Making money for COVID-19

dc.contributor.authorWard, Michael
dc.date.accessioned2020-09-28T10:21:39Z
dc.date.available2020-09-28T10:21:39Z
dc.date.issued2020-07
dc.description.abstractLEARNING OUTCOMES : The case describes the origins of money, touching on the gold standard, the Fed’s 1942 purchase of US debt to fund the “war effort”, Bretton Woods (1944), Nixon’s 1971 pulling the currency peg and descent of money from gold to fiat. It also touches on theories of inflation and deflation, quantitative easing (QE) post the 2008 crisis and the “swamp” of (unorthodox) modern monetary theory (MMT). Aside from providing a brief history of monetary policy and economics, the case study seeks to widen students’ understanding of key economic issues including: fiat money, QE, government funding mechanisms, taxation, economic stimulation, inflation/deflation – and of course, the need for an ombudsman to limit excess. CASE OVERVIEW/SYNOPSIS : In May 2020, South Africa’s deputy finance minister David Masondo announced that he would support the South African Reserve Bank’s lending to the government. This statement followed President Ramaposa’s earlier announcement of a R500bn COVID-19 stimulus package. The case explores the economic history of money, from barter to gold to cryptos. The case examines the origins of central banks’ printing of money, initially to support the Second World War effort and more recently the 2008 global financial crisis and now the COVID-19 crisis. In particular, the case raises the question of central bank independence – “democratically elected governments always need money, is it appropriate for central banks provide it? And are there limits?” COMPLEXITY ACADEMIC LEVEL : MBA and Executive Education SUBJECT CODE : CSS : 1 Accounting and Finance.en_ZA
dc.description.departmentGordon Institute of Business Science (GIBS)en_ZA
dc.description.librarianhj2020en_ZA
dc.description.urihttps://www.emeraldinsight.com/loi/eemcsen_ZA
dc.identifier.citationWard, M. (2020), "Making money for COVID-19", Emerald Emerging Markets Case Studies, Vol. 10 No. 3. https://doi.org/10.1108/EEMCS-05-2020-0154.en_ZA
dc.identifier.issn2045-0621
dc.identifier.other10.1108/EEMCS-05-2020-0154
dc.identifier.urihttp://hdl.handle.net/2263/76238
dc.language.isoenen_ZA
dc.publisherEmeralden_ZA
dc.rights© 2020, Emerald Publishing Limiteden_ZA
dc.subjectRegulatory policyen_ZA
dc.subjectBanksen_ZA
dc.subjectBankingen_ZA
dc.subjectStock marketen_ZA
dc.subjectStock exchangeen_ZA
dc.subjectCOVID-19 pandemicen_ZA
dc.subjectCoronavirus disease 2019 (COVID-19)
dc.titleMaking money for COVID-19en_ZA
dc.typePostprint Articleen_ZA

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