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Bossone, Natarajan

Articles by Bossone, Natarajan

COVID-19, central bank digital currencies, and other payments instruments

July 15, 2020

Getting funds to those in need and enabling access to money during COVID-19, part 3: Central bank digital currencies and other instruments
The economic effects of the Covid-19 pandemic are leading to unprecedented recessions across the world. We hope the health impact of the pandemic will be temporary, but its economic impact may not be. Governments and central banks worldwide are fighting hard to limit the damage through massive provision of liquidity to financial and non-financial entities and distribution of various forms of fiscal support to people and businesses.
Yet, as public authorities respond to the crisis, they are encountering significant challenges. Often, the complexity of public funding programs raises uncertainty and slows down the speed at which

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COVID-19, government payments, and international remittances

July 14, 2020

Getting funds to those in need and enabling access to money during COVID-19, part 2: Government payments and international remittances
In the context of the policy response to the current Covid-19 crisis, a special role is played by Government-to-Person (G2P) payments and international remittances (IRs). The accessibility and reliability of both services is especially crucial at times of crisis such as Covid-19, when immediate response is necessary to support people and businesses in need (Furman 2020). G2P payments permit the timely delivery of state salaries, pensions, and social insurance as well as expanding government cash transfers beyond the current recipients to households in need and informal workers. IRs are vitally important for most developing

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COVID-19 and the national payments system

July 13, 2020

Getting funds to those in need and enabling access to money during COVID-19, part 1: COVID-19 and the national payments system
Governments and economists are now focused on the macroeconomic policies that can support economies during the Covid-19 pandemic. Yet, for policies to be effective and economies to function, payment and settlement systems and services – collectively referred to as the National Payments System (NPS) – must operate efficiently and securely. The recommended actions in this area are discussed in this three-part post, very much supported by the World Bank Group, and add to the recent important contributions to policy making at the time of the Covid-19 pandemic hosted by VoxEU (see Baldwin and Weder di Mauro 2020). In particular, they are

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