Managing transitions for sustainable economic development in post-COVID world: do fiscal and monetary support matter?

Ren Junfeng, Ma Yechi, Panteha Farmanesh and Sana Ullah

Economic Research-Ekonomska Istraživanja, 2022, vol. 35, issue 1, 5420-5433

Abstract: The COVID-19 pandemic has proved itself to be the most disastrous global phenomenon for economies and societies all across the world. Therefore, keeping this under consideration, this study explores the effectiveness of the fiscal and monetary policies for economic development in the post-COVID period, based on a sample of the BRICS-T countries, over the time period pertaining to 2015Q1-2021Q2. For the empirical investigation, the study has employed the ARDL-PMG approach. The empirical findings of the study have revealed that the fiscal policy effectively contributed towards the economic development in the time duration of the COVID pandemic thus far. However, the COVID-19 pandemic shocks have also resulted in the deterioration of economic development. Our empirical results also put forth critical policy implications. Therefore, in the post-pandemic period, expedient fiscal and monetary policies are requisites in order to achieve sustainable economic development.

Date: 2022
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DOI: 10.1080/1331677X.2022.2028176

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