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The outbreak of COVID-19 has resulted in a health crisis and a severe decline in economic activity that are without precedent in recent history. This article first provides an overview of the tax and fiscal policy responses adopted in response to the health and economic shock caused by the COVID-19 pandemic. Countries have responded firmly, focussing on liquidity and household income support. Next, adopting a forward-looking perspective, the article discusses how tax policy could evolve, as containment measures are maintained and start being phased out. It suggests a strong need for continued support, adapting to the changing nature of risks, and for stimulus to encourage economic recovery once the crisis abates. Lastly, some options to restore public finances post-crisis are explored. COVID-19, taxation, fiscal policy, liquidity, solvency, stimulus, fiscal consolidation.

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Investigating the impact of EOI on cross-border bank deposit holdings 3.1 Key hypotheses and methodological approach 3.2 Main results for liabilities of IFCs with respect to non-IFCs 3.3 Accounting for multicollinearity 4 Robustness checks 4.1 The effect of EOI across jurisdiction pairs 4.2 The potential impact of voluntary disclosure and amnesty programmes 4.3 Differing definitions of international financial centres 5 Conclusion and future research References Annex A. Further tables  7