Financial Flows and the International Monetary System

Passari, E., Rey, H.
Date Published: 2015 Passari, Evgenia, and Hélène Rey. "Financial Flows and the International Monetary System." The Economic Journal 125.584 (2015): 675-698.

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.



Citation:
Passari, Evgenia, and Hélène Rey. "Financial Flows and the International Monetary System." The Economic Journal 125.584 (2015): 675-698. Download BibTex citation

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Sargan Lecture, Royal Economic Society 2014. This material is based upon work supported by the European Research Council grant number 210584 on "Countries' external balance sheets, dynamics of international adjustment and capital flows".

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