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Brief Report

QE versus the Real Problems in the World Economy

by
Adrian Blundell-Wignall
†
School of Economics, The University of Sydney, Sydney 2006, Australia
†
The author of these remarks is the former Director of the Financial and Enterprise Affairs Directorate of the OECD, and was its representative on the Financial Stability Board Standing Committee on Vulnerabilities. He is currently and adjunct professor at Sydney University, a member of the OECD pension board and Chairman of the Anika Foundation. The comments are those of the author alone, and do not reflect those of any other institution.
J. Risk Financ. Manag. 2020, 13(1), 11; https://doi.org/10.3390/jrfm13010011
Submission received: 25 November 2019 / Revised: 24 December 2019 / Accepted: 30 December 2019 / Published: 4 January 2020
(This article belongs to the Special Issue LIQUIDITY: Efficiency and Stability in Financial Markets - Selected papers from 4th Chapman Conference on Money and Finance.)
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Abstract

These notes are based on parts of a keynote address to the Fourth Annual Conference on Money and Finance at Chapman University on 6–7 September 2019. Quantitative easing (QE) policies have been pushed to extremes and extended well beyond their use-by dates to little plausible effect in achieving the goal of raising inflation and growth. Instead, they are damaging the interbank market (as exemplified by the liquidity crisis in September 2019), adding to the risk of financial crises in the future and taking pressure off policy-makers to deal with the real causes of poor investment, growth and deflation pressure. The shift in where investment is occurring and the special problems of Europe and Brexit are focused upon.
Keywords: quantitative easing; globalization; China; Brexit; target 2; Europe; interbank market quantitative easing; globalization; China; Brexit; target 2; Europe; interbank market

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MDPI and ACS Style

Blundell-Wignall, A. QE versus the Real Problems in the World Economy. J. Risk Financ. Manag. 2020, 13, 11. https://doi.org/10.3390/jrfm13010011

AMA Style

Blundell-Wignall A. QE versus the Real Problems in the World Economy. Journal of Risk and Financial Management. 2020; 13(1):11. https://doi.org/10.3390/jrfm13010011

Chicago/Turabian Style

Blundell-Wignall, Adrian. 2020. "QE versus the Real Problems in the World Economy" Journal of Risk and Financial Management 13, no. 1: 11. https://doi.org/10.3390/jrfm13010011

APA Style

Blundell-Wignall, A. (2020). QE versus the Real Problems in the World Economy. Journal of Risk and Financial Management, 13(1), 11. https://doi.org/10.3390/jrfm13010011

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