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RESEARCH ON THE MACRO NET FINANCIAL ASSETS VALUE EFFECT OF MONETARY POLICY

Xiaoting Wang, Peilong Shen, Iveta Palečková

The financial crisis is a manifestation of excessive debt, the so-called balance sheet recession (Krugman, 2014). A typical feature of a balance sheet recession is that the business objectives of most companies have been changed from profit maximization to debt minimization due to increased liabilities, and the decline in credit demand prolonged the recession. The continued accumulation of excessive debt burdens as well as an abrupt drop of debt scale may increase the probability of a financial crisis (Cecchetti et al., 2011; Khoo et al., 2017; Jarmuzek & Rozenov, 2019). The countries like Japan, the United States, the United Kingdom, Spain and Ireland experienced severe debt expansion during the crisis (Koo, 2011). Koo (2015) believes that the global economic recession in 2008 is essentially the same as the Japanese economic recession that began in the early 1990s. These phenomena motivated academics and policymakers to examine the cause and policy mitigation of excessive debt.
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