COVID-19 and the financial system: a tale of two crises | Zendy

Julia Giese | Zendy; Andy Haldane | Zendy

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COVID-19 and the financial system: a tale of two crises

Author(s) -

Julia Giese,

Andy Haldane

Publication year - 2020

Publication title -

oxford review of economic policy

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.948

H-Index - 85

eISSN - 1460-2121

pISSN - 0266-903X

DOI - 10.1093/oxrep/graa035

Subject(s) - financial crisis , covid-19 , financial system , resilience (materials science) , economics , dividend , business , finance , keynesian economics , medicine , physics , disease , pathology , infectious disease (medical specialty) , thermodynamics

This paper compares and contrasts the resilience of the financial system, in particular banks, during the Global Financial Crisis and COVID-19. We show that banks are now part of the solution, rather than part of the problem, thanks to regulatory and institutional reforms over the past decade. Heeding the lessons from the Global Financial Crisis has paid dividends. We outline some early lessons from the COVID-19 crisis for the financial system going forward.

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