TY  - BOOK
AU  - Sturgess,Brian
AU  - Jacomb,Martin
ED  - Centre for Policy Studies
TI  - Stop depending on the kindness of strangers: low interest rates and the global economy 
SN  - 9781910627426
PY  - 2017///
CY  - London
PB  - Centre for Policy Studies
KW  - Bank of England
KW  - Monetary policy
KW  - Great Britain
N1  - February 2017 will be the eighth anniversary of UK interest rates being lowered to 1%. This is unprecedented, as is QE. And this “unconventional monetary policy” is having severe economic consequences. This report warns that it is exposing the economy to great risk, not least as when the next economic downturn occurs, central banks will have few options other than more QE; has failed to stimulate economic growth; misallocated capital, and has encouraged ‘zombie capitalism’ and the rebuilding of corporate balance sheets ahead of productive investment; has failed to reduce deflationary pressures; has mispriced risk; has obliged pension funds to invest in low-yielding government bonds, exposing them to significant risk should interest rates rise sharply in the future; has boosted asset prices (particularly in share and house prices), thereby rewarding the already wealthy while punishing savers on lower incomes; Also available in print
UR  - https://hopuk.sharepoint.com/sites/hlt-library/Knowledge/Forms/AllItems.aspx?id=%2Fsites%2Fhlt%2Dlibrary%2FKnowledge%2FCatalogued%20eResources%2FStop%2Ddepending%2Don%2Dthe%2Dkindness%2Dof%2Dstrangers%2Dlow%2Dinterest%2Drates%2Dand%2Dthe%2Dglobal%2Deconomy%2Epdf&parent=%2Fsites%2Fhlt%2Dlibrary%2FKnowledge%2FCatalogued%20eResources
ER  -