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COVID-19’s reality shock for external-funding dependent emerging economies

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  • Alicia García-Herrero
  • Elina Ribakova

Abstract

COVID-19 has brought to light a reality that had been mostly forgotten in an era of ample dollar liquidity- the excessive dependence of emerging economies on external financing. The sudden increase in global risk aversion arising from COVID-19 has caused investors to rush to safe assets and to the dollar, away from no-reserve currencies. The COVID-19 shock has also sharply reduced emerging markets’ access to dollars, exports, tourism receipts and...

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  • Alicia García-Herrero & Elina Ribakova, 2020. "COVID-19’s reality shock for external-funding dependent emerging economies," Policy Contributions 36864, Bruegel.
    • Handle: RePEc:bre:polcon:36864
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    Cited by:

    1. Eric Alexander Sugandi, 2022. "Indonesia’s Financial Markets and Monetary Policy Dynamics Amid the COVID-19 Pandemic," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(3), pages 411-447, September.
    2. Gianluca Benigno & Jon Hartley & Alicia García-Herrero & Alessandro Rebucci & Elina Ribakova, 2020. "Credible Emerging Market Central Banks could embrace Quantitative Easing to fight COVID-19," HKUST IEMS Working Paper Series 2020-75, HKUST Institute for Emerging Market Studies, revised Jun 2020.

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