Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong
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1 Exhibit 1. Massive Quantitative Easing and Record Low Interest Rates Failed to Increase Credit to the Private Sector
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Transcript of Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong
![Page 1: Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong](https://reader034.fdocuments.us/reader034/viewer/2022051609/5461a5edaf7959f84e8b4af1/html5/thumbnails/1.jpg)
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Exhibit 1. Massive Quantitative Easing and Record Low Interest Rates Failed to Increase Credit to the Private Sector
![Page 2: Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong](https://reader034.fdocuments.us/reader034/viewer/2022051609/5461a5edaf7959f84e8b4af1/html5/thumbnails/2.jpg)
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Exhibit 2. The Non-German West (and Japan 16 years earlier) Experienced Massive Bubble
![Page 3: Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong](https://reader034.fdocuments.us/reader034/viewer/2022051609/5461a5edaf7959f84e8b4af1/html5/thumbnails/3.jpg)
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Exhibit 3. Western Economies in Balance Sheet Recessions: Private Sectors Saving massively despite record-low Interest Rates
![Page 4: Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong](https://reader034.fdocuments.us/reader034/viewer/2022051609/5461a5edaf7959f84e8b4af1/html5/thumbnails/4.jpg)
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Balance Sheets of All Member Banks
Exhibit 4. Post-1933 US Money Supply Growth Made Possible by NEW DEAL Borrowings
![Page 5: Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong](https://reader034.fdocuments.us/reader034/viewer/2022051609/5461a5edaf7959f84e8b4af1/html5/thumbnails/5.jpg)
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Exhibit 5. German Private Sector Refused to Borrow Money after the Dotcom Bubble
![Page 6: Richard Koo - The Future of Central Banking and Closing Remarks - INET Hong Kong](https://reader034.fdocuments.us/reader034/viewer/2022051609/5461a5edaf7959f84e8b4af1/html5/thumbnails/6.jpg)
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Exhibit 6. German-Eurozone ex. Germany Competitiveness Gap Has Macro (50.2%) and Micro (49.8%) Factors