4  BIS Review 57/2006  •  Increased travel has expanded the opportunities for citizens to set up financial accounts in foreign countries, thereby contributing to currency competition in a manner similar to financial innovation.
(2012), “Managing a Liquidity Trap: Monetary and Fiscal Policy”, NBER Working Paper Series, No 17344, National Bureau of Economic Research. 3 Eggertsson, G. (2011), “What Fiscal Policy Is Effective at Zero Interest Rates?”, in Acemoglu, D. and Woodford,  M. (eds. ), NBER Macroeconomics Annual 2010, Vol. 25, University of Chicago Press, pp.