Ten years after: capital flows and the global monetary order

Thomas Reininger, Helene Schuberth and Michael Wögerer
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Thomas Reininger: Oesterreichische Nationalbank (OeNB), Vienna, Austria
Helene Schuberth: Oesterreichische Nationalbank (OeNB), Vienna, Austria
Michael Wögerer: Oesterreichische Nationalbank (OeNB), Vienna, Austria

European Journal of Economics and Economic Policies: Intervention, 2019, vol. 16, issue 2, 208-225

Abstract: Cross-border bank flows, which had surged in the run-up to the global financial crisis (GFC), shrank significantly after the GFC. According to our findings, this development did not point to financial deglobalization, as was widely expected. Instead, it reflected a cross-border deleveraging of (core) European banks seeking to restore their capital positions. The GFC triggered regulatory reforms that were remarkable, especially with regard to the banking system. Nevertheless, the opportunity to fundamentally overhaul the regulatory regime in general and the global monetary order in particular was not seized. While regulatory reform has progressed incrementally during the last decade, the partial retreat of the USA from multilateralism has brought this issue back onto the table.

Keywords: global financial system; capital flow volatility; current-account imbalances; shadow banking (search for similar items in EconPapers)
JEL-codes: E42 E52 E66 F33 G01 (search for similar items in EconPapers)
Date: 2019
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