Reconciling with Two Decades of Quantitative Easing

The case of Japan

• Author(s): Chris G. Pope • Published: September 2023
• Pages in paper: 9


Credit-based growth has been the cornerstone of industrialisation efforts among most of the world’s present-day advanced economies. This was premised upon the issuance of interest-free credit and/or the regulation of the flow of credit to favour investment in tangible capital formation over speculation. The quantitative easing measures carried out today have benefited mainly the ultra-rich and are unsustainable. As nations respond to inflation, there is high risk of a financial collapse. Central banks such as the Bank of Japan have little they can do within their current policy range to stop this. Japan needs demand for Japanese credit, for productive purposes. It is likely to find this in nations embarking upon credit-based growth to achieve industrialisation in the developing world. This would be a benefit to both the people of Japan and the developing world.

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