IMF Working Papers

Quasi-Fiscal Implications of Central Bank Crisis Interventions: Case Studies

ByJohn Hooley, Claney Lattie, Peter Stella

June 2, 2023

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Format: Chicago

John Hooley, Claney Lattie, and Peter Stella. "Quasi-Fiscal Implications of Central Bank Crisis Interventions: Case Studies", IMF Working Papers 2023, 115 (2023), accessed 12/14/2025, https://doi.org/10.5089/9798400242892.001

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Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper presents case studies of central bank crisis interventions during the Covid-19 and the Global Financial Crises in four jurisdictions (Canada, Chile, the United Kingdom, and the United States). The paper serves as an Annex to the main IMF Working Paper WP/23/114 ‘Quasi-Fiscal Implications of Central Bank Crisis Interventions.’

Subject: Bonds, Financial institutions, Financial statements, Loans, Public debt, Public financial management (PFM), Securities

Keywords: asset purchase, BoE balance sheet, Bonds, capital markets Department, Central bank, central bank crisis interventions, Financial statements, fiscal policy, fiscal risks, Global, governance structure, Loans, monetary policy, policy coordination, quasi-fiscal, Securities, sovereign debt management

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