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Título
Macroeconomic lockdown and SMEs: the impact of the COVID-19 pandemic in Spain
Autor
Facultad/Centro
Área de conocimiento
Título de la revista
Small Business Economics
Número de la revista
2
Cita Bibliográfica
Pedauga, L., Sáez, F., y Delgado-Márquez, B. L. (2022). Macroeconomic lockdown and SMEs: the impact of the COVID-19 pandemic in Spain. Small Business Economics, 58(2), 665–688. https://doi.org/10.1007/S11187-021-00476-7/TABLES/6.
Editorial
Springer
Fecha
2022
ISSN
0921-898X
Resumen
[EN] The relative importance of small- and mediumsized
enterprises (SMEs) and large firms is a recurrent
topic in the small business economics literature. This
paper presents a real and financial social accounting matrix
(FSAM) capable of distinguishing the direct and
indirect effects that are transferred from micro-, small,
medium, and large firms to the rest of the economy. We
use the hypothetical extraction method (HEM) to explore
the sequence of reactions associated with shocks that arise
from the COVID-19 lockdown. Using a structural model
for the Spanish economy, we identify the role of different
firm size categories in the aggregate gross domestic product
(GDP). Our results allow us to reconcile the mixed
narrative that accompanies the evaluation of the role
played by these categories in economic activity by revealing
that both SMEs and large firms are important for
supporting economic activity. In particular, SMEs help
explain 43% of the income and two-thirds of the unemployment
decline caused by the COVID-19 pandemic.
Our findings also show the importance of conditioning
SME industrial policy to sectoral analysis.
Plain English summary The effects of the macroeconomic
lockdown and its transmission to the rest of the
economy differ by firm size and across sectors. Using
the Spanish context for micro-, small, medium, and
large firms, we distinguish the direct and indirect effects
caused by the COVID-19 pandemic. The main implications
are the following: (1) Research: results emphasize
that SMEs and large firms are both important to support
economic activity but, in order to account for the relative
effects on SMEs, it is crucial to consider the specific
sector that receives the disruption. 2) Policy: SMEs are
an important focus of business support policies within
the EU. According to our estimations, disruptions in
SMEs produce larger reductions in demand. These results
could support credit policies for SMEs with a
strong impact on the aggregate economy due to their
greater productive and financial linkages with the domestic
economy.
Materia
Palabras clave
Peer review
SI
ID proyecto
- info:eu-repo/grantAgreement/AEI/Programa Estatal de Generación de Conocimiento y Fortalecimiento Científico y Tecnológico del Sistema de I+D+i/PID2019-106725GB-I00/ES/LAS INFLUENCIAS DEL PERFIL DE ACCIONISTAS Y CAPITAL HUMANO EN LA ESTRATEGIA MEDIOAMBIENTAL DE EMPRESAS INTERNACIONALES: UN ENFOQUE DE "MICROFOUNDATIONS"
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