While there appears to only be subtle operational differences between the two concepts, there are significant institutional differences. The Government’s debt issuance – or bond programme – is purely a fiscal policy decision, based on the Government’s spending and investment intentions.
The world is on two different recovery paths  A feature of this recession is that we are seeing quite different troughs and recoveries in two regions of the world, as shown in the figure. In the “East”, defined as emerging market economies and commodity exporters, the cycle has been more shallow, and a very strong “V-shaped” recovery is underway.