The effect on aggregate demand is the same. 4  BIS central bankers’ speeches  That leaves the business sector. What can we say about its balance sheet? The business sector is of course very diverse.
But in the broad we can observe that its leverage is mostly low, and probably lower than it was a decade ago in most instances, in contrast to either households or governments. It also seems that holdings of cash have been increasing of late (Graph 3). The available data from the listed company sector show a modest increase, leaving aside the resources sector.