International narratives on Argentina's recovery from the crisis of 2001-02 tend to emphasize the role of rising commodity prices and growing demand from China. Argentina is said to have been 'lucky', saved by global demand for its agricultural exports. The international narrative has also been...

The central lesson of the COVID-19 fiscal response is that money is not scarce. Without delay, governments around the world appropriated budgets that dwarfed any other postwar crisis policy. In 2020, Japan passed a stimulus package equal to 54.8 percent of GDP, while in the U.S., it was...

This paper takes stock of the implementation of the NextGenerationEU (NGEU) programme in the euro area four years after its inception, focusing on its principal instrument, the Recovery and Resilience Facility (RRF). The paper provides an updated quantitative assessment of its past and future...

This Working Paper provides a concrete illustration of how the existing international financial architecture could be activated more fully to mobilize the large sums required to respond decisively to the 'great divergence' in COVID-19 crisis recovery between advanced and developing countries as...

In March 2020, the COVID-19 pandemic, caused by the SARS-CoV-2 virus, swept through the United States. The necessary but costly non-pharmaceutical interventions (NPIs) including social distancing, stay-at-home orders, and the closing or restriction of most businesses greatly increased the...

This paper examines how formal firms have been impacted by and recovered from the pandemic by drawing on two distinct but complementary data sources. This is the first attempt to use both survey and tax administrative data to measure the initial decline and subsequent recovery of firm sales and...

The COVID-19 pandemic travel restrictions affected the tourism sector in South Africa. Digital nomadism is an example of a new strategy that can help the tourism sector recover from the effects of the COVID-19 pandemic. This paper explores government strategies for promoting digital nomadism in...

We study the influence of the exchange rate on the speed of economic recovery in a sample of 67 developed and developing economies over the years 1989-2019. First, using a cross-sectional sample of 341 economic recoveries, we study the effect of nominal depreciation and real undervaluation on...

After an initial policy emphasis on stabilizing jobs and income through job retention and various types of income support measures, more subsequent country responses to the economic shock generated by the COVID-19 pandemic also include policies to support labour market (re-)entry. This policy...