Balance-sheet adjustments and the global economy  Lastly, I will broaden my perspective and touch upon the relationship between balance-sheet adjustments and the global economy. What is important in this context is the relationship between developments in emerging and advanced economies. Currently, large-scale economic stimulus measures are being implemented around the world.
Although emerging economies did not face pressure for balance-sheet adjustments, given the decrease in global demand they nevertheless implemented large-scale economic stimulus measures. In addition, monetary easing in advanced economies has stimulated capital inflows to emerging economies, boosting economic activity there.