Global financial integration and monetary policy spillovers

Dongwon Lee

Economics Letters, 2021, vol. 202, issue C

Abstract: Using de facto financial market integration estimated based on an international CAPM, this paper finds that while emerging markets can keep monetary autonomy under the trilemma constraint, advanced economies have limited autonomy due to tight financial integration in recent decades.

Keywords: Global financial integration; Interest rate pass-through; Monetary autonomy; Open-economy policy trilemma (search for similar items in EconPapers)
JEL-codes: E52 F32 F33 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:202:y:2021:i:c:s0165176521000975

DOI: 10.1016/j.econlet.2021.109820

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