Financial Flows and the International Monetary System

Evgenia Passari and Helene Rey

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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: Monetary policy autonomy; Financial Flows; International Monetary System (search for similar items in EconPapers)
Date: 2015-05
Note: View the original document on HAL open archive server: https://hal.science/hal-01453254v1
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Citations: View citations in EconPapers (129)

Published in The Economic Journal, 2015, 125 (584), ⟨10.1111/ecoj.12268⟩

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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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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01453254

DOI: 10.1111/ecoj.12268

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