So, from the perspective of society as a whole, much of what is gained on the one hand is lost on the other: there are windfall gains from higher land prices but then everyone pays more for housing services. 10 How any one individual is affected by all of this depends upon their own circumstances.
Secondary market liquidity in government securities increased but was confined to a few benchmark tenors. The participation base grew but diversity of views remained limited with predominance of “buy and hold” and “long-only” investors. Interest rate derivative markets grew but remained limited to one product – the Overnight Indexed Swap – and to a small set of market participants.