Financing and managing epidemiological-economic crises: Are we ready for another outbreak? |
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| Institution: | 1. Western Galilee College, Department of Economics, Israel;2. University College London, Cancer Institute, Department of Cancer Biology, United Kingdom;1. Centre for Policy Research & International Studies, Universiti Sains Malaysia, Malaysia;2. Sunway Business School, Sunway University, 47500, Selangor, Malaysia;3. Department of Economics, University of Colorado Boulder, USA;4. Department of Urban Industrial Management and Marketing, University of Taipei, Taiwan;1. Illinois State University, United States;2. Kiel Institute for the World Economy, Germany;3. ISMed/CNR, Italy;4. University of Akron, United States |
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| Abstract: | An epidemiological-economic crisis presents countries with two significant challenges, in addition to the health challenge - a growing deficit due to fiscal policy measures, and a shortage of essential workers needed to manage the crisis successfully. In this study, we propose an outline for economic readiness in case of a future crisis in general, and a pandemic outbreak in particular. Through the establishment of a dedicated income-based tax-financed budget aimed at funding government excess expenditure during a crisis, and by adopting a reserve program in the essential sector of the economy, social and economic costs can be reduced. |
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| Keywords: | Epidemics Macroeconomic Policy Fiscal Policy Crisis Management |
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