World Development Report 2022

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40. 41. 42. 43. 44. 45.

Goldstein et al. (2020). Altig et al. (2020); Baker et al. (2020). Acharya et al. (2015); Alfaro et al. (2019). Feyen, Dancausa, et al. (2020). Bottelier (2010); Rogoff and Yang (2021). Especially low rates in the United States, as described by Bruno and Shin (2017). 46. World Bank (2020b). 47. Anginer et al. (2021). 48. FSB (2020).

49. India, for example, has introduced a new regulatory framework for nonbank lenders that will come into ­effect in October 2022. See RBI (2021). 50. For example, see Gopinath (2020) and other essays in Baldwin and Weder di Mauro (2020). 51. Aizenman et al. (2021). 52. IMF (2021b), based on Fratto et al. (2021). 53. Aguilar and Cantú (2020); Arslan, Drehmann, and Hofmann (2020); Cantú et al. (2021).

References Acharya, Viral, Stephen G. Cecchetti, José De Gregorio, Şebnem Kalemli-Özcan, Philip R. Lane, and Ugo Panizza. 2015. “Corporate Debt in Emerging Economies: A Threat to Financial Stability?” September, Centre for International Governance Innovation, Waterloo, Ontario; Brookings Institution, Washington, DC. https:// www.brookings.edu/wp-content/uploads/2016/07 /CIEPR2015toWeb.pdf. Adams-Prassl, Abi, Teodora Boneva, Marta Golina, and Christopher Rauh. 2020. “Inequality in the Impact of the Coronavirus Shock: Evidence from Real Time Surveys.” Journal of Public Economics 189 (September): 104245. Agrawal, Sarthak, Alexandru Cojocaru, Veronica Montalva, and Ambar Narayan. 2021. “COVID-19 and Inequality: How Unequal Was the Recovery from the Initial Shock?” With inputs by Tom Bundervoet and Andrey Ten. Brief (June), World Bank, Washington, DC. Aguilar, Ana, and Carlos Cantú. 2020. “Monetary Policy Response in Emerging Market Economies: Why Was It Different This Time?” BIS Bulletin 32 (November), Bank for International Settlements, Basel, Switzerland. Aizenman, Joshua, Yothin Jinjarak, Hien Nguyen, and Ilan Noy. 2021. “The Political Economy of the COVID-19 Fiscal Stimulus Packages of 2020.” NBER Working Paper 29360, National Bureau of Economic Research, Cambridge, MA. Alfaro, Laura, Gonzalo Asis, Anusha Chari, and Ugo Panizza. 2019. “Corporate Debt, Firm Size, and Financial Fragility in Emerging Markets.” Journal of International Economics 118 (May): 1–19. Altig, et al. 2020. “Economic Uncertainty before and during the COVID-19 Pandemic.” Journal of Public Economics 191 (November). https://www.sciencedirect.com /science/article/pii/S0047272720301389. Anginer, Deniz, Ata Can Bertay, Robert Cull, Asli DemirgüçKunt, and Davide S. Mare. 2021. “Bank Capital Regulation and Risk after the Global Financial Crisis.” Journal of Financial Stability. Published ahead of print, May 17, 2021. https://doi.org/10.1016/j.jfs.2021.100891. Apedo-Amah, Marie Christine, Besart Avdiu, Xavier Cirera, Marcio Cruz, Elwyn Davies, Arti Grover, Leonardo Iacovone, et al. 2020. “Unmasking the Impact of COVID-19 on Businesses: Firm Level Evidence from across the World.” Policy Research Working Paper 9434, World Bank, Washington, DC. Arslan, Yavuz, Mathias Drehmann, and Boris Hofmann. 2020. “Central Bank Bond Purchases in Emerging

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Market Economies.” BIS Bulletin 20 (June 2). https://www .bis.org/publ/bisbull20.htm. Arthi, Vellore, and John Parman. 2021. “Disease, Downturns, and Wellbeing: Economic History and the LongRun Impacts of COVID-19.” Explorations in Economic History 79 (January): 101381. Azevedo, João Pedro, Amer Hasan, Diana Goldemberg, Syedah Aroob Iqbal, and Koen Geven. 2020. “Simulating the Potential Impacts of COVID-19 School Closures on Schooling and Learning Outcomes: A Set of Global Estimates.” Policy Research Working Paper 9284, World Bank, Washington, DC. Badarinza, Cristian, Vimal Balasubramaniam, Louiza Bartzoka, and Tarun Ramadorai. 2021. “How Has the Pandemic Affected Household Finances in Developing Eco­nomies?” Economics Observatory: Families and Households (blog), June 29, 2021. https://www.econom icsobservatory.com/how-has-the-pandemic-affected -household-finances-in-developing-economies. Badarinza, Cristian, Vimal Balasubramaniam, and Tarun Ramadorai. 2019. “The Household Finance Landscape in Emerging Economies.” Annual Review of Financial Economics 11 (December): 109–29. Baker, Scott R., Nicholas Bloom, Steven J. Davis, and Stephen J. Terry. 2020. "COVID-Induced Economic Uncertainty." NBER Working Paper 26983, National Bureau of Economic Research, Cambridge, MA. https:// www.nber.org/papers/w26983. Baldwin, Richard, and Beatrice Weder di Mauro, eds. 2020. Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes. London: CEPR Press. Bordo, Michael D., and Christopher M. Meissner. 2016. “Fiscal and Financial Crises.” NBER Working Paper 22059, National Bureau of Economic Research, Cambridge, MA. Bottelier, Pieter. 2010. “Beijing’s New Challenge: China’s Post-Crisis Housing Bubble.” Policy Outlook, July 1, Carnegie Endowment for International Peace, Washington, DC. Bruno, Valentina, and Hyun Song Shin. 2017. “Global Dollar Credit and Carry Trades: A Firm-Level Analysis.” Review of Financial Studies 30 (3): 703–49. Bundervoet, Tom, María Eugenia Dávalos, and Natalia Garcia. 2021. “The Short-Term Impacts of COVID-19 on Households in Developing Countries: An Overview Based on a Harmonized Data Set of High-Frequency Surveys.” Policy Research Working Paper 9582, World Bank, Washington, DC.


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References

1min
pages 279-281

Managing interrelated risks across the global economy

3min
page 277

Managing domestic risks to the recovery

5min
pages 275-276

Tackling the most urgent sources of risk

2min
page 274

Introduction

6min
pages 272-273

Spotlight 5.1: Greening capital markets: Sovereign sustainable bonds

22min
pages 263-271

References

13min
pages 259-262

Notes

7min
pages 257-258

Looking ahead: Reforms to mobilize revenue, improve transparency, and facilitate debt negotiations

18min
pages 249-255

Spotlight 4.1: Public credit guarantee schemes

9min
pages 221-225

Conclusion

3min
page 256

References

23min
pages 213-220

Managing sovereign debt and resolving sovereign debt distress

35min
pages 236-248

The human costs of debt crises

9min
pages 229-232

Notes

3min
page 212

Improving risk mitigation

58min
pages 183-205

Conclusion

2min
page 211

Policies to enable access to credit and address risks

14min
pages 206-210

Solving the COVID-19 risk puzzle: Risk visibility and recourse

12min
pages 179-182

Spotlight 3.1: Supporting microfinance to sustain small businesses

15min
pages 171-177

Introduction

3min
page 178

References

13min
pages 167-170

Notes

6min
pages 165-166

Conclusion

3min
page 164

Promoting debt forgiveness and discharge of natural person debtors

2min
page 163

Facilitating alternative dispute resolution systems such as conciliation and mediation

4min
pages 156-157

Strengthening formal insolvency mechanisms

19min
pages 149-155

References

16min
pages 135-139

Notes

16min
pages 131-134

Conclusion

2min
page 130

Spotlight 2.1: Strengthening the regulation and supervision of microfinance institutions

10min
pages 140-145

Dealing with problem banks

23min
pages 122-129

Building capacity to manage rising volumes of bad debts

16min
pages 115-121

Identifying NPLs: Asset quality, bank capital, and effective supervision

27min
pages 105-114

Spotlight 1.1: Financial inclusion and financial resilience

12min
pages 96-101

Conclusion

2min
page 93

Why do NPLs matter?

3min
page 104

References

10min
pages 68-71

Interconnected financial risks across the economy

8min
pages 73-75

Introduction

5min
pages 102-103

Notes

7min
pages 66-67

Resolving financial risks: A prerequisite for an equitable recovery

29min
pages 30-41

Conclusion

3min
page 42

The economic impacts of the pandemic

7min
pages 25-27

References

9min
pages 44-47

Impacts on the financial sector

2min
page 60

The economic policy response to the pandemic: Swift but with large variation across countries

5min
pages 28-29

Introduction

4min
pages 23-24

Notes

3min
page 43
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