The Lehman shock that erupted back in 2008 had mutated into global financial crisis. In response to the crisis, the US Federal Reserve (Fed) had embarked on an unprecedented non-standard monetary policy. Likewise, the European Central Bank (ECB) adopted a series of unconventional monetary policy (U

Reserve accumulation has direct implications for the balance sheet of a central bank. A central bank may finance reserves build up either by increasing the high powered money i.e., monetary base known as reserve money or by wearing down its net domestic asset. The latter is intended to sterilise th

The bubble economy burst in the 1990s left painful consequences for Japan's economy. In the aftermath of that burst, Japanese firms had been confronting three excesses namely: excess production capacity, excess employment and excess debt. Moreover, the financial institutions were grappled with a ve