Access to finance: adaptability and resilience during a global pandemic
研究了新冠疫情及封锁措施对企业融资的冲击，以及政府财政、货币和监管政策如何形成良性循环，避免资金紧缩，但指出政府干预存在市场扭曲的权衡。
Firms’ access to external finance is constrained by information asymmetries between lenders and borrowers, which are inversely related to firm size and economic growth. Pandemic and lockdown measures constituted an extraordinary shock for corporations, including for their funding, mitigated, however, by governments’ fiscal, monetary and regulatory responses. The combined effect of these measures created a virtuous circle between corporates, banks, and sovereigns, avoiding a funding crunch for either and keeping risk premiums at deflated levels. Some of the more recent shocks provide similar justification for government interventions. However, there is a trade-off between government support during tail events and the market distortions that come with such support programmes. The conjecture is that we will continue to see a stronger role for governments during this time of great volatility and a tightening on market-based funding for corporations.