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We introduce a new comprehensive announcement-level database tracking the extraordinary fiscal, monetary, prudential, and other policies that countries adopted in response to Covid-19. The database provides detailed information, including sizes where available, for 28 granular policies adopted by 74 countries during 2020. About 5,500 policy measures were announced during this period. Importantly, the database is organized and presented in a format easy for researchers to use in empirical analyses. Announcements were highly correlated across the broad fiscal, monetary, and prudential categories and at more granular levels. Advanced economies (AEs) introduced larger fiscal measures than emerging and developing economies (EMDEs) and relied primarily on large unconventional monetary policies. Bank capital requirements were relaxed widely in both AEs and EMs, while relaxation of provisioning requirements was more common among EMs. Supervisory expectations and reporting requirements were widely relaxed.

Brazil

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Financial risks outside of the traditional banking sector can quickly spread throughout financial systems and lead to disruptions in the real economy. A lack of adequately detailed financial sector statistics can obscure buildups of risks from policymakers and hinder their ability to effectively respond once these risks materialize. In response, authorities worldwide, international organizations, including the IMF, and the Group of 20 (G-20), called for financial reforms and launched efforts to gather information on nonbank financial intermediary (NBFI) activities—including the Data Gaps Initiative (DGI) and enhanced Financial Stability Board (FSB) NBFI data collection. While these initiatives represent significant strides to strengthen NBFI’s data collection, there continue to be gaps in the conceptual and methodological guidance in the financial and macroeconomic statistics manuals on which the FSB, DGI, and national authorities rely; gaps that are increasing in light of increased globalization and the financial sector digitalization. This paper proposes conceptual guidance to help bridge existing and emerging gaps.

Brazil

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Following the COVID shock, supervisors encouraged banks to use capital buffers to support the recovery. However, banks have been reluctant to do so. Provided the market expects a bank to rebuild its buffers, any draw-down will open up a capital shortfall that will weigh on its share price. Therefore, a bank will only decide to use its buffers if the value creation from a larger loan book offsets the costs associated with a capital shortfall. Using market expectations, we calibrate a framework for assessing the usability of buffers. Our results suggest that the cases in which the use of buffers make economic sense are rare in practice.

Brazil

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The Novo Mercado de Gás (New Gas Market) reform programme is set to enhance the physical flexibility of the gas system, enable gas to be delivered more quickly, foster competition and facilitate the integration of a higher share of intermittent renewables into the Brazilian energy system. In the longer term, an open, competitive gas market can more easily adapt to a multi-gas system that includes and deploys low-carbon gases. At the request of the Brazilian government, the International Energy Agency (IEA) has been providing technical advice based on international experience to inform and shape the country's gas market reform programme from day one. This current white paper follows the report "Towards a competitive natural gas market in Brazil: A review of the opening of the natural gas transmission system in Brazil", published in September 2018. It aims to share best practices from Europe in terms of gas market design and reforms, including commercial and practical implications. This white paper includes a section on the role of natural gas and low-carbon gases in Brazilian clean energy transition.

Energy --- Brazil

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"Fait de paradoxe, d'instabilité et de mouvements, le Brésil contemporain est difficilement intelligible sur la base de la seule considération de la norme, du droit ou des dimensions formelles de la société brésilienne. Cet ouvrage en propose une approche par ses marges, omniprésentes sur le territoire et dans la société, sous forme matérielle ou imaginaire, et qui mettent en lumière les luttes de pouvoir à l'œuvre dans les pratiques, les représentations et les discours qui façonnent le monde social. Revendiquant une approche dynamique et interactionniste de marges constamment redéfinies, il aborde les dynamiques de leur production, gouvernement et (re)qualification, ainsi que les pratiques politiques, culturelles ou sportives de résistance à la marginalisation et d’appropriation des marges, qui peuvent alors devenir source de refuge ou d’opportunité. L’ouvrage explore ainsi différentes dimensions (spatiales, socioculturelles, économiques et politiques) des marges au Brésil, à travers l’assemblage des contributions d’auteurs représentant une diversité de perspectives disciplinaires allant de la sociologique à la géographie en passant par les sciences politiques, et s’inscrivant dans une variété d’échelles d’analyse (individuelle, communautaire, urbaine, nationale et internationale)." Source : éditeur

Marginality, Social --- Brazil --- Brazil --- Politics and government --- Social conditions