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Blog Post
October 05, 2023
A year ago, the International Monetary Fund (IMF) announced that an alarming 60 percent of developing countries and 25 percent of emerging market economies were either in debt distress or at severe risk of default. The confluence of severe shocks in the period 2020-22, starting with the COVID-19 pan...
WORKING PAPERS
October 05, 2023
This paper uses a straightforward Resilience Indicator, constructed from a small set of economic and institutional variables, to show that by 2019, prior to the COVID-19 pandemic and subsequent global shocks, it was possible to identify emerging markets and developing countries that would encounter ...
Blog Post
April 26, 2023
The COVID-19 pandemic caused a sharp reduction of economic activity in the first months of 2020, which negatively affected the revenues, liquidity, and, potentially, the solvency of many firms. In response to this crisis, the European Central Bank (ECB) announced the Pandemic Emergency Purchase Prog...
WORKING PAPERS
April 26, 2023
This paper finds that shareholders of highly leveraged firms benefit relatively less compared to bondholders from the corporate quantitative easing (QE) announcements by the European Central Bank and the Bank of England in March 2020, as evidence of debt overhang. Firms more heavily impacted by the ...