We must not forget that the injection of public funds as capital into the banking sector as well as the provision of abundant liquidity through, for  1  2  As for the effect of quantitative easing, see Bank of Japan (2005), Shirakawa (2004, 2005), Ugai (2007).
BIS Review 97/2009  example, quantitative easing do not alleviate the need for the unwinding process in the nonbanking sector. It must be recognized that some time is necessary before excesses are unwound and the economy can return to a sustainable growth path.