Les « hélicoptères » des banques centrales

The central banks' helicopters

Meixing Dai ()

MPRA Paper from University Library of Munich, Germany

Abstract: The effects of quantitative easing policy, which looks like a “helicopter dropping” of money, are quite complex. Implemented following a major crisis induced by the deflation of bubbles on asset prices, this policy creates redistributive effects in favour of financial and banking institutions without effectively stimulating the growth due to its character of restricted currency distribution. Banking and sovereign debt crises in the euro area implies that the European Central Bank must reform the way it “drops” the money to effectively reduce the financing costs of financially constrained agents, including the governments of the member States of EMU.

Keywords: Quantitative easing; liquidity trap; monetary policy reform; sovereign debt and banking crisis; deflation (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 (search for similar items in EconPapers)
Date: 2011-06-09, Revised 2011-11-04
New Economics Papers: this item is included in nep-cba and nep-mac
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Published in Bulletin de l'Observatoire des Politiques Economiques en Europe 5.24(2011): pp. 17-23

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Related works:
Working Paper: Les « hélicoptères » des banques centrales (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:34526

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