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Capital misallocation is widely thought to be an important factor underpinning productivity and income gaps between advanced and emerging economies. This paper studies how well Indian banks allocate capital across firms with varying levels of productivity. The analysis reveals that the link between productivity and bank credit growth is weaker for firms with significant ties to public sector banks, especially in years when public sector banks represent a large share of new credit. Large flows of credit to unproductive firms represent important missed growth opportunities for more productive firms. These results suggest that measures to improve governance of public sector banks, potentially including privatization, would help reduce capital misallocation.

Macroeconomics --- Economics: General --- Money and Monetary Policy --- Production and Operations Management --- Banks and Banking --- Financial Markets and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Corporate Finance and Governance: Government Policy and Regulation --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Macroeconomics: Production --- Public Enterprises --- Public-Private Enterprises --- Economic & financial crises & disasters --- Economics of specific sectors --- Monetary economics --- Banking --- Civil service & public sector --- Bank credit --- Money --- Credit --- Productivity --- Production --- State-owned banks --- Financial institutions --- Commercial banks --- Currency crises --- Informal sector --- Economics --- Industrial productivity --- Banks and banking --- Finance, Public

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Whether in crypto assets or in CBDCs, design choices can make an important difference to the energy consumption of digital currencies. This paper establishes the main components and technological options that determine the energy profile of digital currencies. It draws on academic and industry estimates to compare digital currencies to each other and to existing payment systems and derives implications for the design of environmentally friendly CBDCs. For distributed ledger technologies, the key factors affecting energy consumption are the ability to control participation and the consensus algorithm. While crypto assets like Bitcoin are wasteful in terms of resources, other designs could be more energy efficient than existing payment systems.

Economics: General --- Macroeconomics --- Industries: Financial Services --- Finance: General --- Central Banks and Their Policies --- Energy: Government Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Macroeconomics: Consumption --- Saving --- Wealth --- Economics of specific sectors --- Economic & financial crises & disasters --- Distributed ledgers --- Finance --- Computer applications in industry & technology --- Economic sectors --- Financial crises --- Virtual currencies --- Technology --- Blockchain and DLT --- Digital currencies --- Central Bank digital currencies --- Payment systems --- Financial markets --- Informal sector --- Economics --- Currency crises --- Financial services industry --- Technological innovations --- Blockchains --- Databases --- Clearinghouses --- Banking --- Consumption --- Uruguay

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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 --- Macroeconomics --- Economics: General --- Diseases: Contagious --- Banks and Banking --- Money and Monetary Policy --- Public Finance --- Monetary Policy --- Central Banks and Their Policies --- Fiscal Policy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: Government Policy and Regulation --- Health Behavior --- Interest Rates: Determination, Term Structure, and Effects --- Economic & financial crises & disasters --- Economics of specific sectors --- Infectious & contagious diseases --- Monetary economics --- Banking --- Financial services law & regulation --- COVID-19 --- Health --- Reserve requirements --- Monetary policy --- Central bank policy rate --- Financial services --- Fiscal policy --- Countercyclical capital buffers --- Financial regulation and supervision --- Currency crises --- Informal sector --- Economics --- Communicable diseases --- Interest rates --- Asset requirements --- Covid-19