Financial Flows and the International Monetary System
33 Pages Posted: 19 May 2015
There are 2 versions of this paper
Financial Flows and the International Monetary System
NBER Working Paper No. w21172
Number of pages: 32
Posted: 18 May 2015
Last Revised: 09 May 2021
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35
Date Written: May 2015
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: financial integration, monetary policy
JEL Classification: E5, F3
Suggested Citation: Suggested Citation
Passari, Evgenia and Rey, Helene, Financial Flows and the International Monetary System (May 2015). Available at SSRN: https://ssrn.com/abstract=2608050
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