The balance sheets of the five largest advanced economy central banks are projected to grow by 15–25% of GDP by the end of 2020, according to new research from the Bank for International Settlements.

As part of the BIS’s latest bulletin, Paolo Cavallino and Fiorella De Fiore analyse the impact of central bank balance sheet actions in Japan, the UK, US, Canada and the euro area in response to Covid-19.

During the global financial crisis (GFC), measures designed to provide credit to the non

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