A Granular Examination of the Impact of the Health Crisis and the Public Support Measures on French Companies’ Financial Situation

Un examen au microscope de l’impact de la crise sanitaire et des mesures de soutien public sur la situation financière des entreprises en France

Benjamin Bureau (), Anne Duquerroy, Julien Giorgi, Mathias Lé, Suzanne Scott and Frederic Vinas
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Benjamin Bureau: Centre de recherche de la Banque de France - Banque de France
Anne Duquerroy: Centre de recherche de la Banque de France - Banque de France
Julien Giorgi: INSEE - Institut national de la statistique et des études économiques (INSEE)
Suzanne Scott: INSEE - Institut national de la statistique et des études économiques (INSEE)

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Abstract: We develop a microsimulation model fed by a particularly rich set of individual data in order to assess the impact of the health crisis on the financial situation of more than 645,000 French companies in 2020. We show that the relative stability in net debt at the macroeconomic level is concealing major disparities on an individual level. Heterogeneity is particularly significant between sectors (before and after public support measures) but is also present within each sector. Our simulations confirm the need for public intervention during the crisis: a mere adjustment in company behaviour is insufficient to absorb the shock. These support measures brought the share of firms with a negative cash flow shock in line with normal years, although "extrem" cash flow shocks occur more frequently than usual. One important lesson learned from this exercise is that sector and size cannot be the only criteria taken into account when drawing up crisis recovery policies

Keywords: COVID-19; Microsimulation; non-financial corporations; cash flow; debt; endettement; trésorerie; sociétés non financières; microsimulation; Covid-19 (search for similar items in EconPapers)
Date: 2022
Note: View the original document on HAL open archive server: https://insee.hal.science/hal-05206853v1
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Published in Economie et Statistique / Economics and Statistics, 2022, 532-33, pp.25 - 45. ⟨10.24187/ecostat.2022.532.2068⟩

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Journal Article: A Granular Examination of the Impact of the Health Crisis and the Public Support Measures on French Companies’ Financial Situation (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05206853

DOI: 10.24187/ecostat.2022.532.2068

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