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© 2022 International Monetary Fund
WP/22/97
IMF Working Paper
Research Department
Seven Finance and Trade Lessons from COVID-19 for Future Pandemics Prepared by Ruchir Agarwal and Gita Gopinath
Authorized for distribution by Pierre-Olivier Gourinchas
May 2022
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
ABSTRACT: Pandemics and epidemics pose risks to lives, societies, and economies, and their frequency is expected to increase as rising trade and increased human interaction with animals leads to the emergence of new diseases. The COVID-19 pandemic teaches us that we can and must be better prepared, with scope for much greater global coordination to address the financing, supply-chain, and trade barriers that amplified the pandemic’s economic costs and contributed to the emergence of new variants. This paper draws seven early lessons from the COVID-19 pandemic that could inform future policy priorities and help shape a better global response to future crises.
| JEL Classification Numbers: | H4, I1, L6, O4 |
| Keywords: | COVID-19, pandemic, Finance & Trade |
| Author’s E-Mail Address: | ragarwal@imf.org; ggopinath@imf.org; |
| JEL Classification Numbers: | H4, I1, L6, O4 |
| Keywords: | COVID-19, pandemic, Finance & Trade |
| Author’s E-Mail Address: | ragarwal@imf.org; ggopinath@imf.org; |
Title Page
Seven Finance and Trade Lessons from COVID-19 for Future Pandemics
Ruchir Agarwal and Gita Gopinath1
Contents
I. Introduction
II. Seven Financing & Trade Lessons from COVID-19
A. Lesson 1: Rationale & Source of Financing
B. Lesson 2: Timing of Financing
C. Lesson 3: Scope of Financing
D. Lesson 4: Financing Frameworks
E. Lesson 5: Research & Development
F. Lesson 6: Production
G. Lesson 7: Cross-Border Flows
III. References
FIGURES
1. Progress towards the 70% vaccination target by mid-2022, as of April 2022
2. Timing of donor funding, procurement, and delivery of vaccines to AMC countries by COVAX
3. Vaccine Deliveries by COVAX, as of April 2022
4. Vaccine Exports by Producing Economy, as of April 2022