COVID-19 placed a special role on fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Germany’s economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever- it-takes fashion contrasts, however, with the cleansing mechanism of economic crises: […]
Author Archive | Julian Oliver Dörr, Georg Licht and Simona Murmann
Small Firms and the COVID-19 Insolvency Gap
COVID-19 placed a special role on fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Germany’s economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever- it-takes fashion contrasts, however, with the cleansing mechanism of economic crises: […]
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