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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
[journal article]
Abstract 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 ... view more
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.... view less
Keywords
contagious disease; epidemic; household income; international comparison; public expenditures; welfare; resilience; difference in income; inequality; taxes; Belgium; Italy; Spain; Great Britain
Classification
Public Finance
Free Keywords
Corona; COVID-19; Coronavirus; tax-benefit microsimulation; income protection; EU-SILC 2018
Document language
English
Publication Year
2022
Page/Pages
p. 293-322
Journal
Review of Income and Wealth, 68 (2022) 2
Issue topic
Measurement and Analysis of the Socio‐economic Impacts of the COVID‐19 Pandemic
DOI
https://doi.org/10.1111/roiw.12530
ISSN
1475-4991
Status
Published Version; reviewed