Financial flows and the international monetary system
Journal
Economic Journal
Subject
Economics
Publishing details
Economic Journal 2015 Vol 125:584 p 675-698
Authors / Editors
Rey H;Passari E
Biographies
Publication Year
2015
Abstract
We review the findings of the literature on the benefits of international financial flows and find that they are quantitatively elusive. We then present evidence on the existence of a global cycle in gross cross-border flows, asset prices and leverage and discuss its impact on monetary policy autonomy across different exchange rate regimes. We focus in particular on the effect of US monetary policy shocks on the UK's financial conditions.
Available on ECCH
No
