《2016年4月IMF世界经济展望-第一章-全球经济及政策展望(英文)》.pdfVIP

C H A P T E R 1 G LO B A L P R O S P E C TS A N D P O L I C I E S caused a sharp reversal in flows (see Figure 1.4, Figure 1.5. Credit Market Conditions panel 2). The real effects of the outflows were small in most regions, not least because they Lending conditions tightened noticeably in the euro area recently, and credit growth helped bring down overvalued currencies and slumped in late 2011. Developments were more positive in the United States and lower pressure on overheating sectors. Capital Japan. Looking ahead, conditions can be expected to ease somewhat. While the central bank balance sheet has expanded noticeably in the United States and the euro flows are likely to stay volatile, complicating area, it has not done so in Japan. Broad money growth has remained very subdued policymaking. As noted in the April 2012 Global in the euro area and Japan but has picked up in the United States, consistent with improving activity. Financial Stability Report, with many emerging market economies at a later stage in the credit 1 2. NFC and Household Credit cycle, there is now less room to ease credit policies 100 1. Bank Lending Conditions –15 3 2 600