Central banks’ pandemic interventions averaged 6% of GDP

IMF paper finds relief measures were three times bigger than in global financial crisis

Photo: Henrik Gschwindt de Gyor/IMF

New International Monetary Fund research published on June 2 details the scope and management of central bank interventions in the pandemic. The work finds central bank balance sheets grew far more during 2020–21 than during the global financial crisis.

The paper – Quasi-Fiscal Implications of Central Bank Crisis Interventions – examined a sample of 67 central banks. The authors found “the median balance sheet increased by around 6% of GDP during 2020–21”. During the global financial crisis

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