https://www.ft.com/content/71801c80-...c-42459962a812
Modern financial systems have grown dependent on huge central bank balance sheets. Yet the assets of central banks around the world have begun to contract significantly, relative to gross domestic product, for the first time since the 2008 crash.
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So is another crash coming? Much depends on the central banks. Whereas the global financial crisis was caused by too much private sector leverage, our concern today is a growing shortage of central bank liquidity caused by the deliberate unwinding of the QE policies put in place to replace the private sector funding that evaporated in 2007/08.
This policy is draining funds from the wholesale money markets. The bottom line is that liquidity matters hugely, and modern financial systems cannot function without large central bank balance sheets.
In short, we expect to see another round of central-bank asset purchases — “QE4” — far sooner than many expect.
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FT de, QE4 geliyor demiş...
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