Special Drawing Rights: International Monetary Support for Developing Countries in Times of the COVID-19 Crisis

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Main author: Gallagher, Kevin P.
Other authors: Ocampo, José Antonio
Volz, Ulrich
Format: Journal Article           
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id eprints-33509
recordtype eprints
institution SOAS, University of London
collection SOAS Research Online
language English
language_search English
description The COVID-19 pandemic is having dramatic effects on the global economy. It has led to a shut-down of borders, a collapse of tourism and international passenger travel, a disruption of global trade and investment, and a sharp contraction of economic activity all over the world. Developing and emerging economies have also been hit by the largest-ever outflow of portfolio capital, crumbling commodity prices, a contraction of remittances, and depreciation of their currencies. As of 20 April, 103 developing countries have approached the International Monetary Fund (IMF) for emergency financing. IMF Managing Director Kristalina Georgieva has referred to the effects of COVID-19 as “the worst economic fallout since the Great Depression”. Both the IMF and UNCTAD reckon that emerging market and developing countries have an immediate need of $2.5 trillion.
format Journal Article
author Gallagher, Kevin P.
author_facet Gallagher, Kevin P.
Ocampo, José Antonio
Volz, Ulrich
authorStr Gallagher, Kevin P.
author_letter Gallagher, Kevin P.
author2 Ocampo, José Antonio
Volz, Ulrich
author2Str Ocampo, José Antonio
Volz, Ulrich
title Special Drawing Rights: International Monetary Support for Developing Countries in Times of the COVID-19 Crisis
publisher De Gruyter
publishDate 2020
url https://eprints.soas.ac.uk/33509/

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