Fiscal and monetary responses to the COVID-19 pandemic: Some thoughts for developing countries and the international community

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dc.creatorDíaz-Bonilla, Eugenio
dc.date2020-06-01
dc.date2024-05-22T12:12:18Z
dc.date2024-05-22T12:12:18Z
dc.date.accessioned2026-06-27T15:27:58Z
dc.descriptionThese historically unprecedented times require unconventional responses. Yes, there are several examples of countries that in the past have abused “unconventional monetary approaches,” leading to high bouts of inflation, strong devaluations, balance of payment crises, and corruption. Yet, with prudence, these approaches should now be used to finance specific public expenditures, such as cash transfers and safety nets for the poor and vulnerable, and certain public investments, and to keep firms operating. In any case, money always enters into the economy through specific actors (at present, mainly the owners of the assets being bought by the central banks), and not by equally endowing each citizen with the same amount of currency (as in Milton Friedman’s parable of “helicopter money”; Friedman 1969). A universal income would do the latter, and some of the recent rescue packages in developed countries moved in that direction. The methods suggested here would ultimately make the channels through which an expanded money supply gets into the economy more democratic.
dc.formatapplication/pdf
dc.identifierhttps://hdl.handle.net/10568/143163
dc.identifier.urihttp://hdl.handle.net/123456789/105220
dc.languageen
dc.publisherInternational Food Policy Research Institute
dc.relationhttps://doi.org/10.2499/p15738coll2.133762
dc.relationhttps://www.ifpri.org/blog/fiscal-and-monetary-responses-covid-19-pandemic-some-thoughts-developing-countries-and
dc.relationhttps://www.clarin.com/opinion/oficina-guerra-plan-integral_0_14VO-Ls4q.html
dc.rightsOpen Access
dc.sourceDiaz-Bonilla, Eugenio. 2020. Fiscal and monetary responses to the COVID-19 pandemic: Some thoughts for developing countries and the international community. In COVID-19 and global food security, eds. Johan Swinnen and John McDermott. Part Seven: Policy responses, Chapter 22, Pp. 98-101. Washington, DC: International Food Policy Research Institute (IFPRI). https://doi.org/10.2499/p15738coll2.133762_22.
dc.subjectsupply balance
dc.subjectcovid-19
dc.subjectservices
dc.subjecteconomic crises
dc.subjectinternational organizations
dc.subjectproducts
dc.subjectdeveloping countries
dc.subjectfood security
dc.subjectcurrencies
dc.titleFiscal and monetary responses to the COVID-19 pandemic: Some thoughts for developing countries and the international community
dc.typeBook Chapter

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Instituto Internacional de Investigación sobre Políticas Alimentarias (IFPRI)