Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/236658 
Year of Publication: 
2021
Series/Report no.: 
CESifo Working Paper No. 9116
Publisher: 
Center for Economic Studies and Ifo Institute (CESifo), Munich
Abstract: 
In this paper we employ survey information on more than 10,000 Southern and Eastern European firms and panel data methods to assess the effects of the COVID-19-related lockdown and government support policies on the business operations of enterprises. Our findings reveal considerable size- and sector-related effect heterogeneity, with small firms, exporting firms and firms operating in the facility sector experiencing the largest losses in terms of sales. A complete lockdown leads to an average decrease in sales by approximately 64%. We also document a disproportionate impact on female self-employed. Furthermore, state aid in the form of deferral of payments or wage subsidies were the most effective government support instruments. For instance, wage subsidies saved up to 2.7 employees per firm in the surveyed enterprises.
Subjects: 
Covid-19
firms
government support policies
panel data methods
JEL: 
D22
H12
H32
Document Type: 
Working Paper
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