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Digitalization and Resilience

Alexander Copestake, Julia Estefania-Flores and Davide Furceri
Authors registered in the RePEc Author Service: Julia Estefania Flores

No 2022/210, IMF Working Papers from International Monetary Fund

Abstract: This paper investigates the role of digitialization in improving economic resilience. Using balance sheet data from 24,000 firms in 75 countries, and a difference-in-differences approach, we find that firms in industries that are more digitalized experience lower revenue losses following recessions. Early data since the outbreak of the COVID-19 pandemic suggest an even larger effect during the resulting recessions. These results are robust across a wide range of digitalization measures—such as ICT input and employment shares, robot usage, online sales, intangible assets and digital skills listed on online profiles—and several alternative specifications.

Keywords: Resilience; Digitalization; Recessions; Firms; Local Projection; digitalization measure; macroeconomic data; balance sheet data; outbreak of the COVID-19 pandemic; revenue loss; employment share; Economic recession; COVID-19; Global (search for similar items in EconPapers)
Pages: 48
Date: 2022-10-28
New Economics Papers: this item is included in nep-ict and nep-tid
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Citations: View citations in EconPapers (1)

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Journal Article: Digitalization and resilience (2024) Downloads
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Handle: RePEc:imf:imfwpa:2022/210