Financial Flows and the International Monetary System

Helene Rey and Evgenia Passari

No 10592, CEPR Discussion Papers from Centre for Economic Policy Research

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.

Keywords: Financial integration; Monetary policy (search for similar items in EconPapers)
JEL-codes: E5 F3 (search for similar items in EconPapers)
Date: 2015-05
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-mac and nep-mon
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Citations: View citations in EconPapers (170)

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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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