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Quantitative Easing, Fiscal Policy and Central Bank Recapitalisation - NIESR
Asset purchase programmes have now become a significant financial loss maker for central banks around the world. The losses raise questions about the value for money of these programmes, the extent to which they have distorted fiscal policy choices and whether the losses ultimately may undermine the notion of central bank independence.
In common with many other central banks, the Sveriges Riksbank recently outlined the losses it is likely to suffer from its asset purchase programme at some 61 billion Swedish Krona (around 1 per cent of Swedish GDP) and has sought a recapitalisation. In a helpful and transparent analysis, the Swedish National Audit Office (2023) concluded that the programme “has not been effective”, led to substantial fiscal costs and other adverse side effects. These sentiments are echoed in the 2021 report from the House of Lords Economic Affairs Committee, Quantitative Easing: A Dangerous Addiction? The losses from such programmes across many advanced economies are now widely reported ？ up to C$4-8 billion losses for the Bank of Canada over 2023-25, between ？50 billion up to ？130 billion for the Bank of England, some Euro 640 billion by the ECB, the Reserve Bank of New Zealand seems set to lose up to NZ$5 billion and the Federal Reserve has reported mark to market losses of $1 trillion ？ and have led many to question whether such programmes provided value for money.
In common with many other central banks, the Sveriges Riksbank recently outlined the losses it is likely to suffer from its asset purchase programme at some 61 billion Swedish Krona (around 1 per cent of Swedish GDP) and has sought a recapitalisation. In a helpful and transparent analysis, the Swedish National Audit Office (2023) concluded that the programme “has not been effective”, led to substantial fiscal costs and other adverse side effects. These sentiments are echoed in the 2021 report from the House of Lords Economic Affairs Committee, Quantitative Easing: A Dangerous Addiction? The losses from such programmes across many advanced economies are now widely reported ？ up to C$4-8 billion losses for the Bank of Canada over 2023-25, between ？50 billion up to ？130 billion for the Bank of England, some Euro 640 billion by the ECB, the Reserve Bank of New Zealand seems set to lose up to NZ$5 billion and the Federal Reserve has reported mark to market losses of $1 trillion ？ and have led many to question whether such programmes provided value for money.
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