How the World Bank's pandemic bonds were triggered during COVID-19

The World Bank funds development in the world's poorest countries

Originally called the International Bank for Reconstruction and Development, the World Bank was established in 1944 to assist in rebuilding war-damaged countries and has since grown to finance long-term economic development worldwide.

The COVID-19 pandemic led to a decrease in immunizations in the US and worldwide

Public health funds and resources that were diverted to COVID-19 response reduced efforts to combat polio and vaccinations for polio and other diseases declined during the pandemic, putting more people at risk for polio.

Investing in bonds comes with a few risks

Think: changes in interest rates that impact the bond’s value, or a bond issuer completely defaulting on a loan. There are steps investors can take to lower their initial and future risk when investing in the bond market, such as checking a company's bond rating before investing.

BNPL has 19th-century roots, but the pandemic made it mainstream

The modern BNPL model didn't take off until the COVID-19 pandemic, when consumers were stuck at home and lockdowns forced them to shop online rather than in person. The number of US BNPL loans grew more than tenfold from 2019 (16.8 million) to 2021 (180 million), according to a Consumer Financial Protection Bureau report.

The 1997 Asian financial crisis tested the limits of the rules-based order's financial architecture

When a currency crisis hit Thailand, Indonesia, and South Korea, the IMF allocated $118B in emergency loans. However, the attached conditions were widely criticized for worsening the economic downturn and increasing distrust of Western-led institutions across the Global South.

Roughly $5T of stimulus money flooded the economy during the pandemic

Recessions can last anywhere from months to years. To encourage economic growth, governments use policy levers such as lowering interest rates or introducing a stimulus. Economists credit massive stimulus funds for helping the economy quickly recover from a recession during the COVID-19 pandemic.

Sovereign wealth funds in the Middle East and Asia surged after the 2008 financial crisis

As the stock market plummeted in 2008, SWFs with cash on hand were able to snap up critically undervalued assets that eventually posted large profits. The Government of Singapore Investment Corp. and Abu Dhabi Investment Authority invested $14.4B in Citigroup, resulting in a $1.6B profit for the GSIC when it sold half of the holdings in 2009.

COVID accelerated antibiotic resistance

The COVID-19 pandemic was caused by a virus, and viruses can’t be treated with antibiotics. But recent research finds that COVID patients were given a tremendous amount of antibiotics, contributing to the problem of antibiotic-resistant bacteria. Why? This NPR feature sheds light on an unexpected side effect of the pandemic.

The 2026 Ebola outbreak in the DRC is spurring new Ebola vaccine development for the Bundibugyo species

An experimental vaccine candidate from Moderna will use the company's mRNA vaccine platform—the same one which enabled the COVID-19 vaccine to be rapidly developed during the pandemic.

Visualizing the genetics of SARS-CoV-2

The COVID-19 pandemic, caused by the SARS-CoV-2 virus, began with an outbreak in Wuhan, China in December 2019, and rapidly spread worldwide in early 2020. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic, leading to widespread lockdowns, travel restrictions, and economic disruptions.

A novel H1N1 influenza strain sparked a 2009 global pandemic

First detected in Mexico, the 2009 “swine flu” pandemic infected up to 1.4B people worldwide. While mortality rates were lower than earlier pandemics, the outbreak still caused more than 150,000 deaths.

Local governments borrow money for long-term projects by issuing municipal bonds

When a city needs to build a school, a road, or a water treatment plant, it usually issues a municipal bond—borrowing money from investors to be paid back over time. The market for these bonds now exceeds $4T.

Explaining the collapse of Silicon Valley Bank

In March 2023, Silicon Valley Bank—the nation's 16th largest bank at the time—collapsed after a rapid run on its deposits. Among other factors, the bank had placed more than half of its investments into long-term bonds, leaving it without the necessary cash on hand as its clients, largely start ups, panicked and withdrew their money at the same time. This visualization lays out the timeline and impact of the collapse.

The 2026 Ebola outbreak in the DRC is spurring new Ebola vaccine development for the Bundibugyo species.

Vizualize global debt by country

Global debt reached $226T by the end of 2020—the biggest one-year jump since World War II. This graphic compares the debt-to-GDP ratio of various countries.

What are baby bonds?

In 2008, Hillary Clinton proposed giving every US newborn a $5,000 government-funded trust, often called a “baby bond,” to help low-income families build long-term wealth. Supporters said it could reduce wealth inequality, while critics argued existing programs like the Child Tax Credit offered similar benefits.

The business models behind vaccines

Watch experts weigh in on the prevailing business models of vaccine production, including how the Covid-19 pandemic has disrupted the industry for good in this 20-minute video from Financial Times.

Between 2016 and 2023, PE spent more than $200B buying British companies

Between the COVID-19 pandemic and the United Kingdom's official departure from the European Union, the UK's economy struggled to recover. This economic strife led to British companies receiving steadily lower valuations than American companies, prompting a huge increase in PE investment. However, interest rates began increasing in 2022, putting pressure on the numerous leveraged buyout deals that took place between 2020 and 2021.

Read about why bans on short selling are a controversial policy

Generally, short selling is legal, but regulations often restrict short positions when a stock has experienced a sharp price decline (more than 10% in one day). However, negative feedback loops in times of financial crisis have given short selling a bad reputation. The government has temporarily banned short selling during previous market downturns—like The Great Recession of 2008 and the early months of the COVID-19 pandemic—but experts argue whether those bans actually improved market stability or just distorted prices.

In 2020, the league quarantined players in a 'wubble'

When the pandemic hit in 2020, the WNBA delayed the start of their season, choosing to play in a quarantine bubble for a 22-game season. Players choosing to opt in knew the decision wasn't just for them, but for their families. This TNT video explores what it was like for WNBA players to play, practice, and live together for nearly 100 days.

We're in the middle of a decadeslong cholera pandemic

In 1961, the world's seventh recorded cholera pandemic started in South Asia, and it has continued through the decades. India and Bangladesh are at particular risk. This pandemic is driven partly by conflict, population displacement, extreme weather, and poor water infrastructure.

Many investment bankers work on IPOs

When a company undertakes an IPO, investment banks often buy many of the organization’s shares directly from the company, in order to sell the shares on the stock market. The bank stands to profit after marking up the shares.

When the US hits the debt ceiling, the Treasury uses emergency measures to avoid default

After the US reached its debt ceiling in January 2023, the Treasury deployed "extraordinary measures" to keep paying obligations. This article explains the steps, how they work, and why they last only for a limited time. (Some readers may experience a paywall.)

30-year fixed mortgage rates have changed significantly over time

In the 1980s, 30-year fixed mortgage rates peaked just under 17%. During the COVID-19 pandemic, they were much lower, hovering around 3%.

Is the pandemic performance art?

Interdisciplinary artist Kristina Wong sees parallels between the early days of the COVID-19 pandemic and some of the “worst performance art” she’s encountered in her career. Wong’s sharp sense of humor and clever writing mean that she gets in some good digs at the more ridiculous side of performance art, but don’t let her funny fool you: this is an incisive piece on the role of performance, empathy, trauma, and art in all our lives.

IBM helped turn Rio de Janeiro into a smart city before it hosted the World Cup

In response to the deadly floods and mudslides in 2010, Brazil and IBM developed a multimillion-dollar plan to modernize Rio's emergency management infrastructure. An operations center utilizes advanced weather forecasting, surveillance, and real-time data to surveil and respond to events such as severe storms more accurately.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

This real-time tracking of the hantavirus cruise ship outbreak in May 2026 offers a unique glimpse into the global reach of the outbreak and whether the virus sickened passengers and their communities around the world.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

Fireworks-related ER visits are on the rise—in 2024, they increased by 52% as compared to the prior year.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

Fear or disgust related to clusters of holes and cracks, called trypophobia, may stem from evolutionary processes to help us avoid pathogens.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

In 2019, a laptop loaded with six of the worst malware in history and described as 'an exhibit of historical weaponry' sold for $1.3M.

Double world record holder Hunter Ewen helped conquer his fear of balloons, called globophobia, by training to win Guinness World Record titles for balloon inflation.

Telehealth demand for GLP-1s for weight loss is booming as consumers seek easier access.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.

Fish populations in the Great Barrier Reef have increased after installing waterproof speakers on the ocean floor that played recordings of sounds from healthy coral reefs.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

Watch this video that uses Lego bricks to explain how venture capital works.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

When a Paris department store hesitated to sell Estée Lauder's perfume, she 'accidentally' broke a bottle, causing the smell to spread throughout the store and shoppers to start asking to buy the scent.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

While El Niño moves warm Pacific Ocean waters east along the equator, La Niña moves them west, shifting where rainfall will become more common for months.