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

Antonio Moreno (antmoreno@unav.es), Steven Ongena, Alexia Ventula Veghazy and Alexander Wagner
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Alexia Ventula Veghazy: European Central Bank (ECB)

No 22-44, Swiss Finance Institute Research Paper Series from 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.

Keywords: Global Financial Crisis; COVID-19; local sovereign debt; death ratio; curative beds (search for similar items in EconPapers)
JEL-codes: G21 H1 I10 (search for similar items in EconPapers)
Pages: 48 pages
Date: 2022-05
New Economics Papers: this item is included in nep-ban, nep-eec, nep-fmk and nep-hea
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