Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Between Lives and Economy: Optimal COVID-19 Containment Policy in Open Economies

Wen-Tai HSU, Hsuan-Chih (Luke) LIN, Han YANG
This paper studies optimal containment policy for combating a pandemic in an open- economy context. It does so via quantitative analyses using a model that incorporates a standard epidemiological compartmental model in a multi-country, multi-sector Ricardian model of international trade with full-fl...
Keywords: COVID-19, Pandemic, welfare analysis, containment policy, optimal policy, open economy, trade, input-output linkages
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Specialty Conference

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Specialty Conference

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Sep 2020

China’s debt relief actions overseas: Patterns, interactions with other creditors and macroeconomic implications

Gatien BON, Gong CHENG
This paper explores a novel database of 140 Chinese debt restructurings overseas between 2000 and 2019. It uncovers a number of salient features of the restructuring terms that China has offered in the past and the ways in which China has interacted with other types of creditor and the International...
Keywords: China, sovereign debt restructuring, Paris Club
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

Still the World's Safe Haven? Redesigning the U.S. Treasury Market After the COVID19 Crisis

Darrell DUFFIE
I review the functionality of the secondary market for U.S. Treasuries in March 2020, when the Covid-19 crisis triggered investor flows that overwhelmed intermediaries. Although the Fed was able to largely restore market liquidity through its unprecedented rate of Treasury purchases and other action...
Keywords: COVID-19, Pandemic, market liquidity, Treasury market
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

Investors’ risk attitudes in the pandemic and the stock market: new evidence based on internet searches

Giulio CORNELLI, Leonardo GAMBACORTA, Dora XIA, Marlene AMSTAD
The sharp drop and subsequent rebound in global stock markets in the current pandemic focuses attention on changes in investors’ risk attitudes. A new COVID-19 risk attitude (CRA) index for 61 markets, based on internet searches in Google and Baidu, does a good job at capturing investors’ attitu...
Keywords: COVID-19, equity market, sentiment, risk attitude
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Commentaries

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2020, Pandemic

The Impact of COVID-19 on Asia and the Future of Global Supply Chains

Bert HOFMAN
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