8  Bordo, Dueker and Wheelock (2000). 9  Gorton (1988), Calomiris and Gorton (1991). 2  BIS Review 16/2003  for example of the US in the 1920s and 1990s and Japan in the late 1980s. Thus we must be aware that price stability is not a sufficient condition for financial stability.
However, just as the concrete definition of financial stability is important for the precise link of financial stability to monetary policy, the choice of the monetary policy strategy has implications for financial stability.