Financial Flows and the International Monetary System
Rey, Hélène; Passari, Evgenia (2014), Financial Flows and the International Monetary System, The Economic Journal, 125, 584, p. 675-698
TypeArticle accepté pour publication ou publié
External document linkhttps://onlinelibrary.wiley.com/doi/abs/10.1111/ecoj.12268
Journal nameThe Economic Journal
MetadataShow full item record
London Business School
Dauphine Recherches en Management [DRM]
Abstract (EN)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.
Subjects / KeywordsInternational Monetary System; Financial Flows; Monetary policy autonomy
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