Business
Big economic stimulus works but there’s a catch – Sydney Morning Herald
Central banks have thrown everything but the kitchen sink to tackle COVID-19’s hit to economies but they now face an unexpected consequence.
Measures unleashed in Asia went far beyond anything deployed in the region during the 2007-2009 crisis. Once sacrosanct lines have been crossed with alacrity. Indonesia’s central bank is overtly funding the national deficit, a blurring of institutional independence that once would have sent investors packing for fear of runaway inflation and currency weakness. (After weakening sharply in late March, the rupiah has been fairly stable.) The Philippines made similar moves without being as vocal. Australia…
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