Challenges to Social Protection and Social Cohesion in Crisises in the Financial Sector

Elemér Terták and Levente Kovács

Public Finance Quarterly, 2020, vol. 65, issue 3, 362-382

Abstract: The entire world was reeling from the coronavirus epidemic (Covid-19) that hit also Europe in Spring 2020. Economic stakeholders were suddenly facing a great deal of uncertainty in their activities. Our paper attempts to explore the changes that have occurred in economic relations between individuals and on a broader scale in economic policy in the short time since the outbreak. In our analysis, we pay special attention to the social responsibility of the economic actors, as well as to the issue of savings. We show that, as a consequence of the epidemic, the European financial system had to face a complex economic crisis of such unexpected rapidity, which is without precedence since WWII. In our conclusions we point to the fact that in dealing with the state of emergency caused by the coronavirus, the banking system, apart from providing the traditional basic services, has also to shoulder a complex and adaptable role, which is indispensable also for the maintenance and strengthening of the social cohesion.

Keywords: COVID-19; virus emergency; CSR (Corporate Social Responsibility); ESG (Environmental; Social and Corporate Governance criteria); savings (search for similar items in EconPapers)
JEL-codes: D14 H12 I15 M14 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://unipub.lib.uni-corvinus.hu/8651/ (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pfq:journl:v:65:y:2020:i:3:p:362-382

DOI: 10.35551/PFQ_2020_3_3

Access Statistics for this article

More articles in Public Finance Quarterly from Corvinus University of Budapest Contact information at EDIRC.
Bibliographic data for series maintained by Adam Hoffmann ().