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The Mist of Central Bank Balance Sheets

Author

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  • Otaviano Canuto
  • Matheus Cavallari

Abstract

Central banks of large advanced and many emerging market economies have recently gone through a period of extraordinary expansion of balance sheets and are all now possibly facing a transition to less abnormal times. However, the fact that one group is comprised by global reserve issuers and the other by bystanders receiving impacts of the former’s policies carries substantively different implications. Furthermore, using Brazil and the U.S. as examples, we also illustrate how the relationships between central bank and public sector balance sheets have acquired higher levels of complexity, risks and opacity.

Suggested Citation

  • Otaviano Canuto & Matheus Cavallari, 2017. "The Mist of Central Bank Balance Sheets," Policy notes & Policy briefs 1707, Policy Center for the New South.
    • Handle: RePEc:ocp:ppaper:pb-1707
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    File URL: http://www.policycenter.ma/sites/default/files/OCPPC-PB1707_0.pdf
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    Cited by:

    1. Otaviano Canuto, 2022. "Quantitative Tightening and Capital Flows to Emerging Markets," Policy notes & Policy briefs 1982, Policy Center for the New South.

    More about this item

    Keywords

    Central Banks; Brazil; United States; Balance Sheets; Finance; Debt; Inflation; Public Sector;
    All these keywords.

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