Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database

By Divya Kirti, Yang Liu, Soledad Martinez Peria, Prachi Mishra, Jan Strasky

June 3, 2022

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Divya Kirti, Yang Liu, Soledad Martinez Peria, Prachi Mishra, and Jan Strasky. Tracking Economic and Financial Policies During COVID-19: An Announcement-Level Database, (USA: International Monetary Fund, 2022) accessed December 21, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

We introduce a new comprehensive announcement-level database tracking the extraordinary fiscal, monetary, prudential, and other policies that countries adopted in response to Covid-19. The database provides detailed information, including sizes where available, for 28 granular policies adopted by 74 countries during 2020. About 5,500 policy measures were announced during this period. Importantly, the database is organized and presented in a format easy for researchers to use in empirical analyses. Announcements were highly correlated across the broad fiscal, monetary, and prudential categories and at more granular levels. Advanced economies (AEs) introduced larger fiscal measures than emerging and developing economies (EMDEs) and relied primarily on large unconventional monetary policies. Bank capital requirements were relaxed widely in both AEs and EMs, while relaxation of provisioning requirements was more common among EMs. Supervisory expectations and reporting requirements were widely relaxed.

Subject: Central bank policy rate, Countercyclical capital buffers, COVID-19, Financial regulation and supervision, Financial services, Fiscal policy, Health, Monetary policy, Reserve requirements

Keywords: Advanced economies, Asset purchase, Bank capital requirement, Central bank policy rate, Countercyclical capital buffers, Covid-19, Fiscal policy, Global, Granular policy, Macroprudential policy, Monetary policy, Policy measure, Reserve requirements

Publication Details

Pages:

29
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2022/114
Stock No:

WPIEA2022114
ISBN:

9798400213069
ISSN:

1018-5941

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