Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247197 
Year of Publication: 
2021
Series/Report no.: 
Queen’s Economics Department Working Paper No. 1455
Publisher: 
Queen's University, Department of Economics, Kingston (Ontario)
Abstract: 
In this paper, we discuss 10 parallels between the lack of preparation of financial system regulators prior to the GFC and the lack of preparation by public health authorities and governments prior to Covid-19. These parallels relate to: required stocks (of capital or equipment), data collection and sharing, lending facilities, stress testing and war games, early warning indicators and systems, contagion from abroad, operational risks, a system-wide approach (including effects on the real economy), models incorporating the heterogeneity of individuals, and effects on less-regulated parts of the system. We then go on to consider the steps that were taken to deal with each of the deficiencies in financial system regulation following the Global Financial Crisis as well as the parallel steps that now need to be taken to deal with the deficiencies in pandemic planning.
Subjects: 
Covid-19
economic policy
medical policy
pandemic models
financial regulation
JEL: 
I18
H12
H51
H84
G21
G28
Document Type: 
Working Paper

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