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Saturday, June 13,
2020 / 06:25 AM / by Proshare Content/ Header Image
Credit: EcoGraphics
Global Policy Responses
Various central banks have
come up with different monetary policy measures on their economy against the
negative impact of the coronavirus. The US Federal Reserve, Bank of England,
Peoples Bank of China, Reserve Bank of Australia all cut their interest rate to
boost liquidity in their respective economies.
While the European Central
Bank decided to use other monetary tools such as the purchase of public and
private securities to help mitigate the impact of the coronavirus outbreak. The
Bank of Japan also plans to stabilize markets and offer
sufficient liquidity via market operations and asset purchases (see Table 10).
Table
10: Global Central Bank's Anti-Recession
Policies
Global Governments
Fiscal Policy Anti-Recession Policies
The limitations of
monetary policy may necessitate the intervention of the government through
fiscal policy measures. Several continental governments have come up with a
variety of fiscal policies to stimulate their economies amidst the COVID-19
pandemic.
The American
government proposed tax deferrals and cash payments to citizens to ensure a
speedy revival of economic growth in the year as it fought to soften the
negative impact of the virus on supply chains and production outputs.
While the Japanese
government, on the other hand, proposed an emergency economic package worth
over $270bn to offset the adverse economic effect of a
fall in domestic demand and supply chain hiccups (see Illustration 5).
Illustration
5: Global Governments Fiscal Policy Anti-Recession
Policies
Illustration 6: Fiscal Responses from Major Global
Financial Institutions
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