Macroeconomic lockdown and SMEs: The impact of the COVID-19 pandemic in Spain
Metadatos
Mostrar el registro completo del ítemEditorial
Springer Nature
Materia
COVID-19 SMEs Macroeconomic lockdown
Fecha
2021Referencia bibliográfica
Published version: Pedauga, L., Sáez, F. & Delgado-Márquez, B.L. Macroeconomic lockdown and SMEs: the impact of the COVID-19 pandemic in Spain. Small Bus Econ 58, 665–688 (2022). https://doi.org/10.1007/s11187-021-00476-7
Resumen
The relative importance of small and medium-sized 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.