Special Drawing Rights (SDRs) and the COVID-19 crisis

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cepal.bibLevelDocumento Completo
cepal.callNumberS2200199_en
cepal.docTypeCoediciones
cepal.jobNumberS2200199_en
cepal.regionalOfficeSantiago
cepal.sdg17
cepal.topicEngCOVID-19
cepal.topicEngFINANCING FOR DEVELOPMENT
cepal.topicEngFISCAL AFFAIRS
cepal.topicEngMACROECONOMICS
cepal.topicSpaASUNTOS FISCALES
cepal.topicSpaCOVID-19
cepal.topicSpaFINANCIAMIENTO PARA EL DESARROLLO
cepal.topicSpaMACROECONOMÍA
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.entityNU. CEPAL
dc.contributor.entityNU. ECA
dc.coverage.spatialEngLATIN AMERICA AND THE CARIBBEAN
dc.coverage.spatialSpaAMERICA LATINA Y EL CARIBE
dc.date.accessioned2022-04-25T12:57:12Z
dc.date.available2022-04-25T12:57:12Z
dc.date.issued2022-04-25
dc.description.abstractThe coronavirus disease (COVID-19) pandemic is the worst global crisis since the Second World War, with developing countries suffering more devastating economic and social effects than developed countries. Governments’ increased pandemic-related expenditure combined with the drastic fall in tax revenues have increased their fiscal deficits and heightened their debt vulnerabilities. The generalized increase in fiscal imbalances and indebtedness has given rise to greater liquidity needs across developing countries, despite considerable heterogeneity in their fiscal positions and debt profiles. Easing liquidity constraints and expanding fiscal space for all developing countries requires alternative mechanisms in addition to existing credit facilities. The new general allocation of US$ 650 billion in Special Drawing Rights (SDRs) implemented on 23 August 2021 provided the most expedient mechanism to provide concessional liquidity at scale to all countries regardless of their level of income. Aside from its agility and financial effects, SDRs are the only democratic device to enhance policy space in developing economies, as it comes with no conditionalities. „ SDRs have several advantages over other IMF credit facilities and financing lines, including the fact that they do not generate debt, have a very low cost of use, and can reduce the risk premium for highly indebted countries. The new issuance of SDRs can help boost the level of international reserves of developing economies, strengthen their external positions, reduce their liquidity and default risk, and free up resources to meet the Sustainable Development Goals (SDGs).
dc.description.tableOfContentsKey messages .-- A. The pandemic and developing countries’ financing needs .-- B. SDRs and their advantages .-- C. Recipient countries of the SDR allocation .-- D. Determining the value of SDRs to be reallocated from developed to developing countries (low-and middle-income countries) .-- E. Proposed means of reallocating SDRs .-- F. Conclusion.
dc.formatTexto
dc.format.extent25 páginas.
dc.format.mimetypeapplication/pdf
dc.identifier.urihttps://hdl.handle.net/11362/47856
dc.language.isoeng
dc.physicalDescription25 p.
dc.publisherECLAC
dc.publisher.placeSantiago
dc.rights.coarDisponible
dc.subject.unbisEngFOREIGN EXCHANGE
dc.subject.unbisEngMONETARY RESERVES
dc.subject.unbisEngCAPITAL MARKETS
dc.subject.unbisEngDEVELOPED COUNTRIES
dc.subject.unbisEngDEVELOPING COUNTRIES
dc.subject.unbisEngDEVELOPMENT FINANCE
dc.subject.unbisEngCOVID-19
dc.subject.unbisEngVIRUSES
dc.subject.unbisEngECONOMIC ASPECTS
dc.subject.unbisEngFISCAL POLICY
dc.subject.unbisEngMACROECONOMICS
dc.subject.unbisEngPANDEMICS
dc.subject.unbisSpaDIVISAS
dc.subject.unbisSpaRESERVAS MONETARIAS
dc.subject.unbisSpaMERCADOS DE CAPITAL
dc.subject.unbisSpaPAISES DESARROLLADOS
dc.subject.unbisSpaPAISES EN DESARROLLO
dc.subject.unbisSpaFINANCIACION DEL DESARROLLO
dc.subject.unbisSpaCOVID-19
dc.subject.unbisSpaVIRUS
dc.subject.unbisSpaPANDEMIAS
dc.subject.unbisSpaASPECTOS ECONOMICOS
dc.subject.unbisSpaPOLITICA FISCAL
dc.subject.unbisSpaMACROECONOMIA
dc.titleSpecial Drawing Rights (SDRs) and the COVID-19 crisis
dc.type.coarlibro
dc.usergrouppubweb
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