In the 1990s, the role of independent central banks was to act as global policemen stamping down on inflation whenever it flared up. But following the Great Financial Crisis the referees became players while in 2021 the boundary between independent central banks and their governments will look increasingly blurred. What sort of a world are bondholders likely to face, ask Ariel Bezalel and Harry Richards.
In the 1990s, the role of independent central banks was to act as global policemen stamping down on inflation whenever it flared up. But following the Great Financial Crisis the referees became players while in 2021 the boundary between independent central banks and their governments will look increasingly blurred. What sort of a world are bondholders likely to face, ask Ariel Bezalel and Harry Richards.