TY  - UNPD
A1  - Boot, Arnoud
A1  - Carletti, Elena
A1  - Kotz, Hans-Helmut
A1  - Krahnen, Jan Pieter
A1  - Pelizzon, Loriana
A1  - Subrahmanyam, Marti G.
T1  - Corona and financial stability 4.0: implementing a european pandemic equity fund
T2  - SAFE policy letter ; 84
N2  - This Policy Letter presents a proposal for designing a program of government assistance for firms hurt by the Coronavirus crisis in the European Union (EU). In our recent Policy Letter 81, we introduced a new, equity-type instrument, a cash-against-tax surcharge scheme, bundled across firms and countries in a European Pandemic Equity Fund (EPEF). The present Policy Letter 84 focuses on the principles and conditions relevant for the operationalization of a EPEF. Our proposal has several desirable features. It: a) offers better risk sharing opportunities, augmenting the resilience of businesses and EU economies; b) is need-based, thereby contributing to an effective use of resources; c) builds on conditions and credible controls, addressing adverse selection and moral hazard; d) is accessible to smaller and medium-sized firms, the backbone of Europe’s economy; e) applies Europe-wide uniform eligibility criteria, strengthening support among member states; f) is a scheme of limited duration, reducing (perceived) government interference in businesses; g) creates a template for a growth-oriented public policy, aligning public and private sector interests; and h) builds on the existing institutional infrastructure and requires minimal legislative adjustments.
T3  - SAFE policy letter - 84 
KW  - Coronavirus
KW  - Risk sharing
KW  - Financial stability
KW  - Policy measures in the EU
KW  - Equity fund
Y1  - 2020
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/53447
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-534475
UR  - https://safe-frankfurt.de/policy-center/policy-publications/policy-publ-detailsview/publicationname/corona-and-financil-stability-40-implementing-a-european-pandemic-equity-fund.html
PB  - SAFE
CY  - Frankfurt am Main
ER  -