From the Introduction: "The adverse economic impact of the Covid-19 [coronavirus disease 2019] pandemic is acute and risks worsening. In order to provide liquidity to the economy, governments in several jurisdictions are offering guarantees on bank loans to non-financial companies. These are expected to encourage banks to continue providing credit, and to prevent an even deeper recession, as discussed in Section 2 of this note. Section 3 reviews key features of a sample of guarantee programmes, illustrating approaches taken in response to a systemic crisis such as the current one and highlighting some of the differences between them. Section 4 reviews some complementary measures, and notes some of the key challenges."
FSI Briefs No. 5; Financial Stability Institute Briefs No. 5
2020 Bank for International Settlements
Bank for International Settlements: https://www.bis.org/