Some experts worry that the imbalance gives corporate executives an excuse to load up on debt or skimp on dividends in the name of sound capital allocation.

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To help the economy recover, Greenspan made lots of money available at bargain rates, providing powerful incentives for people to load up on debt, much of which was spent on housing because of political pressure from Congress and support from the government-sponsored enterprises Fannie Mae and Freddie Mac.

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The European Central Bank must avoid creating an incentive for banks to load up on Greek debt and then offer it as collateral for liquidity from the ECB, by (controversially) offering less cash for government bonds with lower credit ratings.

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As with the policy of quantitative easing pursued in America and Britain, there may be diminishing returns to unorthodox policies: having banks load up on even more domestic government debt is not ideal, for example.

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While the Dreyfus fund focuses on emerging markets, it can diversify completely out of Brazilian government debt on Monday and load up on Mexico sovereigns and Hyundai corporate bonds on Tuesday.

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