Third, central banks in advanced countries extensively used credit and quantitative easing measures which led to large expansion of their balance sheets unlike in EMEs. Fourth, while in advanced economies fiscal support aimed at rescuing the financial sector from the crisis situation, in EMEs they were generally meant to address the deficiency in aggregate demand.
Let me now turn to some of the consequences of unconventional policy. Impact of unconventional policies As most of the unconventional monetary policy measures were undertaken keeping in view the domestic economies, the attendant increase in global liquidity appears to have impacted a range of asset classes in both advanced and emerging economies (Chart 5). There are studies which find significant impact of QE.