From Health Crisis to Financial Distress
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World Bank, Washington, DC
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I discuss the multifaceted economic and
financial vulnerabilities that have been created or
exacerbated by the COVID-19 pandemic on a foundation of
already weak economic fundamentals in many countries. Crises
often do not travel alone. Banking, sovereign debt, exchange
rate crashes, sudden stops, and inflation often intersect to
become severe conglomerate crises. Historically, whether of
the individual or conglomerate variety, crises influence the
shape and speed of economic recovery. As the health crisis
morphs into a financial or debt crisis in some countries, I
discuss what may lie ahead in terms of the stages in crisis
resolution and a brief reflection on how the resolution
process can be expedited.
Palabras clave
HEALTH CRISIS, CORONAVIRUS, COVID-19, PANDEMIC IMPACT, FINANCIAL DISTRESS, DEBT CRISIS, EXCHANGE RATE, PANDEMIC RESPONSE, CRISIS RESOLUTION