Revisiting Financial Resilience During The COVID-19 Pandemic: Case Study from The Indonesian Local Government
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Abstract
The COVID-19 pandemic hits economic sectors hard, leading to an economic crisis, which affects social and wealth inequalities. Financial resilience, thus, has given rise a research agenda on how institutions cope with the pandemic. Central to this study is the Indonesian local government–the village–in coping with the crisis, following financial resilience framework developed by Barbera, Jones, Korac, Saliterer, and Steccolini (2017). This study highlights that the environmental conditions are not adequate to draw resilience pattern, requiring critical consideration and organizational development, including village’s anticipatory and coping capacities. In addition, perceived vulnerability can view anticipatory and coping capacities. This study provides relevant implications for policymakers to consider the importance of strengthening institutional and financial capacity toward resilience. For public administrator, the reliance on external setting and nationally imposed regulations to exercise readiness in coping with crisis is partially suggested. Yet, depending on internal sources and vulnerabilities can lead to more understand financial resilience.
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