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Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes
This paper assesses the impact on household incomes of the COVID‐19 pandemic and governments’ policy responses in April 2020 in four large and severely hit EU countries: Belgium, Italy, Spain and the UK. We provide comparative evidence on the level of relative and absolute welfare resilience at the...
Autores principales: | , , , , , , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
John Wiley and Sons Inc.
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8447427/ https://www.ncbi.nlm.nih.gov/pubmed/34548701 http://dx.doi.org/10.1111/roiw.12530 |
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author | Cantó, Olga Figari, Francesco Fiorio, Carlo V. Kuypers, Sarah Marchal, Sarah Romaguera‐de‐la‐Cruz, Marina Tasseva, Iva V. Verbist, Gerlinde |
author_facet | Cantó, Olga Figari, Francesco Fiorio, Carlo V. Kuypers, Sarah Marchal, Sarah Romaguera‐de‐la‐Cruz, Marina Tasseva, Iva V. Verbist, Gerlinde |
author_sort | Cantó, Olga |
collection | PubMed |
description | This paper assesses the impact on household incomes of the COVID‐19 pandemic and governments’ policy responses in April 2020 in four large and severely hit EU countries: Belgium, Italy, Spain and the UK. We provide comparative evidence on the level of relative and absolute welfare resilience at the onset of the pandemic, by creating counterfactual scenarios using the European tax‐benefit model EUROMOD combined with COVID‐19‐related household surveys and timely labor market data. We find that income poverty increased in all countries due to the pandemic while inequality remained broadly the same. Differences in the impact of policies across countries arose from four main sources: the asymmetric dimension of the shock by country, the different protection offered by each tax‐benefit system, the diverse design of discretionary measures and differences in the household level circumstances and living arrangements of individuals at risk of income loss in each country. |
format | Online Article Text |
id | pubmed-8447427 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | John Wiley and Sons Inc. |
record_format | MEDLINE/PubMed |
spelling | pubmed-84474272021-09-17 Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes Cantó, Olga Figari, Francesco Fiorio, Carlo V. Kuypers, Sarah Marchal, Sarah Romaguera‐de‐la‐Cruz, Marina Tasseva, Iva V. Verbist, Gerlinde Rev Income Wealth Original Articles This paper assesses the impact on household incomes of the COVID‐19 pandemic and governments’ policy responses in April 2020 in four large and severely hit EU countries: Belgium, Italy, Spain and the UK. We provide comparative evidence on the level of relative and absolute welfare resilience at the onset of the pandemic, by creating counterfactual scenarios using the European tax‐benefit model EUROMOD combined with COVID‐19‐related household surveys and timely labor market data. We find that income poverty increased in all countries due to the pandemic while inequality remained broadly the same. Differences in the impact of policies across countries arose from four main sources: the asymmetric dimension of the shock by country, the different protection offered by each tax‐benefit system, the diverse design of discretionary measures and differences in the household level circumstances and living arrangements of individuals at risk of income loss in each country. John Wiley and Sons Inc. 2021-07-01 2022-06 /pmc/articles/PMC8447427/ /pubmed/34548701 http://dx.doi.org/10.1111/roiw.12530 Text en © 2021 The Authors. Review of Income and Wealth published by John Wiley & Sons Ltd on behalf of International Association for Research in Income and Wealth https://creativecommons.org/licenses/by/4.0/This is an open access article under the terms of the http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited. |
spellingShingle | Original Articles Cantó, Olga Figari, Francesco Fiorio, Carlo V. Kuypers, Sarah Marchal, Sarah Romaguera‐de‐la‐Cruz, Marina Tasseva, Iva V. Verbist, Gerlinde Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes |
title | Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes |
title_full | Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes |
title_fullStr | Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes |
title_full_unstemmed | Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes |
title_short | Welfare Resilience at the Onset of the COVID‐19 Pandemic in a Selection of European Countries: Impact on Public Finance and Household Incomes |
title_sort | welfare resilience at the onset of the covid‐19 pandemic in a selection of european countries: impact on public finance and household incomes |
topic | Original Articles |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8447427/ https://www.ncbi.nlm.nih.gov/pubmed/34548701 http://dx.doi.org/10.1111/roiw.12530 |
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