The fiscal policy response to the COVID-19 crisis was swift and strong, in tandem with monetary policy. Advanced economies (AEs) deployed a much larger fiscal response than emerging market economies (EMEs) throughout the pandemic. This study focuses on the drivers of this divergent fiscal response in the first months of the pandemic. Apart from the fact that EMEs entered the crisis later than AEs, narrower fiscal policy space in EMEs, further reduced by the tightening of their financing conditions in the early stages of the pandemic, constrained their fiscal response. The size and composition of the fiscal response also depended on some structural factors, such as the level of income, the strength of the social safety nets and automatic stabilisers.

中文翻译：

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发达和新兴市场经济体应对 COVID-19 危机的财政对策†

应对 COVID-19 危机的财政政策与货币政策相辅相成，迅速而有力。在整个大流行期间，发达经济体 (AE) 采取了比新兴市场经济体 (EME) 大得多的财政应对措施。本研究侧重于大流行最初几个月这种不同的财政应对措施的驱动因素。除了新兴市场经济体比经济体更晚进入危机之外，新兴市场经济体的财政政策空间收窄，并在大流行初期因融资条件收紧而进一步缩小，从而限制了它们的财政应对。财政应对措施的规模和构成还取决于一些结构性因素，例如收入水平、社会安全网和自动稳定器的强度。