Central banks‘ responses to support economic recovery during the COVID-19 pandemic and some related issues

Abstract

The emergence of the COVID-19 pandemic has not only had a severe impact on public health but also affected the global economy as a non-traditional shock. This makes the years 2020-2021 record years of governments‘ responses in an effort to rescue the economy. Solutions and tools for implementing policies of different countries may vary, but in general, they are implemented through monetary, credit, and fiscal policies. This study will focus on analyzing international experiences of central banks around the world‘s responses to support the economy during the COVID-19 pandemic. On that basis, the study also points out a number of issues in controlling inflation, interest rates, managing balance sheets of central banks, and implementing management regulations from the application of these policies.