07/03/30 11:54:11 Oqe1FMOm
韓国の通貨安定化証券（MSB; Monetary Stabilization Bond）って何－其の三：
It also made it difficult for the Bank’s lending facilities to play an
active role as an instrument of monetary policy, because interest
rates stayed at a low level for long periods and the scale of lending
was decided irrespective of its policy intentions. Furthermore, as
the Bank absorbed excessive liquidity by issuing Monetary
Stabilization Bonds (MSBs), an overhang of MSBs resulted. If the
quantities of MSBs issued were too large, the interest expenses of
the Bank of Korea would increase; if additional MSBs were issued
to cover these payments, the overhang of MSBs outstanding would
expand further, causing the continuation of the vicious cycle.