External authors

Alessandro Rebucci

Associate Professor of Finance, Johns Hopkins Carey Business School, CEPR and NBER

Alessandro Rebucci is an Associate Professor of Finance at the Johns Hopkins Carey Business School, holding a joint appointment with the Economics Department of the Johns Hopkins Krieger School of Art and Science. Prof. Rebucci is a CEPR Research Fellow (IMF Programme) and a NBER Faculty Research Fellow (IFM Program). Prof. Rebucci is also Associate Editor of the Journal of International Money and Finance and Economia (the journal of the Latin American Economic Association). Previously he held research and policy positions at the Inter-American Development Bank (2008-2013) and the International Monetary Fund (1998-2008).

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Opinion

Credible emerging market central banks could embrace quantitative easing to fight COVID-19

Emerging economies are fighting COVID-19 and the economic sudden stop imposed by the containment and lockdown policies, in the same way as advanced economies. However, emerging markets also face large and rapid capital outflows as a result of the pandemic. This column argues that credible emerging market central banks could rely on purchases of local currency government bonds to support the needed health and welfare expenditures and fiscal stimulus. In countries with flexible exchange rate regimes and well-anchored inflation expectations, such quantitative easing would help ease financial conditions, while minimising the risks of large depreciations and spiralling inflation.

By: Gianluca Benigno, Jon Hartley, Alicia García-Herrero, Alessandro Rebucci and Elina Ribakova Topic: Global Economics & Governance Date: July 6, 2020