COVID-19 in Developing Economies

Simeon Djankov, Ugo Panizza 22 June 2020



Table of Contents

Developing economies after COVID-19: An introduction
Simeon Djankov and Ugo Panizza

Section I: Economic and social impact of COVID-19

1 A perfect storm: COVID-19 in emerging economies
Constantino Hevia and Andy Neumeyer

2 The economic risk of COVID-19 in developing countries: Where is it highest?
Ilan Noy, Nguyen Doan, Benno Ferrarini and Donghyun Park

3 Assessing COVID-19's economic impact in sub-Saharan Africa: Insights from a CGE model
Calvin Z. Djiofack, Hasan Dudu and Albert G. Zeufack

4 Coping with a dual shock: A perspective from the Middle East and North Africa
Rabah Arezki, Rachel Yuting Fan, and Ha Nguyen

5 The impact of COVID-19 on developing Asian economies: The role of outbreak severity, containment stringency, and mobility declines
Abdul Abiad, Mia Arao, Editha Lavina, Reizle Platitas, Jesson Pagaduan, and Christian Jabagat

6 COVID-19 in Latin America: How is it different than in advanced economies?
Eduardo Levy Yeyati and Rodrigo Valdes

7 Extreme outlier: The pandemic's unprecedented shock to tourism in Latin America and the Caribbean
Henry Mooney and MarÌa Alejandra Zegarra

Section II: Behaviour, perceptions and survival during COVID-19

8 Behaviours, perceptions and mental wellbeing in high-income and low/middle-income countries at the beginning of COVID-19 pandemic
Margarita Gomez, Andriy Ivchenko, Elena Reutskaja and Pablo Soto-Mota

9 Conflict in times of COVID-19
Nicolas Berman, Mathieu Couttenier, Nathalie Monnet and Rohit Ticku

10 Survival of firms in developing economies during economic crisis
Erica Bosio, Filip Jolevski, Joseph Lemoine and Rita Ramalho

11 Macroeconomic policy responses to a pandemic
Luis Felipe Cespedes, Roberto Chang, Andres Velasco

Section III: COVID-19 effects on informality, poverty and inequality

12 COVID-19 and global poverty: A preliminary assessment
Giovanni Valensisi

13 Pandemics and inequality: Assessing the impact of COVID‑19
Davide Furceri, Prakash Loungani, Jonathan D. Ostry, Pietro Pizzuto

14 Policy for limiting the poverty impact of COVID-19 in Africa
Gbetondji Melaine Armel Nonvide

15 Old ideas have value in new times
Swati Dhingra

Section IV: Policy responses to increase resilience

16 Jobs at risk: Early policy responses to COVID-19 in emerging markets
Cagatay Bircan, Zsoka Koczan and Alexander Plekhanov

17 Working from home: Implications for developing countries
Charles Gottlieb, Jan Grobovöek, Markus Poschke and Fernando Saltiel

18 The importance of protecting export-oriented firms
Christopher Woodruff

19 A restart procedure to deal with COVID-19
Cynthia Balloch, Simeon Djankov, Juanita Gonzalez-Uribe and Dimitri Vayanos

20 Regulatory reforms after COVID‑19
Simeon Djankov, Dorina Georgieva and Hibret Maemir

21 Accumulation interrupted: COVID-19 and human capital among the young
Paul Corral and Roberta Gatti

22 The supply chain shock from COVID-19: Risks and opportunities
Caroline Freund, Aaditya Mattoo, Alen Mulabdic, Michele Ruta

Section V: Financing the crisis response and the recovery

23 A debt standstill for developing and emerging market countries
Patrick Bolton, Lee Buchheit, Pierre-Olivier Gourinchas, Mitu Gulati, Chang-Tai Hsieh, Ugo Panizza, Beatrice Weder di Mauro

24 COVID-19: A double whammy of financial and economic sudden stops for emerging economies
Gianluca Benigno, Andrew T. Foerster, Christopher Otrok and Alessandro Rebucci

25 Emerging market currency risk around 'global disasters': Evidence from the Global Financial Crisis and the COVID-19 crisis
Giancarlo Corsetti, Simon Lloyd and Emile Marin

26 Original sin redux and policy responses in emerging market economies during the COVID-19 pandemic
Boris Hofmann, Ilhyock Shim and Hyun Song Shin

27 Corona spreads to emerging markets
Rui Esteves and Nathan Sussman

28 The IMF and the World Bank can do more
Simeon Djankov and Anne-Laure Kiechel

Policy Director, Financial Markets Group, London School of Economics

Professor of Economics and Pictet Chair at the Graduate Institute, Geneva; CEPR Vice president and Research Fellow


CEPR Policy Research