ADB COVID-19 Policy Database: A Guide - 麻省理工学院人工智能研究专业

ADB COVID-19 Policy Database: A Guide
Jesus Felipe and Scott Fullwiler∗

The ADB COVID-19 Policy Database displays the measures taken and
monetary amounts announced or estimated by the 68 members of the Asian
Development Bank, two institutions, and nine other economies (IE。, a total
的 79 entries) until May 2020, to ﬁght the coronavirus disease (COVID-19)
pandemic. Measures are classiﬁed according to (我) the path a given measure
takes to affect the ﬁnancial system, spending, 生产, 等等, IE。,
provide liquidity, encourage credit creation by the ﬁnancial sector, or directly
fund households; 和 (二) the effects on the ﬁnancial statements of households,
企业, 政府, IE。, whether the measures create more debt or more
收入. This gives a total of nine categories. When the information is available,
we report the amounts that governments have announced (意图) they will
allocate to each measure (在很多情况下, no amount is provided because the
measure does not entail spending, 例如, interest rate reductions). These are a
mix of actual amounts and estimates, today and in the future (without specifying
什么时候). The database will be updated, 修改, and expanded as information is
released. It is available at https://covid19policy.adb.org/.

关键词: Asian Development Bank, COVID-19, 数据库
JEL codes: A10, C82

我. Introduction1

This paper explains the key concepts that underlie the taxonomy used to
construct the Asian Development Bank’s (ADB) ADB COVID-19 Policy Database
(1 六月 2020 version). The database is available at https://covid19policy.adb.org/.
It was built to keep track of the measures that the 68 members of ADB have
implemented to ﬁght the coronavirus disease (COVID-19) pandemic that has

∗Jesus Felipe (corresponding author): Asian Development Bank (ADB). 电子邮件: jfelipe@adb.org; Scott Fullwiler:
University of Missouri–Kansas City. 电子邮件: scottf@umkc.edu. This is a project of the Economic Research and
Regional Cooperation Department (ERCD) of ADB. We are deeply grateful to Gemma Estrada (ADB); Maria Susan
Torres (ADB); Mary Ann Magadia (ADB); and Donna Faye Bajaro (ADB) for their outstanding research assistance
for countless hours and dedication. Other members of the team that contributed to the database are Maria Hanna Jaber
(ADB); Remrick Patagan (ADB); Al-Habbyel Yusoph (University of the Philippines); Simon Alec Askin (大学
of the Philippines); and Martin Alexander Cruz (University of the Philippines).

1This policy database provides information on the key economic measures that governments are taking to
combat the COVID-19 pandemic. The policy database might not fully reﬂect all the measures implemented by the
economies considered. Errors and omissions will be corrected in successive versions. The policy database includes
publicly available information and its intent is solely to inform the public, and it does not make any judgment. Please
send questions about the database to covid19policy@adb.org. The usual ADB disclaimer applies.

Asian Development Review, 卷. 37, 不. 2, PP. 1–20
https://doi.org/10.1162/adev_a_00147

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2 Asian Development Review

affected the world since early 2020. 在本文中, we provide details of the
methodology we use to classify these measures. The version of the database this
paper refers to incorporates the available information until early May 2020. It covers
这 68 members of ADB plus the European Central Bank (ECB), the European
联盟 (欧洲联盟), 阿根廷, 巴西, 墨西哥, the Russian Federation, 南非,
尼日利亚, the Arab Republic of Egypt, Saudi Arabia, and the Islamic Republic of
伊朗, 那是, a total of 79 entries.

Apart from national sources, the main sources of information used are listed
in the references at the end of the paper. The rest of the document is organized as
如下. Section II provides the rationale behind the exercise and the framework
用过的. Section III discusses the categorization that we use to classify the economic
measures and to construct the database. Section IV shows the worksheet of each
economy and discusses the macroeconomic impact of the different measures.
Section V provides some ﬁnal notes and clariﬁcations on the liquidity measures
that economies are undertaking.

二. Rationale and Framework

Not all forms of macroeconomic stabilization or stimulus are created equal.
Economists have long recognized, 例如, that different types of government
spending or tax cuts will have different macroeconomic impacts (or multiplier
effects). Rarely, 然而, do they ground their analysis in operations and ﬁnancial
statement effects that are fundamental in every transaction. One regularly reads
in textbooks or the ﬁnancial press about central banks “pumping money into the
economy” through open market purchases or lending through standing facilities,
as if these were identical to a direct government transfer to households. 这些
交易, 然而, are entirely different in terms of operations and ﬁnancial
statement effects. An individual quite obviously is not indifferent to such choices
作为 (我) an end-of-year salary bonus, (二) an equal amount conversion of part of her
retirement portfolio from bonds to a money market fund, 或者 (三、) a line of credit
of equal value. By the same token, neither should the economy be indifferent
to macroeconomic policies that often have far greater variety in their operational
details and ﬁnancial statement effects.

For the purpose of understanding different policy actions in response to
COVID-19, the approach here is to categorize these actions according to their
differences in operational details and/or ﬁnancial statement effects. Operational
details in this context deﬁne the path a given measure takes to affect the ﬁnancial
系统, spending, 生产, 等等. For the COVID-19 policy responses,
these fall into the following categories:

• Provide liquidity to ﬁnancial and non-ﬁnancial businesses and/or state/local/

regional governments

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ADB COVID-19 Policy Database 3

• Encourage credit creation by the ﬁnancial sector

• Directly fund households, 企业, and/or state/local/regional governments

Financial statement effects of a given measure answer one of the following
问题:

• Who, if anyone, bears the ﬁnancial risk of the measure and what kind?

• Does the measure create more debt or more income (例如, net worth or equity,

other things being equal) for the recipients?

These ﬁnancial statement effects enable an expansion or elaboration of
the operational detail categories shown in Table 1. The left column repeats the
three bulleted categories for operational details. The respective potential ﬁnancial
statement outcomes of a given measure are to the right of the corresponding
operational detail categories. In order to provide liquidity, 例如, 政府
or central banks can (我) lend (expanding the borrowers’ liabilities in order to obtain
central bank liabilities) via existing or expanded standing facilities; (二) 购买
ﬁnancial assets (exchanging the sellers’ ﬁnancial assets for central bank liabilities);
或者 (三、) relax regulations (such as lowering required minimum liquidity ratios),
expand the range of acceptable collateral for secured loans from the central bank,
等等, which do not directly alter private sector ﬁnancial statements in the
sense that there are no accompanying transactions (though they may encourage
or enable ﬁnancial institutions’ subsequent actions and thereby lead to changes in
their ﬁnancial statements indirectly, 当然). The effects on the ﬁnancial positions
derived from credit creation and direct funding are likewise discussed in detail.

This taxonomy allows us to classify the measures taken by most economies,
often not presented using identical criteria. 还, it is wider and richer than a
classiﬁcation into ﬁscal and monetary policies. 最后, one would like to go as
deep as possible, but the information provided by many economies does not allow
它.

三、. A Categorization of COVID-19 Macroeconomic Measures

在这个部分, we elaborate on the measures that this database considers.
The framework in Table 1 shows ﬁve measures in the taxonomy of COVID-19
macroeconomic measures. We note that Measures 01–04 mostly correspond to
monetary policy, while Measure 05 corresponds to ﬁscal policy. Three additional
measures are effectively double counting from an accounting perspective but are
nonetheless important measures. We label them Measures 06–08. These three

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4 Asian Development Review

桌子 1. Categorization of Measures according to Operational Details and Financial
Position Effects

Operational Details

Provide liquidity

Encourage credit creation by

the ﬁnancial sector

Financial Positions

Measure 01
Loans from the central bank or government to the private sector and

state/regional/local sector

Government or central bank purchases of short-term assets from

私营部门

Regulatory or other changes that do not directly alter private sector

ﬁnancial statements

Measure 02
Increases in liabilities of the private sector and state/regional/local
sector to the government or central bank through loans to the
ﬁnancial sector (to enable further lending to the ﬁnancial and
non-ﬁnancial sectors) or secondary market purchases of
securities issued by the ﬁnancial sector, 企业, 或者
state/regional/local governments

Interest rate changes, loan guarantees, forbearances, and regulatory

changes that do not directly affect ﬁnancial positions to
encourage private credit creation

Directly fund

Measure 03

Increases in recipients’ liabilities through direct loans from the

government or central bank

Measure 04

Increases in ownership claims of the government or central bank
through equity investments in the business and/or ﬁnancial
部门

Measure 05

Increases in income or reductions in costs or obligations through
government transfer payments, loan cancellation, tax cuts,
forbearances, 等等

来源: Authors’ elaboration.

measures are sources or funds, while Measures 01–05 are uses of funds. Measure
09 is the mirror image of Measure 08 (see explanation below). We add Measure 010
to take into account those actions for which the current information is unclear about
the particular measure they should be added to.

下文中, we elaborate on the speciﬁc actions that each of the measures

refers to and provide examples:

Measure 01: Support the normal functioning of the money markets and
short-term ﬁnance

• 01A. Lending to the private sector or state/local/regional governments, 和

asset purchases to provide liquidity
• Additional standing facilities or increased provision for normal lending to

money markets

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ADB COVID-19 Policy Database 5

• Short-term loans to nonﬁnancial businesses to reﬁnance maturing obligations

or otherwise ﬁnance short-term operations

• Direct short-term loans (1 year or less to maturity) to state/local/regional
governments or purchases of their short-term securities (1 year or less to
maturity)

• Direct purchases of short-term ﬁnancial assets in secondary markets
• Repurchase agreements

• 01B. Non-lending actions and regulatory adjustments:

collateral
liquidity regulations, reserve

要求, payments system policies,
要求, ETC.

• 01C. Foreign exchange operations or domestic lending in foreign currency
• Loans in foreign currency or foreign exchange swaps from a central bank or
government to the domestic private sector or into domestic currency markets

Examples of Measure 01:
° People’s Republic of China: Expansion of re-lending and re-discounting
facilities by CNY1.8 trillion to support manufacturers of medical supplies
and daily necessities; micro-, small-, and medium-sized ﬁrms; 和
agriculture sector at low interest rates

° EU: The European Investment Bank (EIB) dedicated liquidity lines
to banks to ensure additional working capital support for small and
medium-sized enterprises (中小企业) and mid-caps of EUR10 billion.

° Denmark: The Danmarks Nationalbank announced the launch of an
“extraordinary lending facility” which will make full-allotment, 1-week,
collateralized loans available to banks at –0.5% interest rate.

Measure 02: Encourage private credit creation

• 02A. Secondary market purchases of securities (greater than 1 year to

maturity), and loans to ﬁnancial sector
• Purchases of mortgage-backed securities
• Purchases of corporate bonds, collateralized loan obligations (CLOs), or bond

exchange-traded funds (ETFs)

• Purchases of new ﬁnancial sector loans to the non-ﬁnancial sector in full or

less than full

• 02B. Interest rate reductions and other regulatory adjustments: 首都

要求, credit and lending standards, oversight, ETC.
• Interest rate reductions

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6 Asian Development Review

° Announced reductions in policy rates
° Attempts to indirectly reduce interest rates via purchases of securities (或者

bond/ﬁxed-income ETFs) in secondary markets

• Reduced capital requirements

° Temporary or permanent reductions in risk-weighted capital requirements,
supplementary leverage ratio requirements, countercyclical capital buffer
要求, ETC.

° Temporary or permanent omitting or reduced weighting of certain ﬁnancial

assets in calculating required capital

° Temporary or permanent sheltering of losses for lenders from equity

impairment

° Regulatory forbearance

• Oversight

° Reductions in macroprudential margins of safety (such as loan-to-value

比率, debt-service ratios, ETC。)

° Relaxations in microprudential oversight (such as bank examinations)

• 02C. Loan guarantees

Examples of Measure 02:
° Australia: The government has allocated up to AUD15 billion to invest in

residential mortgage-backed securities and asset-backed securities.

° Cambodia: The National Bank of Cambodia has delayed additional increases
in the capital conservation buffer, cut the interest rate in its Liquidity
Providing Collateralized Operations to decrease banks’ funding costs in
domestic currency, and lowered the interest rate on negotiable certiﬁcates of
deposit to encourage banks to disburse loans.

° Spain: EUR100 billion government loan guarantees for ﬁrms and self-

受雇的; EUR2 billion public guarantees for exporters

° Thailand: Soft

loans by the Bank of Thailand to ﬁnancial

机构
amounting to THB500 billion to be on-lent at 2% interest to SMEs with
outstanding loans.

Measure 03: Long-term direct lending to businesses, households, and state/
local/regional governments, and forbearance

• 03A. Long-term direct lending to businesses, households, and state/local/

regional governments
• Direct loans to the non-ﬁnancial sector (多于 1 年)
• Primary market purchases of private debt securities with maturities greater
比 1 年 (corporate bonds, mortgages or mortgage-backed securities,
bonds issued by state/local/regional governments, ETC。)

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ADB COVID-19 Policy Database 7

• 03B. Forbearance

Example of Measure 03:
° Malaysia: MYR1 billion fund allocated by Bank Negara Malaysia (central
bank) for SMEs involved in food production; limited to MYR5 million per
SME at 3.75% per annum, for a maximum tenure of 8 年

Measure 04: Equity claims on the private sector

• Purchases of equities and/or equity ETFs
• Direct investments in non-ﬁnancial corporations
• Direct investments in banks and other ﬁnancial institutions

Example of Measure 04:
° Germany: (我) EUR100 billion under the newly created economic stabilization
fund to directly acquire equity of larger affected companies and strengthen
their capital position; (二) EUR2 billion to expand venture capital ﬁnancing
to start-ups, new technology companies, and small businesses during the
coronavirus crisis; 和 (三、) EUR10 billion fund by the state of Bavaria to
buy stakes in struggling companies

Measure 05: Government support to income/revenue

• 05A. 健康

• Healthcare-related

additions

到

non-national

政府

收入

(households, 企业, state/local/regional government)

• 05B. Non-health

• Non-healthcare-related additions

to non-national government

收入

(households, 企业, state/local/regional government)

• General examples:

° Direct purchases (基础设施, 商品, 服务, ETC。)
° Direct ﬁnancial assistance for payroll, non-payroll expenses, reductions in

revenues/income

° Direct transfer payments
° Direct income support for the unemployed, 贫穷的, ETC.
° Direct job creation
° Tax cuts, credits, exemptions, delayed payments, ETC.
° Reduction in payment commitments (utilities, 租, ETC。) with government

assistance/subsidies to private payees

° Moratoria on debt collections and late payment collections with

government assistance/subsidies to private payees or creditors

° Assistance for private production and supply chains (including “wartime

powers” command over industry)

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8 Asian Development Review

Examples of Measure 05:
° India: The ﬁnance minister announced on 26 March a stimulus package
valued at approximately 0.8% of GDP, which included in-kind and cash
transfers to lower-income households, insurance coverage for workers in
the health-care sector, and wage support to low-wage workers.

° Republic of Korea: The National Assembly approved the budget of
IE。, epidemic prevention and

KRW2.1 trillion for disease control,
treatment, and support for medical institutions and quarantined people.

The next three measures are also consistent with Table 1 but effectively

double count from an accounting perspective:

Measure 06: Redirecting or reallocating previously budgeted spending

Measure 07: Central bank ﬁnancing government operations

• 07A. Direct lending or government reserve drawdown

• Central bank direct loans to government
• Central bank purchases of government securities in the primary market
• Other, 例如, deﬁcit without bond issues or central bank direct lending (例如,

Singapore spending from reserves)

• 07B. Secondary market purchases of bonds

• Central bank purchases of government treasury bonds in the secondary market

Examples of Measure 07:
° Japan: Purchases of Japan government bonds for “yield curve control”
° United States (我们): Federal Reserve purchases US Treasury securities in

secondary markets (quantitative easing)

° ECB: Purchases of national government bonds
° Philippines: To further support the Filipino people during the COVID-19
pandemic, the Monetary Board authorized the Bangko Sentral ng Pilipinas
(BSP) to purchase government securities from the Bureau of Treasury
(BTr) under a repurchase agreement in the amount of PHP300 billion with
a maximum repayment period of 6 月.

Measure 08: International assistance (borrower/recipient)
• 08A. Swaps and clearing arrangements (borrower)

• Central bank currency swaps and repurchase agreement facility for ofﬁcial

foreign accounts
° Currency swap lines to other central banks (loan collateralized by the
borrowing economy’s currency) or ofﬁcial international organizations
(例如, the International Monetary Fund [IMF])

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ADB COVID-19 Policy Database 9

° Non-currency swap repurchase agreement facilities for ofﬁcial foreign

账户

• 08B. International loans and grants (recipient)

• International aid and grants/donations

° Grants or loans that are related to the COVID-19 pandemic in support of

developing member countries (DMCs).

° Loans or aid from the World Bank, 联合国 (和), World Health

组织 (WHO), ETC.

° IMF special drawing rights (SDRs) granted
° Donations/aid to speciﬁc nations
• 08B1. Asian Development Bank
• 08B2. 其他的

Measure 06 is double counting because it is previously budgeted spending
(already allocated/budgeted) 那
is redirected or reallocated and has been
previously accounted for in government budget position projections and therefore,
in theory, should not affect subsequent projections to the budget position. Measure
07 is double counting because it is just the funding for Measure 05. Central bank
purchases of government securities or direct loans to the government double count
government deﬁcits (except to the degree that the purchases or loans become greater
than COVID-19-related deﬁcits). 最后, international assistance (Measure 08) 是
double counting because it is receiving funds, not spending, lending, or investing
他们.

Measure 09: International assistance (lender/donor)

Measure 09 is the mirror image of Measure 08, from the point of view of the

donor economy. It is not double counting from this economy’s perspective.

• 09A. Swaps and clearing arrangements (lender)
• 09B. International loans and grants (lender/donor)

Measure 010: No breakdown

This category captures actions or announced measures that do not yet clearly

ﬁt into one or more of the other measures.

• Amounts from measures that cannot be clearly allocated according to their

目的 (例如, amounts that are intended to cover several measures).

Example of Measure 010:
° EU: EUR37 billion unallocated funds of cohesion policy funding 2014–2020
will be eligible for Coronavirus-crisis-related expenditure within the Corona
Response Investment Initiative. Member states can use them to support public
investment for hospitals, 中小企业, 劳动力市场, and stressed regions.

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10 Asian Development Review

数字 1. COVID-19 Measures and Their Funding

COVID-19 = coronavirus disease.
笔记: The width of the arrows is intended to give an idea of the approximate relative size of the funding. The thicker
the larger.
来源: Authors.

如前所述, there is a use and funding relationship between Measures
01–05 (and Measure 010, 下面讨论) and Measures 06–08, 分别
(which is the accounting corollary of the just explained “double counting” for these
措施). From the point of view of the uses, Measures 01–04 are mostly funded
by the central bank (self-ﬁnanced) and also partly by the government. Measure 05
is funded by the government’s bond sales to the non-government sector (这可能
be purchased in the secondary market by the central bank in Measure 07B), central
bank loans or primary market purchases of government bonds (Measure 07A),
drawdown of existing reserves (Measure 07A), and also partly by international
协助 (Measure 08B). From the point of view of the funding sources, Measure
06 is also a source of government spending, lending, or investing, but is mutually
exclusive from Measures 01–05 in this taxonomy since “where” the spending has
been reallocated to is already in Measure 06. As noted, in Measure 07, 中央
bank directly or indirectly funds the government, which then appears in the latter’s
actions across Measures 01–05. Measure 08A directly goes to the central bank,
providing funding for activities in Measure 01C. 最后, as noted, Measure 08B
is a source of funds for the government and likely ends up in Measure 05. 这些
relationships are summarized in Figure 1.

What is the appropriate combination of measures that capture a nation’s total

COVID-19 policy response?

For an individual country, Measures 01–05 and 09, 一起, capture the
ﬁnancial positions the central bank and government have taken relative to the private
sector and state/local governments across their cumulative policy responses—
lending to the private sector and state/local governments, contingent liabilities,

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ADB COVID-19 Policy Database 11

equity investments, foreign exchange intervention, lending in domestic markets in
foreign currencies, lending domestic currencies to other central banks, and direct
transfer of income.

For aggregation across countries, 然而, Measures 01–05 are the
appropriate ones to sum. Measure 09 must be dropped in this case because it double
counts both Measure 08 和, more importantly, Measure 01C, in the context of a
compilation across countries.

We emphasize again, 然而, that this is not to suggest that any of these
individual measures are qualitatively the same. If they were, there would be no
reason to have categories in the ﬁrst place. Summing across countries for Measures
01–05 and summing Measures 01–05 and 09 together for an individual country
gives the total ﬁnancial positions that have been assumed vis-à-vis the private sector
and state/local government sectors; a larger sum tells us a response was likely to
have been larger, but does not necessarily tell us that the response was better.

最后, we again note that there are signiﬁcant differences in what countries
报告, the quality of reporting across countries, whether reporting is accompanied
with numerical estimates, and that signiﬁcant portions of Measures 01 和 02 不要
always lend themselves to such reporting of numerical estimates (such as relaxation
of liquidity or capital requirements). 所以, while it is useful to calculate a nation’s
total policy response or to compare responses across countries, it is also important
to understand what is included and not included in the calculation.

Given the rationale above, each worksheet in the database provides the sum
of the amounts in Measures 01–05 (in US dollars), plus the amount in Measure
010 because this refers conceptually to Measures 01–05 and the amount in Measure
09 for the lenders. We refer to this as the Total Package provided. We stress that
Measures 01–05 (和 010) include aspects as diverse as central bank or government
purchases of assets (Measure 01), the expected impact of lower interest rates in
terms of credit creation (Measure 02), and actual government spending (Measure
05). The reason for adding them up is that, as we show in the next section, 这些
measures are consistent with either stimulus (IE。, results in multiplier effects greater
比 0) or prevention of further macroeconomic decline (IE。, similar to automatic
stabilizers but discretionary in this case). They are all “response measures.” Further,
we of course recognize that any monetary sum cannot fully represent the measures
taken, given that authorities are adjusting interest rates, liquidity regulations, 和
capital regulations. It is also important to recognize that measures (and amounts)
announced are changing very often. 最后, some economies do not provide ﬁgures
for measures that could be represented in monetary terms and have instead issued
policy statements without monetary amounts.2

2由于这些原因, we ask users of the Policy Database to take this into account and exercise caution when

making comparisons.

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12 Asian Development Review

For those measures that involve actual spending from the government, 这样的
as lending and direct income transfers, the amounts reﬂected are either actual or
估计, depending on the availability of data. The following four are estimates:
(我) effects of non-lending actions; (二) forbearances; (三、) loan guarantees; 和 (四号)
tax deferrals.

We also show the ratio of the total package to 2019 国内生产总值
(latest available), the ratio of the economy’s package to the total package of the
regional grouping the economy belongs to (according to ADB’s classiﬁcation),
as well as the ratio of the package to population (in US dollars). These ratios
vary signiﬁcantly across economies as a consequence of the monetary amounts in
Measures 01–05. 在某些情况下 (typically, but not only, developing economies),
the ratios are very small because economies are dedicating small amounts to those
措施, and instead they are passing laws that do not involve payments, 例如, 降低
reserve requirements for banks, or ask banks to restructure loans or not to distribute
dividends.3

Recall that for the European countries that use the euro, we separate the
measures taken by the governments from those taken by the ECB and those of the
EU institutions such as the EIB. 因此, some of these countries will not record any
liquidity measures under Measure 01. ECB measures, as well as those recorded in
the European institutions, cannot be apportioned by country.

最后, we stress that the type of information that some economies provide
(qualitative and, 有时, not clear) requires some judgment in order to assign some
actions into particular measures. This means that some actions may be reclassiﬁed
in future versions as more information becomes available.

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IV. A Classiﬁcation of Macroeconomic Impacts

桌子 1 and the measures in section II allow a classiﬁcation of
macroeconomic measures and their macroeconomic impacts. The latter are shown
表中 2.

第一的, every measure’s operational details for the main macroeconomic
Measures 01–05, are consistent with either stimulus (IE。, results in multiplier effects
greater than 0) or prevention of further macroeconomic decline (IE。, similar to
automatic stabilizers but discretionary in this case). Whether there is stimulus or
prevention for Measures 06 和 07 depends on the context. Measures 08 和 09 是
prevention.

第二, the measures we consider could have one or several of the following
effects: (我) change/support asset prices; (二) private debt creation; (三、) delay payment
obligations; (四号) government/central bank claims on private sector; (v) contingent

3See previous footnote.

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ADB COVID-19 Policy Database 13

桌子 2. Sample Worksheet for the ADB COVID-19 Policy Database and Macroeconomic
Impacts of Each Measure

Measures

Classiﬁcation of Macro Impacts

Measure 01A
Lending to the private sector or
state/local/regional governments, and asset

purchases to provide liquidity:

(我) Loans by the central bank or government

(standing facilities, loans to enable
reﬁnance)

Measure 01A
Lending to the private sector or

state/local/regional governments, and asset
purchases to provide liquidity:

(二) Asset purchases by the central bank or

政府

Measure 01B
Non-lending actions and regulatory

adjustments: collateral requirements,
payments system policies, liquidity
法规, reserve requirements, ETC.

Measure 01C
Foreign exchange operations or domestic

lending in foreign currency

Measure 02A
Secondary market purchases of securities

(greater than 1 year to maturity), and loans
to ﬁnancial sector

Main purpose:
Prevention
Effects:
Change/support asset prices
Government/central bank claims on private sector

Main Purpose:
Prevention
Effects:
Change/support asset prices

Main Purpose:
Prevention
Effects:
Change/support asset prices
Private debt creation

Main Purpose:
Prevention
Effects:
Change/support asset prices

Main Purpose:
Stimulus
Effects:
Change/support asset prices
Private debt creation
Government/central bank claims on private sector

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Measure 02B
Interest rate reductions and other regulatory

adjustments: capital requirements, credit and
lending standards, oversight, ETC。:

(我) Interest rate reductions

Main Purpose:
Stimulus
Effects:
Change/support asset prices
Private debt creation

Measure 02B
Interest rate reductions and other regulatory

adjustments: capital requirements, credit and
lending standards, oversight, ETC。:

(二) Capital requirements, lending oversight

Main Purpose:
Stimulus
Effects:
Private debt creation

Measure 02C
Loan guarantees

Main Purpose:
Stimulus
Effects:
Private debt creation
Contingent liabilities of government/central bank

Continued.

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14 Asian Development Review

桌子 2. Continued.

Measures

Classiﬁcation of Macro Impacts

Measure 03A
Long-term direct lending to businesses,
households, and state/local/regional
政府

Main Purpose:
Stimulus
Effects:
Private debt creation
Government/central bank claims on private sector

Measure 03B
Forbearance

Measure 04
Equity claims on the private sector
(我) Direct equity or preferred equity

投资

Measure 04
Equity claims on the private sector (二)

Secondary market, ETFs, ETC.

Measure 05
Government support to income/revenue

Measure 06
Redirecting or reallocating previously

budgeted spending

Measure 07
Central bank ﬁnancing government operations

Measure 08
International assistance (borrower/recipient)

Measure 09
International assistance (lender/donor)

Main Purpose:
Prevention
Effects:
Delay payment obligations

Main Purpose:
Prevention
Effects:
Change/support asset prices
Government/central bank claims on private sector

Main Purpose:
Stimulus
Effects:
Change/support asset prices
Government/central bank claims on private sector

Main Purpose:
Stimulus
Effects:
Direct increase in private sector net ﬁnancial assets

Stimulus vs. prevention depends on context
Effects:
Double counting

Stimulus vs. prevention depends on context
Effects:
Change/support asset prices
Double counting

Main Purpose:
Prevention
Effects:
Change/support asset prices
Double counting

Main Purpose:
Prevention
Effects:
没有任何

ADB = Asian Development Bank, COVID-19 = coronavirus disease, ETFs = exchange-traded funds.
来源: Authors.

liabilities of government/central bank; (六) direct increase in private sector net
ﬁnancial assets; 和 (七) double counting. Every measure in Measures 01–05
involves some combination of asset price changes/support and/or ﬁnancial position
effects for the private sector, while Measures 06, 07, 和 08 are double counting,

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ADB COVID-19 Policy Database 15

桌子 3. Summary of (Typical) Differences among Measures 01–04

Actions to Support
普通的
Functioning of
Money Markets
(IE。, liquidity
条款)
01

Lending to
Nonﬁnancial
Sector
(unrelated to
liquidity
需要)
03

Encouraging
Private Credit
Creation
02

Maturities <1 year Markets Any short-term credit market (cid:2)1 year Secondary debt markets or loan purchases (cid:2)1 year Primary debt markets, direct loans Equity Claims on the Private Sector 04 N>下载pdf