Yale School of Management

Program on Financial Stability

Improving our understanding and management of systemic risk.

COVID-19 Crisis

Central banks, fiscal authorities, and international organizations are taking extraordinary steps to respond to the market distress caused by the COVID pandemic. Policy makers need decision support as they consider their options. The Yale Program on Financial Stability (YPFS) is tracking what governments across the world are doing in response to the crisis. Look here for a regularly updated tracker and blog posts on these interventions. In addition, materials from our study of previous financial crises could be of use to policymakers. For many previous interventions, we have summaries of key design decisions and evaluations of outcomes. We also have a rich online archive of implementing documents and public communications from these interventions.

COVID-19 Financial Response Tracker

The COVID-19 Financial Response Tracker (CFRT) follows economic interventions by central banks, fiscal authorities, and international organizations aimed at combating the negative effects of the coronavirus pandemic and restoring financial stability. The tracker will also highlight significant proposals from government representatives and institutions. Each tracker entry will provide summary information and link to relevant press releases or articles about the intervention. The COVID-19 Financial Response Tracker Visualization (CFRTV) graphically depicts the CFRT’s entries according to country and type of intervention. The intent of the Tracker and Visualization platform is to inform citizens, policymakers, and government officials about state actions against COVID-19.

Please note: the Tracker and Visualization are not meant to be comprehensive but we aim to track as many interventions as possible across the globe.

View YPFS COVID-19 Financial Response Tracker (CFRT) 

View YPFS COVID-19 Financial Response Tracker (Current version of  CFRT as of  8/7/2020 for those unable to access Google Sheets)

View YPFS COVID-19 Financial Response Tracker Visualization (CFRTV)

 

Analyses of Specific Intervention Types

YPFS is putting together resource guides that gather and synthesize materials on crisis response topics that are of particular interest in the present situation. A resource guide consists of an overview and a spreadsheet that catalogs past and current examples of the intervention type, identifies interesting program features, summarizes existing evaluations of programs, and shares general resources on the topic. New resource guides will be added as they become available.

Explore our latest Analyses of Specific Intervention Types 

 

 Blog Posts

The YPFS Financial Stability blog will be updated regularly with posts about interventions. The blog posts will aim to give context to current proposals by comparing them to previous interventions.

Latest COVID-19 Blog Posts

COVID-19 Intervention Handbook

YPFS keeps a collection of all blog posts related to the COVID-19 crisis in a single PDF document, available here. The page also contains a catalogue of individual posts by subject area, with links to resource guides when relevant. These posts range from analyses of programs around the world to lessons learned from policies enacted as the COVID-19 crisis continues. Both the page and PDF document are updated on a weekly basis.

View Index of all Systemic Risk Blog Posts (Updated weekly)

Key Program Summaries

YPFS will be maintaining documents that provide up-to-date summaries of certain key programs adopted in response to the current pandemic.  Depending on the program, these documents may include things like detailed timelines showing when a program was introduced and when and how it was amended.  They may also include data on usage to date. 

View Paycheck Protection Program (PPP) Timeline
View Main Street Lending Program (MSLP) Timeline
View Paycheck Protection Program Lending Facility (PPPLF) Timeline
View Comparing Fed programs GFC and COVID-19
View UK Credit Guarantee Programs Timeline
View SME Credit Support Programs Usage
View Spain Credit Guarantee Scheme Timeline
View EIDL Loans and Advances Timeline

2020 YPFS Preliminary Discussion Drafts

Over the past few years, YPFS has written thousands of pages of summary materials on past interventions, including the key design decisions that policy makers must consider. While not all our case studies are complete, we are making our materials available at this time. The case studies are written from a policymaker’s point of view and are meant to inform current decision-makers. Most case studies have links to the relevant primary documents generated by the financial institution that initiated the program as well as other documents relevant to the design and implementation of the program.

Explore YPFS Preliminary Discussion Drafts in our Resource Library

View a  list of our case studies of previous interventions