【英文】联合国贸发会报告：2020年世界贸易和发展报告-全球衰退，中国仍保持增长（165页）

More government funds for healthcare, from  either a reallocation or an increase in government  spending and credit lines, to raise the capacity of  hospitals, produce more medical equipment, pay  a bonus wage to medical workers, and search for  the best drugs and a vaccine against the disease  (Barroy et al., 2020).  Reduction in interest rate by central banks (Box  1.3). Short-term interest rates went back to zero  or close to zero in most advanced economies  and there were substantial interest-rate cuts in  many developing economies, which can make  the effective lower bound of monetary policy  a more global phenomenon after Covid-19  (Rogoff, 2020; Lilley and Rogoff, 2020).  Quantitative easing, defined as an emergency  increase in the balance sheets of central banks to  avoid a collapse of asset prices in domestic currency. This effort has been stronger in advanced  regions, such as the United States, Europe, the  United Kingdom and Japan, but many developing  economies also created special programmes or  facilities to buy government and private bonds  during the worst phase of the pandemic (Arslan  et al., 2020). 

Regulatory easing, defined as a reduction in the  reserve and capital requirements of banks and  financial institutions, so as not to increase the credit  crunch in a period of higher default rates and capital losses in variable and fixed-income markets.  There has also been a relaxation of the necessary  provisions for non-performing loans, and many  countries adopted debt standstills in domestic  currency for firms and individuals most affected  by the Covid-19 shock (Borio and Restoy, 2020).  Tax easing, through deferrals or cancellation  of payments, quick refunds and relaxation of  audit and compliance rules, both for firms and  individuals, to attenuate the loss of income and  the emergency demand for credit. There has been  an increase in taxes only in handful of countries,  usually on high-income individuals and specific  superfluous products, but the major trend to fight  the pandemic has been to ease direct and indirect  tax burdens temporarily, making the treasury  function as a “bank” for liquidity-constrained  agents (OECD, 2020b).