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QUALITATIVE EASING IN SUPPORT OF A TUMBLING FINANCIAL SYSTEM: A LOOK AT THE EUROSYSTEM'S RECENT BALANCE SHEET POLICIES
Article first published online: 23 NOV 2009
DOI: 10.1111/j.1468-0270.2009.01948.x
© 2009 The Authors. Journal compilation © Institute of Economic Affairs 2009. Published by Blackwell Publishing, Oxford
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How to Cite
Bagus, P. and Howden, D. (2009), QUALITATIVE EASING IN SUPPORT OF A TUMBLING FINANCIAL SYSTEM: A LOOK AT THE EUROSYSTEM'S RECENT BALANCE SHEET POLICIES. Economic Affairs, 29: 60–65. doi: 10.1111/j.1468-0270.2009.01948.x
Publication History
- Issue published online: 23 NOV 2009
- Article first published online: 23 NOV 2009
- Abstract
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Keywords:
- Central bank balance sheet;
- quality of money;
- balance sheet analysis;
- monetary policy;
- subprime crisis
Attention has recently been drawn to compositional changes in the Federal Reserve System's asset holdings and in particular the deterioration of the balance sheet of the Fed in the face of the current crisis. However, an analysis of the balance sheet policies of the Eurosystem is still missing. In this article we fill this gap by analysing the Eurosystem's balance sheet during the recent subprime crisis. The calculation of certain balance sheet ratios supports the assessment that a significant decrease in the quality of money has occurred.