Ever since the Great Recession, central bankers around the world have been deploying ultra-low interest rates policies to revive global economic growth.
Some central banks have gone too far, pushing official interest rates below zero (e.g., ECB and Bank of Japan).
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Abuse of cheap credit
Aggregate demand
At expense of future spending
Crashing asset values
Create
Credit contraction
Demand for consumer spending
Depressed consumer confidence
Global financial Crisis GFC
Great Recession
Inflated assets
Lack of access to credit
Link between rates and real economy
Low interest rates environment
Slow growth spread through international trade
Undermine global economic growth