Taiwan, that small island of 22 million people, issued about US$100 for every citizens: man, woman, child, baby. If you exist on the government’s census record (that is kept pretty much up-to-date all the time), you get $100.
Not cash, though. It is a government issued coupon with an expiration date. It is a legal tender for anything retail: foods, clothes, appliance, services, etc. Banks do not accept them for deposit. The merchants cancel them and redeem cash from the government.
Simply put, Taiwan government added $2.5 billions money to the circulation and guaranteed that they will come back quickly.
The retailers fought for coupon business with massive advertisements and deep discounts. All of the sudden, malls, stores, and restaurants are packed with customers. Great discounts, free money, and expiration date formed an effective stimulus for consumption. Citizens are patriotic and leaned unproportionally to local brands. Government projected the GDP to increased by 0.64% with this stimulus package.
That was immediate, short-term, and effective. It was well calculated and planned. There is no risk of corruption or waste. Well done, Taiwan.
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