How Long to Read Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence

How Long Does it Take to Read Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence?

It takes the average reader 1 hour and 2 minutes to read Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence by Mr. Gee Hee Hong

Assuming a reading speed of 250 words per minute. Learn more

Description

Advanced economies made available more than 5 trillion USD through government-supported credit guarantee and direct loan programs to provide lifelines to firms in the face of the COVID-19 pandemic. Notwithstanding the unprecedented scale of credit made available, an in-depth analysis of the fiscal consequences is missing, and the costs of these programs are not recognized in a transparent way. In this paper, we fill in an important aspect of the fiscal picture by estimating the subsidies that were provided by the largest credit guarantee programs introduced in 2020 in seven advanced economies. We estimate the subsidies on a fair value basis that provides a consistent and comprehensive upfront measure of cost. We explain the logic behind applying a fair value framework in a government context and compare it to alternative approaches. For the programs that we examine, total credit extended totaled 1.7 trillion USD. The subsidy element (cash-equivalent subsidy) is estimated to be 67 percent of loan principal on average (37 percent, excluding the US PPP), with a wide range across programs, from 12 to 100 percent. The variation is explained by differences across programs including eligibility criteria, loan terms, compensation to lenders, and other program design choices.

How long is Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence?

Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence by Mr. Gee Hee Hong is 62 pages long, and a total of 15,624 words.

This makes it 21% the length of the average book. It also has 19% more words than the average book.

How Long Does it Take to Read Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence Aloud?

The average oral reading speed is 183 words per minute. This means it takes 1 hour and 25 minutes to read Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence aloud.

What Reading Level is Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence?

Evaluating the Costs of Government Credit Support Programs During COVID-19: International Evidence is suitable for students ages 8 and up.

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