Abstract

This paper compares and contrasts the resilience of the financial system, in particular banks, during the Global Financial Crisis and COVID-19. We show that banks are now part of the solution, rather than part of the problem, thanks to regulatory and institutional reforms over the past decade. Heeding the lessons from the Global Financial Crisis has paid dividends. We outline some early lessons from the COVID-19 crisis for the financial system going forward.

中文翻译：

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COVID-19和金融体系：两个危机的故事

摘要

本文比较并对比了全球金融危机和COVID-19期间金融系统（尤其是银行）的弹性。我们证明，由于过去十年中的监管和机构改革，银行现已成为解决方案的一部分，而不是问题的一部分。留意全球金融危机的教训已带来了好处。我们概述了COVID-19危机对金融体系发展的早期启示。