In the meanwhile, I must point out that BCD nexus is neither absolutely necessary nor a sufficient condition for mobilising resources for investment to support economic growth. I will just have to point out the growth story of post-war Japan, that of China of last two decades and even of India before the crisis to support this point. Interest rate derivatives 24.
This decision was no exception; monetary growth was well in excess of the reference value, though this excess liquidity was  2  BIS Review 7/2003  largely the result of portfolio reallocation in an uncertain financial market environment and was unlikely to pose an inflationary threat.