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Análise comparativa da resposta da União Europeia e dos EUA à crise Covid-19
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Orientador(es)
Resumo(s)
Com a emergência da crise Covid-19 em 2020, a atividade económica mundial entrou num coma induzido devido à implementação de medidas de saúde pública e de controlo do vírus. Face a isto, a população deparou-se com a impossibilidade de consumo, forçando as empresas para produzirem a baixo da sua capacidade de produção devido à fraca procura. Simultaneamente, o investimento caiu a pique, enquanto que o temor pelo aumento do desemprego aprontou-se a surgir. Uma crise social e económica parecia iminente. No entanto, rapidamente surgiram as primeiras respostas fiscais da parte dos governos para contrariar uma espiral recessiva, apoiadas por políticas monetárias expansionistas. Ora, o presente trabalho pretende analisar e comparar as respostas fiscais e monetárias aplicadas pela União Europeia e pelos Estados Unidos da América, durante o período da crise Covid-19, ou seja, entre 2020 e 2021.
Desta forma, foi descrito o contexto macroeconómico pré-Covid-19, partindo posteriormente para uma análise individual das respostas fiscais das duas economias e, por fim, das respostas monetárias. Realizou-se ainda uma breve análise ao período de crescimento pós-Covid-19. Em ambas economias verificou-se um papel pivot das políticas fiscais para evitar uma recessão económica, num contexto de armadilha de liquidez, apesar do indispensável suporte das políticas monetárias. Ironicamente, durante a crise Covid-19, as extraordinárias poupanças das famílias levaram ao aumento de depósitos a prazo que, por sua vez, permitiu a que os bancos criassem reservas para re-empréstimo aos governos. Destaca-se ainda a resposta inovadora da União Europeia, enquanto ação conjunta de emissão de títulos de dívida pública comuns. Apesar da recentidade dos fenómenos, conclui-se a eficácia das medidas aplicadas para amparar a queda do PIB, apesar do risco inflacionário.
With the advent of the Covid-19 crisis in 2020, the economic activity worldwide entered into an induced coma due to the implementation of lockdown measures. The impossibility of consumption and the weak demand forced companies to produce below their production capacity. At the same time, investment dropped, while fears of rising unemployment sprang up. In this context, a social and economic crisis seemed imminent. However, the first fiscal responses to counter a recessionary spiral quickly emerged, supported by expansionary monetary policies. The present work aims to analyse and compare the fiscal and monetary responses applied by the European Union and the United States of America during the period of the Covid-19 crisis, that is, between 2020 and 2021. Firstly, the pre-Covid-19 macroeconomy was described, then proceeding to an individual analysis of the fiscal responses of the two economies and, finally, of the monetary responses. A brief analysis of the post-Covid-19 growth period was also examined. In both economies, fiscal policies played a pivotal role in avoiding an economic recession, in a context of a liquidity trap, despite the indispensable support of monetary policies. Ironically, during the Covid-19 crisis, the extraordinary savings households led to an increase in term deposits which, in turn, allowed banks to build up reserves to re-loan to governments. Also noteworthy is the innovative response of the European Union, as a joint action in issuing common bonds. Despite the recentness of the phenomena, it is concluded that the measures applied to support the fall in GDP were effective, despite the inflationary risk.
With the advent of the Covid-19 crisis in 2020, the economic activity worldwide entered into an induced coma due to the implementation of lockdown measures. The impossibility of consumption and the weak demand forced companies to produce below their production capacity. At the same time, investment dropped, while fears of rising unemployment sprang up. In this context, a social and economic crisis seemed imminent. However, the first fiscal responses to counter a recessionary spiral quickly emerged, supported by expansionary monetary policies. The present work aims to analyse and compare the fiscal and monetary responses applied by the European Union and the United States of America during the period of the Covid-19 crisis, that is, between 2020 and 2021. Firstly, the pre-Covid-19 macroeconomy was described, then proceeding to an individual analysis of the fiscal responses of the two economies and, finally, of the monetary responses. A brief analysis of the post-Covid-19 growth period was also examined. In both economies, fiscal policies played a pivotal role in avoiding an economic recession, in a context of a liquidity trap, despite the indispensable support of monetary policies. Ironically, during the Covid-19 crisis, the extraordinary savings households led to an increase in term deposits which, in turn, allowed banks to build up reserves to re-loan to governments. Also noteworthy is the innovative response of the European Union, as a joint action in issuing common bonds. Despite the recentness of the phenomena, it is concluded that the measures applied to support the fall in GDP were effective, despite the inflationary risk.
Descrição
Mestrado Bolonha em Economia Internacional e Estudos Europeus
Palavras-chave
Política fiscal Política monetária Covid-19 UE EUA Fiscal policy Monetary policy EU USA
Contexto Educativo
Citação
Costa, Ana Sofia Silva da (2022). “Análise comparativa da resposta da União Europeia e dos EUA à crise Covid-19". Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão