Independent central banks are supposed to improve the quality, equity, and growth impact of monetary policy. In recent decades, the new conventional policy wisdom has been that independent central banks should set monetary policy. As most Global South companies and governments have incurred dollar-denominated debt, countries’ central banks raised interest rates to deter capital outflows. Such interventions were sought as it is difficult for central banks to cut interest rates below zero to revive economies. Central banks buy assets such as government debt, inducing private investors to acquire riskier assets.