8  Paul Krugman, “Rate Rage in 1932,” The New York Times, September 22, 2015. BIS central bankers’ speeches  5  portfolio rebalancing effects in the broad sense of the term; namely, the effects of boosting stock prices and weakening the yen. 9 Chart 9 shows the BEI rates, which are calculated from the price of inflation-indexed JGBs, and real interest rates.
A direct result of the line of reasoning that this paper develops is that financial stability is a two way road, in which all the actors involved have some milage to cover in order to ensure financial stability. 5.