6  BIS Review 44/2005  should also take into account the effects of and to what extent a leaning against the wind policy can affect the markets. For example, it could be argued that for a small open economy leaning against the wind with regard to equity price bubbles is infeasible.
With globalised equity markets, it is unlikely that the central bank of a small open economy would have the clout to affect domestic share prices against a global trend.