In this paper, we discuss 10 parallels between the lack of preparation of financial system regulators prior to the GFC and the lack of preparation by public health authorities and governments prior to Covid-19. These parallels relate to: required stocks (of capital or equipment), data collection...

Much has been revealed recently regarding the relative unpreparedness of Public Health Authorities and their governments in many countries. We show that a lack of preparedness for the Covid-19 pandemic resulted from four major types of shortcomings. First, even when there were problems noted in...

Substantial weaknesses in the preparation by public health authorities and governments increased the health and economic costs of the Covid-19 pandemic relative to what they would have been if pre-existing recommendations had been followed and a wider set of plans had been put into place....

When the Covid-19 crisis struck, banks using internal-rating based (IRB) models quickly recognized the increase in risk and reduced lending more than banks using a standardized approach. This effect is not driven by borrowers' quality or by banks in countries with credit booms before the...

This work examines the impacts which the Covid-19 pandemic brought to the stability of the European financial sector. Lockdowns, businesses unable to operate and uncertainty about how the pandemic would evolve fueled a sharp recession. From the lessons learned in the global financial crises and...