Alicia García-Herrero, Elina Ribakova, 21 May 2020

The spread of COVID-19 and its associated impacts have again brought into focus the dependence of emerging market economies on external financing. This column analyses the factors that put emerging economies at an increased risk of a sudden reduction in dollar liquidity as a consequence of the COVID-19 outbreak. Based on this analysis, it reviews the key tools at the disposal of emerging economies, the Fed, and the IMF to address this problem. It concludes by offering some policy recommendations on the pecking order that could be followed to potentially shield the emerging economies from the dollar shortage problems related to COVID-19.


This Summer School will provide an introduction on current corporate governance issues from an economic, financial, and legal perspective. The focus will be on issues associated with external financing of firms, managerial discretion, and small investor protection. The aim of the Summer School is both to develop the general principles of corporate governance, and to provide a comparative institutional perspective of corporate governance arrangements across countries. The lectures will also be based on several case studies. The Summer School is intended for doctoral and post-doctoral students in economics and finance. Participation is compulsory for Early Stage Researchers of the European Corporate Governance Training Network (ECGTN).


CEPR Policy Research