However, thanks to monetary activism, Japan's payment system has kept on functioning, even though the stock market has oscillated viciously.

然而，由于央行主动投放了货币，尽管股市剧烈振荡，但日本的支付体系保持了正常运转。

youdao

But there is no widely recognised, monetary measure that sums up this stock of natural, human and physical assets.

但是，我们却没有一个一致认可的货币量度来总括这些自然，人力和实物资产。

youdao

Hence, when the Federal Reserve raised interest rates in 1928 to fight stock market speculation, it inadvertently forced tightening of monetary policy in many other countries as well.

所以，当29年联储局加息以对抗股市的投机行为时，很多其他国家被迫跟随，否则基于资金逐利的原理，不跟随的国家会迅速流失黄金储备。

youdao

He makes an interesting argument, pointing out how the connection between loose monetary policy and stock markets has changed in the last decade or so.

BBC: On markets and helicopters

Bad decisions on trade, taxes and monetary policy turned a 1929 stock market hiccup into the 1930s-long Great Depression.

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There is not one single event which caused this shift, but rather a combination of higher stock prices, monetary stimulus, continued economic growth and seasonality.

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