01828cas a2200337 a 4500 AALejournalIMF021864 230101c9999 xx r poo 0 0eng d 20.00 USD 9781513577494 2616-5333 BD-DhAAL BD-DhAAL Arena, Marco. Who Bore the Brunt of the Pandemic in Europe? : Shifting Private Stress to the Public Sector / Marco Arena, Ruo Chen, Alfredo Cuevas, Karim Foda. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (45 pages) Departmental Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In Europe, the severe human toll of the COVID-19 pandemic was compounded by the deepest fall in economic activity in modern history. Yet this huge decline in output did surprisingly little damage to the aggregate financial balance sheets of firms and households. This paper discusses how unprecedented policy support transferred private sector income losses to the public sector's balance sheet and contrasts this experience to that of the global financial crisis. Mode of access: Internet Business Fluctuations imf Cycles imf Macroeconomics imf Saving imf Wealth imf Chen, Ruo. Cuevas, Alfredo. Foda, Karim. Departmental Papers; Departmental Paper ; No 2021/015 Full text available on IMF http://elibrary.imf.org/view/journals/087/2021/015/087.2021.issue-015-en.xml IMF e-Library