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- W3122000356 abstract "The expansion of central bank balance sheets and the changes in their composition during financial crises have been effective in rectifying market malfunction and stabilising financial markets in Japan and elsewhere. However, the unconventional policy measures are accompanied by costs, as they are likely to lead to misallocation of resources and to the risk of looser fiscal discipline. An additional possibility is the adverse international transmission of monetary expansion through changes in exchange rates and terms of trade, depending on the price setting behaviour of exporting firms. Even more harmful is the effect on emerging economies when there is financial market disruption in the financial centres." @default.
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- W3122000356 date "2012-01-01" @default.
- W3122000356 modified "2023-09-23" @default.
- W3122000356 title "Central bank balance sheet expansion: Japan's experience" @default.
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