 Parallels Between Financial Regulation Prior to the Global Financial Crisis and Lack of Public Health Preparation Prior to Covid-19David Longworth and Frank Milne No 1455, Working Paper from Economics Department, Queen's University Abstract: In this paper, we discuss 10 parallels between the lack of preparation of financial system regulators prior to the GFC and the lack of preparation by public health authorities and governments prior to Covid-19. These parallels relate to: required stocks (of capital or equipment), data collection and sharing, lending facilities, stress testing and war games, early warning indicators and systems, contagion from abroad, operational risks, a system-wide approach (including effects on the real economy), models incorporating the heterogeneity of individuals, and effects on less-regulated parts of the system. We then go on to consider the steps that were taken to deal with each of the deficiencies in financial system regulation following the Global Financial Crisis as well as the parallel steps that now need to be taken to deal with the deficiencies in pandemic planning. Keywords: Covid-19; economic policy; medical policy; pandemic models; financial regulation (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:1455 Access Statistics for this paper More papers in Working Paper from Economics Department, Queen's University Contact information at EDIRC. |
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