The mist of central bank balance sheets by Otaviano Canuto and Matheus Cavallari published by OCP Policy Center (2/2017). “Central banks of large advanced and many emerging market economies have recently gone through a period of extraordinary expansion of balance sheets and are all now possibly facing a transition to less abnormal times. However, the fact that one group is comprised by global reserve issuers and the other by bystanders receiving impacts of the former’s policies carries substantively different implications…”
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