COVID-19 and the financial system: a tale of two crises

Julia Giese and Andrew Haldane

Oxford Review of Economic Policy, 2020, vol. 36, issue Supplement_1, S200-S214

Abstract: This paper compares and contrasts the resilience of the financial system, in particular banks, during the Global Financial Crisis and COVID-19. We show that banks are now part of the solution, rather than part of the problem, thanks to regulatory and institutional reforms over the past decade. Heeding the lessons from the Global Financial Crisis has paid dividends. We outline some early lessons from the COVID-19 crisis for the financial system going forward.

Keywords: financial stability; macroprudential policy; Basel III; capital requirements; liquidity requirements; Covid-19; CCyB (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (22)

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