Improving our understanding and management of systemic risk.
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.
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.
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.