This leads to the final topic, the role of monetary policy during the buildup of financial imbalances, a role which I would argue is, in a word, crucial. I will explain why in the course of this presentation. 1.
Financial imbalances in 1980s Japan: a stylized account  I first present one “stylized account” from a macro-prudential perspective of the buildup to financial imbalances in Japan in the late 1980s. 1 This account is intended to be rather descriptive and schematic in the way that macro-prudential issues are highlighted.