), 16; doi: 10.35995/jbafp2030016
Received: 18 Sep 2019 / Revised: 3 May 2020 / Accepted: 2020-05-20 / Published: 2020-06-10
From a theoretical point of view, corporate social responsibility (CSR) disclosure actions have associated a large list of benefits as a result of the lower information asymmetry problems that provoke firms to enjoy better financial conditions and higher market value. However, empirically there is no unanimity in the academy about these positive impacts. In this paper, we consider that the possible discretionary decision that managers could have in the elaboration of CSR reporting implies distrust about the credibility and utility of sustainability information. In this regard, the presence of independence in boards and directors that ensure better control of management decision could moderate the relationship between the quality of CSR reports and their benefits. Independent directors, in their decision-making process, associate their personal image, reputation, and career with CSR disclosures. For an international sample of analysis, our empirical evidence supports the premise that the market only positively assesses the utility and comparability of corporate social responsibility information, giving firms a superior value when there is a complementary mechanism that guarantees information credibility. Full article
1 Professor Global Macroeconomics, IE Business School;
* Author to whom correspondence should be addressed.
JBAFP 2020, 2(3), 18; doi: 10.35995/jbafp2030018
Received: 20 Apr 2020 / Revised: 17 Jun 2020 / Accepted: 2020-04-22 / Published: 2020-06-20
The spread and mortality rate of the COVID-19 virus has created enormous strains on global healthcare systems and driven governments to take extreme measures to contain the virus, including the lock down of most citizens and shutting down most economic sectors. Due to these unique challenges and coming from an economy that was weak already in 2018 and 2019, the world faces a global crisis of unprecedented impact and high uncertainty about the recovery process. In this paper, we analyze how the world economy is addressing the COVID-19 pandemic. We start with the situation of the main economic regions at the end of last year to understand the tools available to fight against what could be the worst crisis since World War II, according to the IMF1. Moreover, we review the estimated economic impact of COVID-19, as well as the expected recovery and its time frame. Additionally, we reflect on the fiscal and monetary measures adopted by different countries, especially G7 economies, to tackle the crisis. Finally, we discuss the optimal policies to overcome the situation and advance towards economic recovery and the stabilization of public finances. This crisis is a supply shock added to a forced shutdown of the economy. As such, traditional tools to boost credit demand and usual demand-side policies alone are likely to generate little positive effect, as any aggregate demand that may be incentivized will not likely be followed by aggregate supply. A combination of demand-side and supply-side measures may prove to be more effective to boost the recovery after the pandemic. Full article

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