New Zealand is considering distributing free cash directly to individuals as a way of policy stimulus to help boost the economy reeling from a COVID-19 pandemic driven contraction, Finance Minister Grant Robertson said on Friday.
FILE PHOTO: New Zealand's Finance Minister Grant Robertson listens to a question during an interview in his office in Wellington, New Zealand, November 10, 2017. REUTERS/Charlotte Greenfield
Robertson said the concept was being discussed but “it’s not something that has got to that level of discussion at all.”The idea of helicopter money, or dumping cash unexpectedly onto a struggling economy, is slowly gaining currency among economists and policymakers as the pandemic looks to inflict the worst blow to global growth since the Great Depression in the 1930s.
In a helicopter money drop, a central bank would directly increase the money supply and, via the government, distribute the new cash to the population with the aim of boosting demand and inflation.
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