Financial Stability Paper No 12: The Future of International Capital Flows
Gregory Thwaites () and
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William Speller: Bank of England, Postal: Publications Group Bank of England Threadneedle Street London EC2R 8AH
Michelle Wright: Bank of England, Postal: Publications Group Bank of England Threadneedle Street London EC2R 8AH
No 12, Bank of England Financial Stability Papers from Bank of England
The experience of the past decade has demonstrated the challenges that international capital flows can pose for financial stability. The build-up of global imbalances (large net capital flows) was one of the preconditions for the recent financial crisis. Increased interconnectedness between countries’ financial sectors (large gross capital flows) created channels through which the initial shock could spread around the world. In these respects, the scale and volatility of international capital flows were crucial determinants of the depth and breadth of the crisis which followed Lehman Brothers’ demise.
Keywords: International; capital; flows (search for similar items in EconPapers)
JEL-codes: G15 (search for similar items in EconPapers)
Pages: 26 pages
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