1 Subjects: “...Blanket guarantee...”

2 Subjects: “...Blanket guarantee...”

3 “... on the use of government guarantees on banks' assets and liabilities, including during the recent global...”

4 “... on the use of government guarantees on banks' assets and liabilities, including during the recent global...”

5 “... of guarantees on liabilities, and direct purchases of assets. While these policies have reduced the real impact...”

6 “... and be associated with higher output losses, lower fiscal costs, and more extensive use of bank guarantees...”