Economic Stimulus Research Articles

Science policy frameworks for a post-pandemic green economic recovery

As current production and consumption patterns exceed planetary boundaries, many leaders have stressed the need to adopt green economic stimulus policies in the aftermath of the COVID-19 pandemic. This paper provides an integrated multi-stakeholder framework to design an economic recovery strategy aligned with climate stabilisation objectives. We first employ quantitative energy and economic models, and then a multi-criteria decision process in which we engage social actors from government, enterprises and civil society. As a case study, we select green recovery measures that are relevant for a European Union country and assess their appropriateness with numerous criteria related to climate resilience and socio-economic sustainability. Results highlight trade-offs between immediate and long-run effects, economic and environmental objectives, and expert evidence and societal priorities. Importantly, we find that a ‘return-to-normal’ economic stimulus is environmentally unsustainable and economically inferior to most green recovery schemes.

Efektivitas Kebijakan Restrukturisasi Pembiayaan Bermasalah pada Masa Pandemi Covid-19

The Indonesian government through the task force for handling the corona virus stated that the World Health Organization had given an official statement on March 9, 2020 regarding COVID-19 which was declared a pandemic. As a result of this, the banking industry experienced a decline in income caused by debtors who had difficulty paying their obligations due to declining sales due to the COVID-19 pandemic. Banks needed to restructure to save themselves from much larger losses. This statement is supported by the POJK issued by the OJK at the POJK 2020 concerning National Economic Stimulus as a Countercyclical Policy for the Impact of the Spread of Corona Virus Disease 2019 at Number 11/POJK.03/2020. This study aims to determine the effectiveness of the financing restructuring policy on non-performing financing during the pandemic. From the results of research conducted by researchers using three data collection techniques, namely observation, interviews, and documentation, it can be concluded that the implementation of the financing restructuring policy due to the COVID-19 pandemic at BPRS Lantabur Tebuireng has been implemented effectively in reducing Non Performing Finance. The implementation of financing restructuring is considered to be able to assist BPRS Lantabur Tebuireng in arranging appropriate payment schemes for debtors whose businesses are affected by the COVID-19 pandemic.

Post-2008 Fiscal Stimulus Packages and the Driving Forces for China’s Urbanization

A growing body of research has sought to determine how different factors have affected urbanization in developed countries over the past decades. Yet, few studies have systematically examined urbanization’s driving forces, particularly in emerging economies. In 2008–2009, the Chinese government announced an economic stimulus program to revitalize an economy struck by the 2007–2008 Global Financial Crisis. This study aims to identify how urbanization’s driving forces evolved under a drastic change in fiscal policy and revisit the conventional urbanization theories in the Chinese context. Using a dataset covering 31 Chinese provinces and spanning the periods 2005–2011 and 2013–2015, we employ panel data regressions to analyze whether such a fiscal arrangement affected urbanization in China. Throughout the entire period, the fiscal stimulus program caused a change in the drivers for urbanization at the national and regional levels. Before the implementation of the program, industrialization drove urbanization. After the program’s implementation, land financialization was crucial in promoting urbanization across the country. Our findings challenge the conventional urbanization theory—industrialization is always the primary driving force of urbanization in emerging economies. Land financialization, a kind of tertiary production, can also drive urbanization significantly.

Fenomena wisata minat khusus berbasis pink tourism: studi kasus di M.Bar

Bali as a global destination has been recognized by various people including the LGBT (Lesbian, Gay, Bisexual, Transgender) community. Despite being known for its cultural tourism, the pink tourism phenomenon exists and lives together along with the locals of Seminyak village. This research aims to discover the existence of pink tourism at M.Bar in Smk. as well as the perception of the locals and the government toward the happening phenomenon. This qualitative-descriptive research used snowball sampling to determine the population. The result shows that the pink tourism phenomenon exists due to the motivation from the LGBT community to aim for freedom of traveling without any discrimination toward them. Smk as a developing tourist area has a gay bar that is considered a safe place for the LGBT community and is called Mixwell Bar. This motivates the LGBT community to visit Seminyak in order to get the freedom they need. The government confirmed that pink tourism is not in line with cultural tourism in Bali. However, the locals see LGBT tourists as an economic stimulus through the tourism industry but do not acknowledge them to have legal behavior. The researchers hope that the information provided could be a consideration for Bali's tourism policy in the future.

Analisis Terhadap Pengaturan Restrukturisasi Dan Implementasinya Dalam Perjanjian Kredit Perbankan Di Masa Pandemi Covid-19

During the Covid-19 pandemic, banking financial service institutions carried out credit restructuring service for affected debtors. However the service arrangement still has challenges in its implementation. The formulation of the problem in this research is how is the analysis for bank credit arrangements during the Covid-19 pandemic and how to implement the credit agreements during the Covid-19 pandemic. This is a normative legal research conducted with a statutory approach and a conceptual approach. The results of the research and discussion indicate that the Credit Restructuring policy during the Covid-19 pandemic was regulated through the Financial Services Authority Regulation Number 17/POJK.03/2021 on the Second Amendment to the Financial Services Authority Regulation Number 11/POJK.03/2020 on National Economic Stimulus as Countercyclical Policy Impact of the Spread of Covid-2019. This regulation does not further regulate the main guidelines for debtors affected by Covid-19 regarding the form of credit restructuring provided by banks to debtors. This poses a distinct challenge for regulators and financial service institutions in implementing the credit restructuring policies. In addition, the credit agreement after the restructuring is made in the form of an addendum called the Offering Letter of Credit. The form of restructuring provided has been determined in such a way as to extend the payment period and reduce the amount to be paid. This resulted in the amount of credit that must be paid as a whole to be greater than before the credit restructuring.

Socioeconomic impacts of Households’ Vulnerability during COVID-19 Pandemic in South Africa: Application of Tobit and Probit Models

Coronavirus is a public health issue with socioeconomic and livelihood dimensions. The World Health Organization declared the current novel coronavirus disease (COVID-19) epidemic a public health emergency of international concern on January 30, 2020, and a global pandemic on March 11, 2020. The South African government has implemented different strategies, ranging from total lockdown in certain locations and provision of palliatives in some provinces across the country. This study, therefore, investigated the correlates of vulnerability and responsiveness to the adverse impacts of COVID-19 in South Africa. The study utilized primary data collected among 477 respondents. Descriptive statistical tools, Tobit and Probit regression models, were used to analyze the data. The study found different levels of vulnerability (low, medium, and high) and responsiveness among households, including stocking up of food items, remote working, reliance on palliatives, and social grant provision, among others. Some of the correlates of responsiveness to the COVID-19 pandemic include being employed, the type of community, and the income of respondents. The study, therefore, recommends increased investments in welfare programmes (safety nets, palliative measures and economic stimulus packages) as well as capacity building of households through education to reduce vulnerability. Doi: 10.28991/HIJ-2022-03-04-02 Full Text: PDF

Analisis Restrukturisasi Kredit Perbankan Untuk Meminimalisasi Kredit Bermasalah Saat Masa Pandemi Covid-19

Non-performing loans remain one of the main challenges in maintaining the quality of banking credit disbursements, and credit restructuring policies are an option for banks to reduce their problem loans. This study aims to determine the application of credit restructuring from the Financial Services Authority Regulation Number 11 / POJK.03/2020 on National Economic Stimulus as a Countercyclical policy on the impact of the spread of Coronavirus Disease 2019 at PT Bank Jatim Malang Branch during the Covid-19 pandemic. The method used in this study is a qualitative method with a case study through interviews with resource persons. This study shows that credit restructuring can reduce the number of non-performing loans for Bank Jatim with a pattern of extension, delay, reduction of principal and interest installments, and the addition of credit facilities and a combination of these various patterns. Inhibitory factors are in the form of restrictions on appointments with debtors due to restrictions on public space by the government and the fault of the internal parties of the bank in analyzing the debtor's business that will make losses to the bank. While the supporting factor is this policy is a helpful program to succeed in the distribution of credit from the government by extending the period of realization of credit restructuring during the pandemic due to a decrease in the NPL number in 2020, it will be fully supported and developed by the government.

The Impact And Response Of Maritime Southeast Asian Countries to Economic Dynamics During The Covid-19 Pandemic

The purpose of this research is to analyze the responses made by each Maritime Southeast Asian country in dealing with economic dynamics during the Covid-19 pandemic. The Southeast Asia region, especially Maritime Southeast Asia, has experienced relatively rapid growth in the last few decades, so several countries in this region are classified as newly industrialized countries such as Indonesia, Malaysia and the Philippines. However, this economic development has been disrupted due to the Covid-19 pandemic since the beginning of 2020. This pandemic has left a sizeable impact on sectors in the world, including in Maritime Southeast Asian countries. The method used in writing this paper is using a qualitative method, this journal will describe the impact of using the data obtained through the Literature Study method. In its development, the Covid-19 pandemic has had a considerable impact on the economies of countries in the Maritime Southeast Asia region. Countries in the region recorded a slowdown in economic growth, most of them even experienced a recession. The result of this research are All countries in the Maritime Southeast Asia region experienced negative economic growth during 2020 except for Brunei. The governments of each country have their policies in dealing with existing problems, starting from providing financial assistance in the form of an economic stimulus package as well as issuing other fiscal and monetary policies

Cascading impacts of global metal mining on climate change and human health caused by COVID-19 pandemic

The coronavirus disease 2019 (COVID-19) pandemic has significantly disrupted global metal mining and associated supply chains. Here we analyse the cascading effects of the metal mining disruption associated with the COVID-19 pandemic on the economy, climate change, and human health. We find that the pandemic reduced global metal mining by 10-20% in 2020. This reduction subsequently led to losses in global economic output of approximately 117 billion US dollars, reduced CO2 emissions by approximately 33 million tonnes (exceeding Hungary's emissions in 2015), and reduced human health damage by 78,192 disability-adjusted life years. In particular, copper and iron mining made the most significant contribution to these effects. China and rest-of-the-world America were the most affected. The cascading effects of the metal mining disruption associated with the pandemic on the economy, climate change, and human health should be simultaneously considered in designing green economic stimulus policies.

COVID-19 AND ECONOMIC STIMULUS PACKAGES: LESSONS FROM INDIAN HISTORY

To address the devastating effects of COVID-19 many governments announced economic stimulus packages. The challenge faced by policymakers is how to design the stimulus measures to benefit the maximum number of people. The purpose of this paper is to examine whether some religious activities, such as performing Yajñas or Yāgas and building of massive temples undertaken by the Indian kings in the past, suggest the critical factors for successful implementation of economic relief measures. Our analysis of literary sources such as Rāmāyaṇa and Mahābhārata and inscriptions by Emperor Rajaraja I on the Bṛhadīśvara temple, suggests these crucial factors: political leadership and vision, appointing capable and incorruptible people as managers, rulers ready to spend money, arrangements for maintenance of long-term projects after their completion, and enlisting public support for the measures. Further research on “The Economics of Religion” may provide valuable insights to address some of the modern economic problems.

Critical success factors of implementing sustainable and responsible investment (SRI) Sukuk for economic recovery from COVID-19 pandemic

PurposeThere are three objectives of this paper. First, the study investigates the critical success factors critical success factors (CSFs) of implementing sustainable and responsible investment (SRI) Sukuk in Malaysia as perceived by stakeholders. Second, the study examines the differences between the developers and the investors in relation to the importance of the CSFs. Third, the study attempts to categorise the CSFs.Design/methodology/approachUsing a questionnaire survey, 260 completed and useable responses were received representing a 42.54% response rate. In examining the importance of CSFs, the descriptive statistical tests of mean, standard deviation and mean score ranking were used. Independent t-tests were conducted to investigate the differences in the perceptions of the importance of CSFs between the developer and the investor groups. In categorising the CSFs, exploratory factor analysis (EFA) was undertaken.FindingsOverall, the top five most important CSFs as perceived by respondents are as follows: (1) good governance framework, (2) fulfil ethical standards, (3) transparent procurement process, (4) well-defined scope and (5) viable feasibility study. On the other hand, the five factors that are ranked last are as follows: (1) defined stakeholder roles, (2) stable macro-economic conditions, (3) existing social programmes, (4) guarantor and (5) political will. The study also found that there is a significant statistical difference in how the developers and investors scored the CSFs. Moreover, there are three main categories of the CSFs that are effective feasibility study, financial and technical considerations and political willingness and agreeability.Originality/valueThe findings highlight the critical factors to consider when implementing SRI Sukuk. This can also serve as a reference and guideline for countries considering SRI Sukuk issuances for economic recovery stimulus post-coronavirus disease 2019 (COVID-19) pandemic.

Sick, Hungry, and Vulnerable: Federal Stimulus and Food Security on Marginalized Populations During the COVID-19 Pandemic.

In addition to the threat of serious illness, COVID-19 and subsequent restrictions had devastating economic consequences for many US citizens. This study examines the evolution of food security over the first months of the COVID-19 pandemic testing whether the initial economic stimulus payment improved the nutritional well-being of vulnerable populations. We use data from phase 1 of the Census Bureau's Household Pulse Survey among a nationally representative sample of adults and the 2017-2018 Current Population Survey Food Security Supplement. Using an ordered logistic regression, we assess differences in the incidence and severity of food security across demographic, income, geographic, and employment status cohorts and assess the effects of the first economic stimulus payment. Our results show that marginalized groups faced greater food insecurity and had food-related outcomes worsen over time. Blacks, Hispanics, and individuals living in rural areas became less food secure as the pandemic progressed. However, receipt of a stimulus payment appears to have improved conditions. Rising food prices and persistent high unemployment have the potential to exacerbate food insecurity among marginalized and at-risk groups.

Sustainability of Stock Market Against COVID-19 Pandemic

This study explored the sustainability of the stock market against the COVID-19 pandemic. The impacts of confirmed COVID-19 cases, COVID-19 deaths, and Movement Control Order (MCO) length on the stock market were examined. The Generalized Method of Moments (GMM) estimator was employed to analyze 57 countries’ weekly data from November 4th 2019 to July 5th 2020. The findings showed that the growth in confirmed COVID-19 cases has a significant negative effect on stock market returns, while the growth in COVID-19 deaths has a negative yet statistically insignificant influence on stock market returns. This study also found a non-linear inverted U-shaped relationship between the MCO period and stock market returns, implying that though the MCO has initial positive influences on the stock market, it negatively impacts the stock market after 5.7 weeks. Thus, this study argues that policy responses to the COVID-19 pandemic provide the most compelling explanation for its unprecedented impact on the sustainability of the stock market. Governments should therefore implement a partial lockdown to avoid deterioration of the national economy. Furthermore, government policies and plans to control the COVID-19 epidemic as well as economic stimulus packages to kickstart the economy play crucial roles in boosting economic growth and revitalizing the stock market

Strategic Foresight and Agility: Upholding Sustainable Competitiveness Among SMEs During COVID-19 Pandemic

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Analisis Pertanggungjawaban Hukum Debitur Wanprestasi Terhadap Kreditur Yang Menerapkan Alasan Wabah Covid-19 Sebagai Force Majeure

This research is normative legal research conducted by reviewing and analyzing library materials. This research refers to the legal norms contained in the legislation and court decisions as well as the norms that live and develop in society. In this study, there are regulations issued by the competent government and local and national government policies that impose lockdowns or social distancing, restrictions on entry routes between regions, and ask the whole community to stay at home or work from home (work from home). house) directly hinders the performance of achievements or obligations in a contract agreement, thus causing this to be classified as a state of coercion or force majeure. Based on the results of the study, it can be understood that debtors who default on creditors during the Covid-19 outbreak using force majeure reasons so that they are free from the responsibility to make achievements, there must be elements of force majeure according to Article 1245 of the Civil Code and the debtor is obliged to prove it. With the POJK No. 11/POJK.03/2020 concerning National Economic Stimulus as a Counter-cyclical Policy on the Impact of the Spread of Coronavirus Disease 2019 and POJK No. 14/POJK.05/2020 concerning Counter-cyclical Policy on the Impact of the Spread of Corona Virus Disease 2019 for Non-Bank Financial Services Institutions. This regulation authorizes banking financial institutions or financing institutions to provide “credit relaxation”, in which credit relaxation itself is the granting of concessions related to credit payments amid Covid-19.

The Perils of Regulating COVID–19: Insights from Kirznerian Entrepreneurship and Ostromian Polycentricity

During the COVID-19 pandemic, governments at every level in the United States made various policies to reduce the spread of the disease and to mitigate pandemic-related economic impacts. Such policies included stay-at-home orders that shuttered “non-essential” businesses and economic stimulus programs that provided financial assistance. Using Israel Kirzner’s insights from “The Perils of Regulation,” we argue that local, state, and federal COVID-19 policies have had and will continue to have long-run spillover effects and other negative unintended consequences. Pandemic policies have stifled entrepreneurial discovery and created opportunities for superfluous discovery, thus directing entrepreneurial efforts in directions that would not have existed otherwise. The normative implications of this analysis are that policymakers should better account for the wide variety of seen and unseen costs of policies that are likely to have many negative unintended consequences, regardless of the intentions behind such policies. One of the most effective ways to limit the perils of regulation is polycentric governance systems. With multiple, overlapping decision-making centers, polycentric systems allow for policymakers to experiment with different policy approaches and learn from other jurisdictions. Polycentric systems also limit the spillover effects of negative unintended consequences onto other jurisdictions.

Financial friction, rare disaster, and recovery policy

The paper introduces financial intermediation into the New Keynesian model with rare disasters, analyzes the impacts of rare disaster shock on the macro economy, and compares the effects of different economic recovery policies. Based on the numerical analysis, this study finds that: (1) rare disaster risk shock retains a negative relationship with consumption levels, and banks increase their leverage ratios to cause risk accumulation; (2) refinance policy and consumer coupon policy can alleviate economic fluctuations caused by disaster risks from various channels; (3) the consumer coupon policy is conducive to reducing the average social welfare loss caused by disaster risks. It is believed that the establishment of a sustainable economic stimulus mechanism to fundamentally reduce the impact of catastrophic events on the macro economy and achieve economic recovery in a short period are essential issues that should be urgently addressed by countries.

Cyclical and Non-Cyclical Industry Stock Price Reaction towards Movement Control Order (MCO), Economic Stimulus Package and Vaccine Agreement Announcements: The Case of Covid-19

This study carries out empirical analyses using a market-model event study from 26 March 2020 to 20 November 2020. There are three major events highlighted in this article that explain the cyclical and noncyclical stock performance during the COVID-19 outbreak: (a) the implementation of the nationwide Movement control order series (MCOs); (b) the announcement of the economic stimulus package; and (c) the signing of the vaccine agreements. Empirical results are summarized into three main insights: (a) the 10-day event window (CAR −9,0), which entailed the first MCO, was marked by the closure of both public and private non-essential entities, further suspension of events and recreational activities, which negatively affected nationwide economics activities; (b) the 3-day event window (CAR −1,1), which entailed the announcement of the economic stimulus package, resulted in most industries reacting with positive returns except for the oil equipment and services industry; and (c) event window day-293 (CAR +131, +161), which entailed the announcement of the distribution and implementation of COVID-19 vaccines, whereby industries related to the healthcare segments such as equipment and services (+0.0694) and pharmaceuticals and biotechnology (+0.0671) showed positively significant returns at least at the 10% level. Finally, future research could enlighten ownership patterns in Malaysia due to Malaysian companies exhibiting a concentrated ownership structure.

Trade-Off between COVID-19 Pandemic Prevention and Control and Economic Stimulus.

The coronavirus disease 2019 (COVID-19) pandemic has posed a severe threat to public health and economic activity. Governments all around the world have taken positive measures to, on the one hand, contain the epidemic spread and, on the other hand, stimulate the economy. Without question, tightened anti-epidemic policy measures restrain people's mobility and deteriorate the levels of social and economic activity. Meanwhile, loose policy measures bring little harm to the economy temporarily but could accelerate the transmission of the virus and ultimately wreck social and economic development. Therefore, these two kinds of governmental decision-making behaviors usually conflict with each other. With the purpose of realizing optimal socio-economic benefit over the full duration of the epidemic and to provide a helpful suggestion for the government, a trade-off is explored in this paper between the prevention and control of the epidemic, and economic stimulus. First, the susceptible-infectious-recovered (SIR) model is introduced to simulate the epidemic dynamics. Second, a state equation is constructed to describe the system state variable-the level of socio-economic activity dominated by two control variables. Specifically, these two variables are the strengths of the measures taken for pandemic prevention and control, and economic stimulus. Then, the objective function used to maximize the total socio-economic benefit over the epidemic's duration is defined, and an optimal control problem is developed. The statistical data of the COVID-19 epidemic in Wuhan are used to validate the SIR model, and a COVID-19 epidemic scenario is used to evaluate the proposed method. The solution is discussed in both static and dynamic strategies, according to the knowledge of the epidemic's duration. In the static strategy, two scenarios with different strengths (in terms of anti-epidemic and economic stimulus measures) are analyzed and compared. In the dynamic strategy, two global optimization algorithms, including the dynamic programming (DP) and Pontryagin's minimum principle (PMP), respectively, are used to acquire the solutions. Moreover, a sensitivity analysis of model parameters is conducted. The results demonstrate that the static strategy, which is independent of the epidemic's duration and can be easily solved, is capable of finding the optimal strengths of both policy measures. Meanwhile, the dynamic strategy, which generates global optimal trajectories of the control variables, can provide the path that leads to attaining the optimal total socio-economic benefit. The results reveal that the optimal total socio-economic benefit of the dynamic strategy is slightly higher than that of the static strategy.

Relationship between Economic Stimulus Programme and Information Communication Technology Integration in Selected Public Secondary Schools in Kenya

Relationship between Economic Stimulus Programme and Information Communication Technology Integration in Selected Public Secondary Schools in Kenya