Abstract

This paper analyzes the packages implemented by the 68 members of the Asian Development Bank (ADB), plus the European Central Bank and the European Union, to combat the coronavirus disease (COVID-19) pandemic. Using the ADB COVID-19 Policy Database, the paper (i) provides a detailed account of the measures taken and the amounts announced between 20 April and 15 June; (ii) discusses the specifics of five Asian economies by comparing their financial packages qualitatively and quantitatively; and (iii) includes a statistical analysis to understand what determines the size of a package, which allows comparison between actual and estimated packages, given the correlates.

Highlights

  • The coronavirus disease (COVID-19) pandemic that shocked the world economy in 2020 has already infected over 18 million people worldwide, caused over 700 thousand deaths, and affected the lives of countless others.This paper uses the COVID-19 Policy Database of the Asian Development Bank (ADB) to study the measures that its 68 members, as well as the European Central Bank (ECB), and the European Union (EU), have implemented to combat the effects of the COVID-19 pandemic

  • The specific objectives of this paper are to: (i) take stock of how packages have changed since April 2020; (ii) understand the measures that ADB members have implemented; (iii) analyze whether the measures were adequate to deal with the shock phase; and (iv) understand differences in the size of the packages, when measured in per capita terms or as percentage of gross domestic product (GDP)

  • The database reports loan guarantees within the collection of actions in the entry for Measure 10. This does not increase the size of the Republic of Korea (ROK)’s total package, and the loan guarantees inside part of Measure 05 mean the ROK is devoting even less to direct income support than the already small amount shown in the cell (2.1% of GDP)

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Summary

INTRODUCTION

The coronavirus disease (COVID-19) pandemic that shocked the world economy in 2020 has already infected over 18 million people worldwide, caused over 700 thousand deaths (as of mid-August 2020), and affected the lives of countless others. This paper uses the COVID-19 Policy Database of the Asian Development Bank (ADB) to study the measures that its 68 members, as well as the European Central Bank (ECB), and the European Union (EU), have implemented to combat the effects of the COVID-19 pandemic. The specific objectives of this paper are to: (i) take stock of how packages have changed since April 2020; (ii) understand the measures that ADB members have implemented; (iii) analyze whether the measures were adequate to deal with the shock phase; and (iv) understand differences in the size of the packages, when measured in per capita terms or as percentage of gross domestic product (GDP).

THE ADB COVID-19 POLICY DATABASE
Other economies included are
SIZE AND COMPOSITION OF THE PACKAGES
How Large Are the Country Packages?
What Measures Have Economies Implemented?
How Are the Measures Being Funded?
COMPARING COUNTRIES—A SHORT CASE STUDY OF PACKAGES AND WHAT IS OR IS NOT REPORTED
WHAT DETERMINES THE SIZE OF A PACKAGE? IS A PACKAGE “ADEQUATE”?
16 ADB Economics Working Paper Series No 626 Figure 3
21 NA 222 NA
CONCLUSIONS
Findings
28 Appendixes

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