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Policy Briefs |
INTRODUCTION
Shocks and crises have become more frequent, intense and widespread in an interconnected world, affecting more people across the globe. Crises that might have previously remained relatively contained within a well-defined geographic region, are now propagated rapidly through globally interconnected systems and networks in areas such as economics, finance, the environment and health. The 2008 Global Financial Crisis is an example of how financial shocks spread through the interconnected balance sheets of financial institutions, causing havoc around the world. The COVID-19 pandemic also shows how national health systems were unable to absorb the effects of the virus, which…