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There is no such thing as magic money… or, how to get out of the debt trap

By Olivier KLEIN

15/07/2021

Editorial published on Telos on 15 July 2021

Conventional and unconventional monetary policies play an essential role during serious crises. They push both short and long interest rates to very low levels, below the growth rate. These very low rates have a direct, favourable impact on demand and an indirect impact by increasing the value of capital assets (notably, real estate and equities). The policies also facilitate deleveraging by making it easier to repay debt. Even spreads are pushed down to ensure that they won’t trigger a catastrophic bankruptcy chain reaction via a brutal increase in insolvency […]

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Directeur Général de la BRED et professeur de macroéconomie financière et de politique monétaire à HEC

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