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Credible emerging market central banks could embrace quantitative easing to fight COVID-19

Posted On: Jul 6, 2020   |   Posted By: Bruegel

Credible emerging market central banks could embrace quantitative easing to fight COVID-19

This piece was originally published in Vox .
COVID-19 has now spread worldwide, and emerging economies have been fighting it with lockdowns and social distancing, in the same way as advanced economies. Brazil, India, and Russia have the highest numbers of confirmed cases after the US, according to the Johns Hopkins University Coronavirus Resource Center. COVID-19 is having even more profound disruptions in these countries due to both the tighter financial conditions and the lower tele-workability of jobs .
Emerging economies have responded by allowing their currencies to depreciate and easing monetary policy, as they did during the global crisis. Several central banks have gone further and, for the first time, even before reaching the zero lower bound on policy rates, have started to engage in long-term government asset purchases, commonly referred to as quantitative easing - one of the ‘unconventional' monetary policy tools employed by advanced economy central banks since the...

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