30 years: Debt capital markets
In this series, Tim will cover the recent history of unconventional monetary policy, specifically quantitative easing in four of the world’s major economies: The United States, the United Kingdom, the Eurozone and Japan. In this video, Tim provides an introduction to Quantitative Easing.
In this series, Tim will cover the recent history of unconventional monetary policy, specifically quantitative easing in four of the world’s major economies: The United States, the United Kingdom, the Eurozone and Japan. In this video, Tim provides an introduction to Quantitative Easing.
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7 mins 46 secs
The Fed and the BOE appear to have been the most successful so far in terms of the effectiveness of their QE. The ECB has been only modestly successful, and The Bank of Japan, although the longest modern user of QE, has been the least effective. In 2018, the UK, US, Eurozone, and Japan accounted for nearly 50% - around $42 trillion - of the world’s $85.8 trillion of GDP.
Key learning objectives:
Outline the benefits of QE
Learn when QE was introduced in the Eurozone and Japan
Understand why some countries were reluctant to adopt QE
Identify needs to be considered when using QE
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The catalyst for turning to QE can be traced to the Great Recession of 2007-2009.
Its first round of QE started in 2001, and was an effort to jump-start Japan’s shrinking economy. Since then, it has unleashed three separate QE programmes. However, it has arguably been the least successful central bank of all.
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