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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 ...
WORKING PAPERS
March 03, 2023
This paper examines the impact of the COVID-19 crisis on the reallocation of economic activity across firms, and whether this reallocation depends on the competition environment. The paper uses the World Bank’s Enterprise Surveys COVID-19 Follow-up Surveys for about 8,000 firms, including both small...
CGD NOTES
January 17, 2023
This CGD note summarizes the implications of the macroeconomic context and broader financing outlook for domestic and external health spending and proposes a “menu” of policy options to keep health spending on track and blunt negative impacts on health systems and population health around the world.
POLICY PAPERS
October 04, 2022
Global reserves can serve as a global public good, facilitating the short-term global recovery from the economic impacts of the pandemic and Russian invasion of Ukraine, as well as the longer-term global transition to a sustainable and equitable economic future. Strategic allocation of Special Drawi...
POLICY PAPERS
September 29, 2022
The IMF’s concessional lending to low-income countries through its Poverty Reduction and Growth Trust (PRGT) has risen dramatically since the start of the pandemic and demand for the PRGT resources is expected to remain above pre-pandemic levels for quite some time. But the surge in lending has stra...
REPORTS
August 03, 2022
This report—the product of a joint working group convened by the Center for Global Development and the Inter-American Development Bank—focuses on firms and labor markets in Latin America and the Caribbean during the COVID-19 crisis and the highly uncertain recovery phase now underway. The ongoing Ru...
CGD NOTES
March 30, 2022
The IMF is on track to establish its new lending vehicle—the “Resilience and Sustainability Trust (RST)”—that aims to re-channel some $50 billion of newly allocated special drawing rights (SDRs) from rich to developing countries. But there is a catch: the proposed conditions for accessing funds coul...
CGD NOTES
March 08, 2022
Governments have implemented an array of interventions needed to contain the economic impacts of COVID-19. Some of these interventions are not adequately captured in traditional fiscal metrics, such as debt and deficit. One approach to ensuring comprehensive coverage of these interventions and to pr...
CGD NOTES
February 24, 2022
The worldwide shock inflicted by COVID-19 had the making of a “perfect crisis:” the kind that should not be wasted. Indeed, it could serve as an opportunity to initiate major reforms. Unfortunately, Pakistan, like virtually all other countries, has permitted the opportunity to go waste. Pakistan may...