Banking Research in the Time of COVID-19

Banking Research in the Time of COVID-19

Despite the devastating worldwide human and economic tolls of the COVID-19 crisis, it has created some positive economic and financial surprises and opportunities for research. This paper highlights two such favorable surprises —the shortest U.S. r...

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Main Authors: Berger, Allen N., Demirguc-Kunt, Asli
Format: Working Paper
Language:English
Published: World Bank, Washington, DC 2021
Subjects:
BANKING SECTOR
FINANCIAL CRISES
BAILOUTS
GLOBAL FINANCIAL CRISIS
TARP
CORONAVIRUS
COVID-19
Online Access:http://documents.worldbank.org/curated/undefined/183741632425100764/Banking-Research-in-the-Time-of-COVID-19
http://hdl.handle.net/10986/36309
id okr-10986-36309
recordtype oai_dc
spelling okr-10986-363092021-09-28T05:10:41Z Banking Research in the Time of COVID-19 Berger, Allen N. Demirguc-Kunt, Asli BANKING SECTOR FINANCIAL CRISES BAILOUTS GLOBAL FINANCIAL CRISIS TARP CORONAVIRUS COVID-19 Despite the devastating worldwide human and economic tolls of the COVID-19 crisis, it has created some positive economic and financial surprises and opportunities for research. This paper highlights two such favorable surprises —the shortest U.S. recession on record and the avoidance of any banking crisis—and a number of research opportunities. The paper ties the “economic surprise” of the short recession to the speed and size of U.S. stimulus programs during COVID-19—faster and larger than for the Global Financial Crisis (GFC). It connects the “financial surprise” of the resilient banking sector to prudential policies put in place during and after the GFC that fortified U.S. banks prior to COVID-19. These twin “surprises” are also mutually reinforcing—if either the economy or banking system had failed, so would the other. The paper also reviews extant COVID-19 banking research and suggests paths for future research. It recommends that particular attention be paid to research outside of the U.S.—where fewer favorable “surprises” may be present—as the best way to advance knowledge in this area. 2021-09-27T21:35:43Z 2021-09-27T21:35:43Z 2021-09 Working Paper http://documents.worldbank.org/curated/undefined/183741632425100764/Banking-Research-in-the-Time-of-COVID-19 http://hdl.handle.net/10986/36309 English Policy Research Working Paper;No. 9782 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper United States
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic BANKING SECTOR
FINANCIAL CRISES
BAILOUTS
GLOBAL FINANCIAL CRISIS
TARP
CORONAVIRUS
COVID-19
spellingShingle BANKING SECTOR
FINANCIAL CRISES
BAILOUTS
GLOBAL FINANCIAL CRISIS
TARP
CORONAVIRUS
COVID-19
Berger, Allen N.
Demirguc-Kunt, Asli
Banking Research in the Time of COVID-19
geographic_facet United States
relation Policy Research Working Paper;No. 9782
description Despite the devastating worldwide human and economic tolls of the COVID-19 crisis, it has created some positive economic and financial surprises and opportunities for research. This paper highlights two such favorable surprises —the shortest U.S. recession on record and the avoidance of any banking crisis—and a number of research opportunities. The paper ties the “economic surprise” of the short recession to the speed and size of U.S. stimulus programs during COVID-19—faster and larger than for the Global Financial Crisis (GFC). It connects the “financial surprise” of the resilient banking sector to prudential policies put in place during and after the GFC that fortified U.S. banks prior to COVID-19. These twin “surprises” are also mutually reinforcing—if either the economy or banking system had failed, so would the other. The paper also reviews extant COVID-19 banking research and suggests paths for future research. It recommends that particular attention be paid to research outside of the U.S.—where fewer favorable “surprises” may be present—as the best way to advance knowledge in this area.
format Working Paper
author Berger, Allen N.
Demirguc-Kunt, Asli
author_facet Berger, Allen N.
Demirguc-Kunt, Asli
author_sort Berger, Allen N.
title Banking Research in the Time of COVID-19
title_short Banking Research in the Time of COVID-19
title_full Banking Research in the Time of COVID-19
title_fullStr Banking Research in the Time of COVID-19
title_full_unstemmed Banking Research in the Time of COVID-19
title_sort banking research in the time of covid-19
publisher World Bank, Washington, DC
publishDate 2021
url http://documents.worldbank.org/curated/undefined/183741632425100764/Banking-Research-in-the-Time-of-COVID-19
http://hdl.handle.net/10986/36309
_version_ 1764484980438728704

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