“…Similarly, Albinowski [59] and Mulligan [60] suggested that credit growth reduces the share of savings in total deposits, causing an investment boom and unsustainable business expansion. Hence, based on related theories of Austrian economics, Hoffmann et al [61], Keeler [62], and Newman [63] pointed out that overly expansionary monetary policies can cause various adverse consequences, such as overinvestment cycles, distortions in the economic structure, disturbing relative prices, and an unsustainable credit boom. Further, Bagus [64] studied the situation after the financial crisis in 2008 and pointed out that the zero interest rate policy would lead to the institutionalization of the real negative interest rate, thus causing a moral hazard, stimulating the development of a bubble economy, and damaging the stability of the financial system, while withdrawing from zero interest rate policy would be politically costly.…”