IDEAS home Printed from https://ideas.repec.org/a/blg/journl/v18y2023i2p257-269.html
   My bibliography  Save this article

The Response Of International Financial Institutions To The Covid-19 Crisis

Author

Listed:
  • ROUKANAS A. Spyros

    (University of Piraeus, Greece)

  • VITZILEOS Vaggelis

    (University of Piraeus, Greece)

Abstract

The COVID-19 pandemic could be characterised as one of the most impactful crises so far in the 21st century, because of its multiple and multidimensional ramifications. The sudden shutdown of the global economy created the conditions for a new global crisis, just a few years after the global financial crisis. Furthermore, it overlapped with the ongoing challenges of dealing with the consequences of climate change and the digitisation of economies, as well as the existing geopolitical rivalries and geoeconomic inequalities. In this context, the International Financial Institutions (IFIs) were called on to play a dual key role: to act both as stabilisers of the global economic system and as promoters of international cooperation. The aim of this paper is to capture the IFIs’ response to the responsibility of managing and dealing with the economic effects of the pandemic crisis. ΙFIs, such as the International Monetary Fund and the World Bank, demonstrated flexibility and adaptability in providing financial support to address the crisis, showing that the international community was not inactive at this critical juncture. In addition, this study examines whether the responses of the IFIs opened a window of opportunity to re-strengthen the model of multilateralism at the international level.

Suggested Citation

  • ROUKANAS A. Spyros & VITZILEOS Vaggelis, 2023. "The Response Of International Financial Institutions To The Covid-19 Crisis," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 18(2), pages 257-269, August.
  • Handle: RePEc:blg:journl:v:18:y:2023:i:2:p:257-269
    as

    Download full text from publisher

    File URL: http://magazines.ulbsibiu.ro/eccsf/RePEc/blg/journl/18216roukanas.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. M. Ayhan Kose & Peter Nagle & Franziska Ohnsorge & Naotaka Sugawara, 2021. "What has been the impact of COVID-19 on debt? Turning a wave into a tsunami," CAMA Working Papers 2021-99, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    2. Claudio Borio, 2020. "The Covid-19 economic crisis: dangerously unique," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(4), pages 181-190, October.
    3. Christopher Kilby & Carolyn McWhirter, 2022. "The World Bank COVID-19 response: Politics as usual?," The Review of International Organizations, Springer, vol. 17(3), pages 627-656, July.
    4. Maria Josepha Debre & Hylke Dijkstra, 2021. "COVID‐19 and Policy Responses by International Organizations: Crisis of Liberal International Order or Window of Opportunity?," Global Policy, London School of Economics and Political Science, vol. 12(4), pages 443-454, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Phurichai Rungcharoenkitkul, 2021. "Macroeconomic effects of COVID‐19: A mid‐term review," Pacific Economic Review, Wiley Blackwell, vol. 26(4), pages 439-458, October.
    2. Athira, A. & Ramesh, Vishnu K., 2023. "COVID-19 and corporate tax avoidance: International evidence," International Business Review, Elsevier, vol. 32(4).
    3. Cronin, David & McGowan, Kieran, 2023. "Government debt forecast errors and the net expenditure rule in EU countries," Papers WP756, Economic and Social Research Institute (ESRI).
    4. Akfırat, Serap & Bayrak, Fatih & Üzümçeker, Emir & Ergiyen, Tolga & Yurtbakan, Taylan & Uysal, Mete Sefa, 2023. "The roles of social norms and leadership in health communication in the context of COVID-19," Social Science & Medicine, Elsevier, vol. 323(C).
    5. Patricia C. Mosser, 2020. "Central bank responses to COVID-19," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(4), pages 191-201, October.
    6. Duncan, Elizabeth & Horvath, Akos & Iercosan, Diana & Loudis, Bert & Maddrey, Alice & Martinez, Francis & Mooney, Timothy & Ranish, Ben & Wang, Ke & Warusawitharana, Missaka & Wix, Carlo, 2022. "COVID-19 as a stress test: Assessing the bank regulatory framework," Journal of Financial Stability, Elsevier, vol. 61(C).
    7. Andrea Delle Foglie & Gianni Pola, 2021. "Make the Best from Comparing Conventional and Islamic Asset Classes: A Design of an All-Seasons Combined Portfolio," JRFM, MDPI, vol. 14(10), pages 1-17, October.
    8. Alfano, Vincenzo & Ercolano, Salvatore & Pinto, Mauro, 2022. "Carrot and stick: Economic support and stringency policies in response to COVID-19," Evaluation and Program Planning, Elsevier, vol. 94(C).
    9. James, Steffan & Liu, Zheng & Stephens, Victoria & White, Gareth R.T., 2022. "Innovation in crisis: The role of ‘exaptive relations’ for medical device development in response to COVID-19," Technological Forecasting and Social Change, Elsevier, vol. 182(C).
    10. Adrián Zancajo & Antoni Verger & Pedro Bolea, 2022. "Digitalization and beyond: the effects of Covid-19 on post-pandemic educational policy and delivery in Europe [How did the early stages of the COVID-19 pandemic affect teacher wellbeing?]," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 41(1), pages 111-128.
    11. Jongrim Ha & M. Ayhan Kose & Franziska Ohnsorge, 2022. "Global Stagflation," Koç University-TUSIAD Economic Research Forum Working Papers 2204, Koc University-TUSIAD Economic Research Forum.
    12. Gardner, Ben & Scotti, Chiara & Vega, Clara, 2022. "Words speak as loudly as actions: Central bank communication and the response of equity prices to macroeconomic announcements," Journal of Econometrics, Elsevier, vol. 231(2), pages 387-409.
    13. Suyu Liu, 2022. "International Organizations' Policy Response to COVID‐19 in Longer Terms," Global Policy, London School of Economics and Political Science, vol. 13(4), pages 617-621, September.
    14. Kose, M. Ayhan & Kurlat, Sergio & Ohnsorge, Franziska & Sugawara, Naotaka, 2022. "A cross-country database of fiscal space," Journal of International Money and Finance, Elsevier, vol. 128(C).
    15. Erik Hofmann & Juuso Töyli & Tomi Solakivi, 2022. "Working Capital Behavior of Firms during an Economic Downturn: An Analysis of the Financial Crisis Era," IJFS, MDPI, vol. 10(3), pages 1-20, July.
    16. Cristina Demma & Giovanni Ferri & Andrea Orame & Valerio Pesic & Valerio Vacca, 2024. "Banks' operational resilience during pandemics," Questioni di Economia e Finanza (Occasional Papers) 833, Bank of Italy, Economic Research and International Relations Area.
    17. Valencia, Oscar & Gamboa-Arbeláez, Juliana & Sánchez, Gustavo, 2023. "Debt Erosion: Asymmetric Response to Demand and Supply Shocks," IDB Publications (Working Papers) 12978, Inter-American Development Bank.
    18. Jin, Xuejun & Chen, Cheng & Yang, Xiaolan, 2024. "The effect of international media news on the global stock market," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 50-69.
    19. Iasmina Petrovici & Mihaela Ionica & Octavian C. Neagoe, 2021. "Economic Crisis: A Factor for the Delayed Diagnosis of Breast Cancer," IJERPH, MDPI, vol. 18(8), pages 1-10, April.
    20. Cronin, David & McQuinn, Kieran, 2023. "Government debt forecast errors and the net expenditure rule in EU countries: Undue optimism at a cost," Journal of Policy Modeling, Elsevier, vol. 45(6), pages 1113-1131.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:blg:journl:v:18:y:2023:i:2:p:257-269. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mihaela Herciu (email available below). General contact details of provider: https://edirc.repec.org/data/feulbro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.