Lessons from COVID-19

The COVID-19 crisis has posed unprecedented challenges for global economies. While the public health and humanitarian crises are still ongoing, we can begin to draw select lessons from the March 2020 market turmoil. The outbreak of the pandemic resulted in a liquidity crisis that was different from the credit crisis experienced in the Global Financial Crisis (GFC). Market volatility increased sharply, and market liquidity deteriorated significantly, including in markets traditionally seen as liquid and low risk. As many countries moved into lockdown to contain the pandemic, issuers, banks, and investors concentrated their actions on reducing their risk exposure and preserving their liquidity. The COVID-19 outbreak was an extreme stress event that demonstrated the effectiveness of the many improvements to financial resilience made over the past decade and highlighted areas that require attention.

This page provides research and policymaker reports on the COVID-19 market developments. We include links to BlackRock’s series of ViewPoints entitled “Lessons from COVID-19”. Each of these papers examines different aspects of the capital markets and asset management products, incorporating observations from the Crisis and including recommendations and areas for future consideration. Our ViewPoint titled Lessons from COVID-19: Overview of Financial Stability and Non-Bank Financial Institutions and corresponding deck summarize the key takeaways from our “Lessons from COVID-19” series of papers.

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Third party publications reflect the views of the authors and do not represent the views of BlackRock.