), Financial Stability, Monetary Policy, and Central Banking, Ed. 1, Vol. 15, Ch. 4, pp. 63–123, Central Bank of Chile, 2011. 5  See, for example, Zhou, C., “Are Banks Too Big to Fail? Measuring Systemic Importance of Financial Institutions”, International Journal of Central Banking, Vol. 6(4):205–250, December 2010.
Long-term interest rates in other major centres – Japan and Europe – have been even lower than US rates. As recently as 2003, Japan’s rates were the lowest on record anywhere that we could find over several centuries. These yields too have risen somewhat from those levels, but remain very low by standards of the past couple of decades.