The eight incoming systemic risk students, who bring a wealth of global experience in central banks and other regulatory agencies, began classes on August 31 alongside students in Yale SOM’s other full-time residential programs.
Health concerns and the sudden implementation of economic shutdowns have caused many countries to expedite or expand transitions to the cashless administration of government benefits in order to make their support efforts as effective as possible. Cashless supports for individuals offer speed, security, and availability that far outperform cash in combating the COVID-19 pandemic, given its unique circumstances. In some countries, increased adoption of cashless technology is an escalation of previously-announced long-term policy goals. Other governments have expedited the transition from cash-based systems to digital payment capacities.
Continue reading “Pandemic catalyzes transition to cashless benefits”
Mexico, the second largest Latin American economy, has been hit hard by the COVID-19 crisis as the death count surpassed 46,000—making it the third highest in the world. Unlike other countries in the region, though, its government has kept crisis spending relatively low, at about 3% of gross domestic product (GDP), to avoid massive government debt issuance.
Continue reading “The Mexican government’s economic response to the COVID-19 pandemic”
In March the World Bank Group (WBG) announced $14 billion in fast-track financing to help countries respond to the COVID-19 pandemic. Since then, the WBG has provided approximately $8.3 billion in both fast-track and other financing for 339 projects across 117 countries (see here). The following lists the elements comprising the package.
$8 billion from the International Finance Corporation (IFC)
$2.7 billion from the International Bank for Reconstruction and Development (IBRD)
$1.3 billion from the International Development Association (IDA)
$2 billion reprioritized from existing World Bank projects towards COVID-19 relief
Continue reading “Update on the progress of the World Bank’s COVID-19 response efforts”