Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697749056919.pdf (Georgia)
saqarTvelos mecnierebaTa erovnuli akademiis moambe, t. 14, #3, 2020 BULLETIN OF THE GEORGIAN NATIONAL ACADEMY OF SCIENCES, vol.

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3, 2020 Economics Features of the Economic Crisis Under the COVID-19 Pandemic and the Threat of the Zombie-ing of the Economy Vladimer Papava Academy Member, Ivane Javakhishvili Tbilisi State University, Tbilisi, Georgia The paper studies the main features of the economic crisis which is the result of the COVID-19 pandemic.
It is justified that this crisis did not originate in the economy itself but that it is the result of the inability of modern medicine to cope with the coronavirus.

Therefore, in this case, the economy is a hostage to medicine.

It is shown that the coronomic crisis differs from those economic crises that also occurred in the twentieth century for non-economic reasons.

In the post-crisis period, the problem of reducing the budget deficit will be especially acute for almost all countries.
Apparently, central banks, especially in import-dependent countries, will have to abandon the inflation targeting regime.

Particular attention is paid to the problem of the zombie-ing of the economy with anti-crisis methods of supporting companies that had to reduce or completely suspend their economic activity.

One of the challenges of the post-crisis period will be such a change in bankruptcy legislation that will help to get rid of the economy of zombie-firms and zombie-banks.

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COVID-19 pandemic, economic crisis, coronomic crisis, budget deficit, inflation targeting, zombie-ing of the economy, zombie-firms, zombie-banks, bankruptcy legislation In history, the 2020th will be marked as the year of the COVID-19 pandemic [1] and the economic crisis which it caused [2].

pandemic.
pandemic.

Despite the real differences in the approaches of different countries, most of them came to the unanimously correct decision that, The new coronavirus – COVID-19 virus without the active involvement of the government, appeared in China and then made its way around these problems could not be resolved in principle the world.

The emergence and mass spread of [5].


Moreover, the COVID-19 pandemic will COVID-19 was so unexpected that many countries require a revision of the patent system with a view were not prepared for the phenomenon.

Moreover, to eliminating any barriers to the future spread of some countries from the very beginning tried to the coronavirus vaccine [6].

hide the real situation of the spread of the Since the coronavirus passes from person to coronavirus (e.g., [3, 4]).
person, many types of economic activity have been Countries did have different approaches to stopped to prevent its spread [7].

This forced solving the problems related with the COVID-19 lockdown of economic activity triggered an © 2020 Bull.

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Features of the Economic Crisis Under the COVID-19 Pandemic and… 129 economic crisis both in every country and globally.

economic activity under the context of viral According to one estimate, the spread of the pandemics [15].
coronavirus has developed into an “economic It is necessary to characterize the features of the pandemic” [8].

coronomic crisis in order to understand how it Obviously, the 2020 economic crisis is of differs from a purely economic crisis.

medical origin.

In other words, in fact, the economy As known, the classic type of economic crisis is has become a hostage to medicine [9].

This characterized by the emergence of a crisis in the situation is fundamentally different from what economy itself.
In other words, the causes of the happened before the COVID-19 pandemic when classic economic crisis are endogenous.

As for the economists studied the impact of economic crises coronomic crisis, the causes of its occurrence are on the healthcare system (e.g., [10]).

Currently, economists aim to study the impact of the not generated in the economy itself but are provoked by the source (mass spread of COVID-19 pandemic on the economy.
coronavirus) which is outside the sphere of the Until the problem of a vaccination or a economy.

Therefore, the causes of the coronomic treatment for COVID-19 is resolved by medicine, crisis are exogenous [9].

the crisis situation in the economy cannot be In economic history, there have been crises fundamentally changed.

Consequently, the whose causes were not economic in nature.
For economy will have to remain in the “captivity” of example, there is the economic crises caused by the COVID-19 pandemic for some time to come.

World War II and the collapse of the Communist The term “coronomics” was invented to refer to system.

However, these crises differ substantially the new sub-sector of economics that studies from the coronomic crisis.

In particular, after the economics under the influence of the coronavirus end of World War II, cities and infrastructure were pandemic [11].
This term coronomics is obtained destroyed which required their restoration; at the by combining two “economics” [12].

A terms – “corona” and later similar term same time, under the conditions of the coronomic crisis, there is no destruction – there is only a appeared – “coronanomics” [13].

lockdown of the functioning of the economy.


Using the term coronomics, we can state that the There are fundamental differences between the economic crisis caused by the COVID-19 coronomic crisis and the economic crisis caused by pandemic is a “coronomic crisis” [9].

the collapse of the Communist system.


In Some time ago economists followed the to so-called “two-quarter criteria” according particular, the latter was the result of a change in economic systems, i.e., the transition from a which the recession assumes that the GDP is command economy to a market economy.

At the declining for at least two consecutive quarters.
In same time, in the context of the coronomic crisis, order to be sure of the coronomic crisis, it is not there is no change in the economic system as the necessary to wait two quarters at all – so it is crisis itself is taking place within the framework of obvious that the lockdown of economic activity on the market economy.

The most important thing is a global scale has triggered a significant economic that, as mentioned above, the likelihood of a recession [14].
recurrence of a COVID-19 pandemic is relatively It is equally important to take into account the high while the transition from a command economy fact that there are no guarantees that the global to a market economy was a one-time act.

economy will not again be affected by a similar Because of the uncertainty of the future of the pandemic in the future.
Consequently, countries coronavirus, and also due to the lack of a specific will have to learn how to live and engage in time frame for the development of effective Bull.

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3, 2020 130 Vladimer Papava methods of treatment and the creation and affected by the coronomic crisis.

In order to help distribution of a corresponding vaccine, the level of those parts of the population that have lost their jobs uncertainty in the economy is high.
As a result, the and, accordingly, their income, they will receive behavior of economic agents seems difficult to social assistance from governments.

Providing predict in the coronomic crisis [16].

assistance to businesses consists of using tax The coronomic crisis manifested itself in the incentives by governments as well as providing fact that many countries of the world, including the special subsidies to businesses.
During the USA, China and most EU countries, suspended pandemic, all governments are increasing budget their economies (e.g.

[17]).

The lockdown of funding for health care.

All of these measures taken economic activity primarily concerned tourism and by governments have an anti-crisis character.

passenger transport and caused a collapse in stock As a result of the coronomic crisis and exchanges which directly affected the real sector of anti-crisis measures the national budget deficit is the economy.
The fact that the set of economic growing and its reduction will be one of the main resources that can be used during the coronomic tasks of the post-crisis period.

At the same time, the crisis is mainly related to the global financial and programs of the post-crisis period for each country the economic crisis of 2008-2009 [18].
At the same must reflect measures not only to restore the time, it is necessary to remember that a direct previous models of the economy but to comparison of the global financial and economic qualitatively rethink it, taking into account the new crisis of 2008-2009 with the coronomic crisis is a realities of the post-pandemic period [25].

mistake [19].

It should be borne in mind that the It should be noted that anti-crisis measures, by coronomic crisis is unique in nature [20].
their nature, can create conditions for promoting the The coronomic crisis entailed a reduction in zombie-ing of the economy.

demand and no less than a reduction in supply [21].

As known, the phenomenon of a zombie- With increasing uncertainty, the demand for economy is connected, first of all, with Japan where essential goods began to grow which ultimately led it originated in the 1990s (e.g.

[26]).

The zombie to an increase in inflation.


Central banks do not economy is based on insolvent, virtually bankrupt have instruments to influence inflation in the face firms that, despite this fact, continue to exist which of reduced supply which affected the inability of is why they are called “zombies”.

Zombie firms exist inflation targeting to restrain inflation [22].

This through access to credit for their functioning [27].
effect was especially evident in import-dependent The lending mechanism is based on the issuance countries which once again confirmed that the by the government of guarantees for the repayment mechanism of inflation targeting in such countries of loans as a result of which banks provide loans to practically does not work [23].
Gradually, many these enterprises on favorable terms (for example, economists conclude that the coronomic crisis at low interest rates as compared to average market revealed many of the shortcomings of the inflation ones) [28].

As a result of this, there is a process targeting mechanism [24].

To overcome the coronomic crisis, it is zombie-ing of those banks that issue loans to insolvent firms under government guarantees necessary to develop anti-crisis measures and a [29: 368].
The government is behind these banks post-crisis program for economic restoration and and offers support through zombie-firms [30: 164].

development.

A network of zombie-firms and zombie-banks The lockdown of economic activity will create a zombie-economy.

inevitably have a negative effect on the planned tax The Japanese experience shows that the revenues of the national budgets of the countries government supports insolvent firms in order to Bull.

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3, 2020 Features of the Economic Crisis Under the COVID-19 Pandemic and… 131 maintain voter support in upcoming political expense of the national budget.

In times of crisis, it elections.

is almost impossible on the part of the government It is necessary to take into account the fact that to provide financial support exclusively to a zombie-economy is usually formed in the bowels “healthy” companies.

As a rule, financial assistance of a financial crisis.
In conditions of stagnation, from the government is received not only by production and trade stall for a relatively long “healthy” companies, but by both zombie-firms and period which is accompanied by an increase in the candidate zombie-firms as well [41].

number of unemployed and a decrease in wages and Thus, one of the features of the coronomic crisis living standards.
Governments, as a rule, are is not only the preservation of already zombie-firms obliged to take the economy out of this state and it and zombie-banks but also the transformation of uses budget financing to support the banking and companies into actual zombies that had financial the entire economic system of the country.

Not only complications even before the crisis.


Consequently, during the financial crisis but also after its one of the serious problems of the post-crisis period completion, the non-viable part of the economy is will be the expansion of the zombie sector of the trying to maintain financial support from the economy.

government which it used in the context of The mechanism of getting rid of zombie-firms stagnation (e.g.

[31, 32]).
[31, 32]).

and zombie-banks, as known, is to enact During the global financial and economic crisis bankruptcy legislation of insolvent economic of 2008-2009, many governments around the world entities.

The accumulated international experience used the Japanese experience of the zombie-ing of in the use of bankruptcy legislation, unfortunately, the economy [33-36].

Tools for the zombie-ing of indicates its relatively low efficiency [42].
the economy in the context of the global financial Taking into account the fact that until the and economic crisis 2008-2009 were actively used treatment drugs for COVID-19 are developed and a in post-Communist countries as well [37, 38].

The corresponding vaccine is created, government zombie-ing of the economy contributed to the support for the firms and banks will continue.

Since formation of the main actor of this process – the likelihood of infections similar to COVID-19 in Zombie Economicus [39].
the foreseeable future is not low, this system of Gradually, the problem of the zombie-ing of the government support for the economy can last economy becomes more and more urgent [40].

relatively long.

Therefore, the process of the Before the start of the coronomic crisis, a zombie-ing of the economy can drag on in time.

zombie sector of the economy already existed in the Thus, the coronomic crisis not only “fixes” the economies of many countries.
In addition, in the existing zombie status for insolvent firms but at the economy of any country there are always firms that same time expands the scope for the process of the have some financial difficulties.

This crisis has zombie-ing of the economy.

suspended not only “healthy” companies but all One of the challenges of the post-crisis period is companies, including zombie-firms and potential a qualitative update of the bankruptcy law in order zombie-firm candidates.
As mentioned above, to effectively rid the economy of zombie-firms and during the coronomic crisis, the government is also zombie-banks.

required to support companies and banks at the Bull.

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3, 2020 132 ეკონომიკა Vladimer Papava COVID-19-ის პანდემიით გამოწვეული ეკონომიკური კრიზისის თავისებურებები და ეკონომიკის ზომბირების საფრთხე ვ. პაპავა აკადემიის წევრი, ივანე ჯავახიშვილის სახ.
თბილისის სახელმწიფო უნივერსიტეტი, თბილისი, საქართველო სტატიაში შესწავლილია COVID-19-ის პანდემიით გამოწვეული ეკონომიკური კრიზისის ძირითადი თავისებურებები.

დასაბუთებულია, რომ ეს კრიზისი ჩაისახა არა თავად ეკო- ნომიკაში, არამედ, ის არის კორონავირუსთან მიმართებაში თანამედროვე მედიცინის უსუსუ- რობის შედეგი.

შედეგად, ეკონომიკა მედიცინის მძევალია.

ნაჩვენებია, რომ კორონომიკური კრიზისი იმ ეკონომიკური კრიზისებისგანაც განსხვავდება, რომლებიც XX საუკუნეში ასევე გაჩნდა არაეკონომიკური მიზეზებით.
პოსტკრიზისულ პერიოდში ყველა ქვეყნის წინაშე მწვავედ დადგება საბიუჯეტო დეფიციტის შემცირების პრობლემა.

სავარაუდოდ ცენტრალურ ბანკებს მოუწევთ ინფლაციის თარგეთირების მექანიზმზე უარის თქმა, უმთავრესად იმპორტ- დამოკიდებულ ქვეყნებში.

განსაკუთრებული ყურადღება აქვს დათმობილი ეკონომიკის ზომ- ბირების პრობლემას ანტიკრიზისული მეთოდებით იმ კომპანიების დახმარებისას, რომელ- თაც მოუწიათ თავიანთი ეკონომიკური აქტიურობის ნაწილობრივად შემცირება ან სრული შეჩერება.
პოსტკრიზისული პერიოდის ერთ-ერთი გამოწვევა იქნება გაკოტრების კანონმდებ- ლობის იმგვარი ცვლილება, რომელიც ხელს შეუწყობს ეკონომიკის გათავისუფლებას ზომბი- ფირმებიდან და ზომბი-ბანკებიდან.

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