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The fiscal response to the Covid-19 crisis in advanced and emerging market economies

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BIS Bulletin  |  No 23  |  17 June 2020 by  Enrique Alberola-Ila, Yavuz Arslan, Gong Cheng and Richhild Moessner PDF full text (695kb)  |  9 pages Key takeaways The fiscal policy response to the Covid-19 crisis has been swift and strong, in tandem with monetary policy. Advanced economies (AEs) have deployed a much larger fiscal response than emerging market economies (EMEs). The lower incidence of the pandemic in EMEs does not fully explain the difference. A narrower fiscal policy space in EMEs, further reduced by the tightening of their

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BIS Bulletin  |  No 23  | 
17 June 2020
PDF full text
 (695kb)
 |  9 pages

Key takeaways

  • The fiscal policy response to the Covid-19 crisis has been swift and strong, in tandem with monetary policy. Advanced economies (AEs) have deployed a much larger fiscal response than emerging market economies (EMEs).
  • The lower incidence of the pandemic in EMEs does not fully explain the difference. A narrower fiscal policy space in EMEs, further reduced by the tightening of their financing conditions induced by the pandemic shock, has constrained their fiscal response.
  • The size and composition of the fiscal response also depend on other factors such as the level of income and the strength of the social safety nets and automatic stabilisers.
International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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