The value of ETFs to central bank reserves managers

Arvid Ahlund

In January, Bank of England governor Mark Carney warned a group attending a lunch at Davos, the Swiss ski resort that hosts the World Economic Forum, that the equilibrium real interest rate – in negative territory for much of the past five years – was likely to "remain well below" its historic norm. He was the first governor of a major developed world central bank to raise an issue that Larry Summers, former US Treasury secretary and Harvard University president, had already described as

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