The International Monetary Fund (IMF) estimated in the October 2020 edition of its Global Financial Stability Review that the COVID-19 crisis is expected to push global public debt above 100% of GDP in 2020. Headline fiscal deficits in the advanced economies, it expects, will be five times higher in 2020 than in 2019. This will also create elevated vulnerabilities in the corporate and banking sectors as bank holdings of government debt have increased in most countries, tightening sovereign/bank linkages.