2min chapter

Hidden Forces cover image

Sources of Financial Instability: Challenges for Monetary and Fiscal Policy | Claudio Borio

Hidden Forces

CHAPTER

The Financial Liberalization of the Global Economy

The relationship between money and inflation broke down in the early eighties. Central banks adopted frameworks whereby they had no incentive to rais interous rates as long as inflation was low and stable. Financial cycles began to become bigger drivers of the business cycle than they used to be before.

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