Financial Flows and the International Monetary System

Evgenia Passari and Helene Rey

No 21172, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E5 F3 (search for similar items in EconPapers)
Date: 2015-05
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-opm
Note: AP IFM ME
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Citations: View citations in EconPapers (150)

Published as Evgenia Passari & Hélène Rey, 2015. "Financial Flows and the International Monetary System," Economic Journal, Royal Economic Society, vol. 0(584), pages 675-698, 05.

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Journal Article: Financial Flows and the International Monetary System (2015)
Working Paper: Financial Flows and the International Monetary System (2015)
Working Paper: Financial Flows and the International Monetary System (2015)
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