Instead, I believe that a cocktail of various ingredients generated the shock waves that have rocked the global financial system. A key factor was a combination of new and complex instruments for transferring credit risks, and the “originate and distribute” business model of credit institutions.
7  In addition, research that analyzed developments after past pandemics shows that the natural rate of interest, which is an important factor to take into account when conducting monetary policy, has a tendency to decline for about 20 years after a pandemic and take about another two decades to return to the pre-pandemic level.6,7 Attention should be paid to the fact that, deflationary pressure may be put on the economy unless real interest rates are lowered in accordance with a decline in the natural rate of interest.