Smoothing Global Growth through Regionally Counter Cyclical Credit
"While most investors were preoccupied with deflation, related to last year's plunge in oil prices, and the seemingly hopelessness of quantitative easing, a stealth recovery in private sector global credit demand was underway. We examined prospects for credit growth..which highlighted some surprising developments relative to the economic pessimism that had caused government bond yields to massively undershoot:" "The monetary transmission mechanism [...]
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