Erik Feyen, Tatiana Alonso Gispert, Tatsiana Kliatskova, Davide S. Mare, 17 December 2020

Authorities around the world have implemented a wide array of support measures to mitigate the impact of the COVID-19 crisis on the financial sector. This column introduces a new global database that tracks these measures. It finds that banking sector measures constitute the majority of policies taken and that they aim to take advantage of the flexibility embedded in the international standards. However, emerging market and developing economies tend to rely more on prudential measures that go beyond this embedded flexibility compared to advanced economies which may reduce bank balance sheet transparency and increase risks to financial stability. Financial authorities in richer and more populous countries appear to have taken more actions and were more responsive.

Alistair Dieppe, 18 September 2020

Since the 2008 global financial crisis, improvements in many key correlates of productivity growth have slowed or gone into reverse, and labour reallocation to more productive sectors from less productive ones has also weakened. Furthermore, the pace of convergence of emerging market and developing economies to advanced-economy productivity levels has slowed. This column argues that the COVID-19 pandemic is likely to compound the slowdown, with profound implications for development outcomes. A comprehensive broad-based approach is necessary to rekindle productivity.


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