Holistic management of the COVID-19 pandemic

Jan Krzysztof Solarz, Krzysztof Waliszewski

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ISBN/ISSN:

978-83-66395-16-9

DOI:

Wydawnictwo:

edu-Libri

Rok wydania:

2021

Liczba stron:

111

XML:ISBN/ISSN:

ONIX MARC21

Bibliografia:

Solarz, Jan Krzysztof; Waliszewski, Krzysztof. Holistic management of the COVID-19 pandemic. Red. . Kraków-Legionowo: edu-Libri, 2021, 111 s. ISBN 978-83-66395-16-9

Bibliografia refWorks:

RT Book, Whole

SR Electronic(1)

A1 Solarz, J.K.

A1 Waliszewski, K.

T1 Holistic management of the COVID-19 pandemic

PB edu-Libri

PP Kraków-Legionowo

YR 2021

SN 978-83-66395-16-9

Bibliografia BibTex:

@Book{ 244351, author = "Solarz, Jan Krzysztof and Waliszewski, Krzysztof", editor = "", title = "Holistic management of the COVID-19 pandemic", publisher = "edu-Libri", year = "2021", address = "Kraków-Legionowo", isbn = "978-83-66395-16-9" }

Bibliografia endNote:

TY - BOOK

AU - Solarz, Jan Krzysztof

AU - Waliszewski, Krzysztof

ED -

TI - Holistic management of the COVID-19 pandemic

PB - edu-Libri

CY - Kraków-Legionowo

PY - 2021

SN - 978-83-66395-16-9

ER -

Netografia (standard APA):

Solarz, Jan Krzysztof; Waliszewski, Krzysztof. Holistic management of the COVID-19 pandemic [baza danych online] Kraków-Legionowo: edu-Libri, 2021 [dostęp: 22 07 2024]. Dostęp w Ibuk Libra: https://libra.ibuk.pl/reader/holistic-management-of-the-covid-19-pandemic-jan-krzysztof-solarz-244351.

pandemia, Covid-19

The authors of the monograph apply their competences in the field of risk management in the financial system in order to organise what is currently known about the COVID-19 pandemic. They recognise that by nature it is both endogenous as a result ...

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ISBN/ISSN:

978-83-66395-16-9

DOI:

Wydawnictwo:

edu-Libri

Rok wydania:

2021

Liczba stron:

111

XML:ISBN/ISSN:

ONIX MARC21

Introduction7
Chapter 1. Comparing the cognitive frames of systemic risk management11
1.1. The stages of systemic risk management – comparison over time11
1.2. Functional equivalents in systemic risk management – comparison in space27
1.3. Layers of the systemic risk management of a pandemic – comparing the way people think about a pandemic30
Chapter 2. Evaluating the costs connected with the materialisation of systemic risk33
2.1. Public and private goods33
3.1. Applying the concept of systemic risk to an analysis of the COVID-19 pandemic33
2.2. Public goods – loss of health and financial security37
2.3. Private goods – loss of job and income37
2.4. Public utility goods – merit goods38
2.5. Multigenerational common goods – club goods39
2.6. Coexisting goods and their importance in overcoming the negative consequences of a pandemic42
Chapter 3. The COVID-19 pandemic conceived as systemic risk44
3.2. The context in which the pandemic’s systemic risk arose47
3.2.1. Costs for the public finance sector48
3.2.2. Costs for financial intermediaries51
3.3. Shock – the cost to the real economy and job losses58
3.3.1. Costs for monetary policy67
3.3.2. Costs for the household sector67
3.4. Turning point75
3.5. Prognosis for world development in pandemic circumstances78
3.6. Early warning signals80
3.6.1. Deglobalisation81
3.6.2. Crisis of the extended family85
3.7. Accumulation of risk – the transformation of partial risk into systemic risk88
Closing remarks92
References97
List of tables105
List of charts and diagrams107
Index109

Introduction

TheUNandtheEUhaveinitiated,andarecooperatingwithcharitablefounda-

tionstodevelopajointprogramtodiscoveravaccineandtosupporttheweakest

andthosemostvulnerabletothepandemicinrefugeecamps.However,thepo-

larisationofattitudestowardsthepandemicispalpable.Meanwhile,wewillbetter

copewiththecoronavirusifweconsideritmultidimensionally,inanattemptto

discernandunderstandtheinteractionsbetweenthesedimensions.Onlyaholistic

andsystemicapproachcanfreeusfrombias[Gorynia,2020b,p.A27].

Forme,thecoronavirusisaconglomerateofinterconnectedandpillingupofex-

tremesandadversities,antinomiesandextremepoles,whichwecannevertheless

gatherintheformofseveralinterconnectedplanesoraspects[Gorynia,2020c,p.16].

Currentlyweareeagerlysearchingforsomethingwithwhichtocomparethe

COVID-19pandemic.Analogiesareatriedandtestedcognitiveaid.Therefore,we

askwhetherthisisanewincarnationoftheSpanishFluof1918,orarepeatofthe

GreatDepressionof1929,orperhapsanewformoftransformationalrecession–

thistime,however,notfromaneconomyofscarcitytoaneconomyofexcess,but

fromtherealeconomytoavirtualeconomy.DescriptionsofCOVID-19thusfar,

however,resembletheineptdescriptionofanelephantbytheblind.Onesaysthat

theelephantisassmoothasitstusks,anotheronesaysitislongandﬂexiblelike

itstrunk,andathirdonesaysthatitisasthinasitstail.Everyonedescribeswhat

theyhaveathandandwhattheyjudgewiththeirsenseoftouch.Yet,foreﬂective

actiontobetaken,aholisticapproachtothecoronaviruspandemicisessential.

Thiswouldconsistofamedicaldiagnosisaccompaniedbyafeverishsearchfor

therapy,anepidemiologicalassessmentofthepopulation’simmunity,socialdis-

ciplineinrespectingsocialdistancing,andthewearingofmasks.Abovethisphysio-

logicalleveldevelopalevelofpandemic-drivensocialsolidarity,intergenerational

transfersandtheabilitytoensurethehealthandﬁnancialsecurityofthecitizens.

Theaimofthisstudyistoapplythelegacyofﬁnancialsciencesintheﬁeldofsys-

temicriskmanagementtothemanagementoftheCOVID-19pandemic.Byadopting

thisobjective,weassumethatthepandemicisaholisticembodimentofsystemic

risk.G20leadersrecognisedCOVID-19asamanifestationofsystemicriskand

entrustedthecoordinationoftheirworkonco-managingthisrisktotheFinancial

StabilityBoardoftheBankforInternationalSettlementsinBasel.Aspartofthis

mandate,theFinancialStabilityBoardregularlyexchangesinformationabout

actiontaken,determinestheﬁnancialriskalongwithitsvariabilityinthecurrent

situation,andcoordinatestheconfrontationofhouseholdsandbusinesseswith

COVID-19[COVID-19Pandemic...,2020b].

AccordingtotheFinancialStabilityBoard,thepandemicrepresentsanunprece-

dentedshockthathaspushedtheglobaleconomyintoarecessionofunknown

depthandduration.Inthissituation,itisnecessarytoguaranteeloansincircum-

stancesofdecliningeconomicgrowthwhilealsomanagingtherapidlygrowing

risk.Tothisend,theFinancialStabilityBoardiscarryingoutnecessaryadjust-

mentstoplanstointroducenewregulationsintheﬁnancialsector.Thecriteriafor

assessingthe‘newnormality’willbe:ﬁrstly,theabilitytoprovidecredittoassist

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