In some quarters (A) qualitative easing is still a tainted term, associated (B) both with mercantilism, as a weapon in a currency war, or (C) monetary adventurism. But the stigma is fading. Indeed some central banks now say they are doing QE even when (D) they don't. The Bank of Korea, for example, (E) has resolved to buy unlimited amounts of bonds from financial institutions that promise to (F) repurchase them after three months. These “repo” operations amount to (G) collateralised loans, not outright purchases. Few economists would describe them as QE. But far from (H) resist the term, the Bank of Korea has embraced it (“It wouldn't be wrong to say we began QE,” noted one official). (I) Ever in the field of central banking have so many worried so little about buying so much.
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