Financial Flows and the International Monetary System

• 成果类型: Article
• 署名作者: Passari, Evgenia; Rey, Helene
• 署名单位: Universite PSL; Universite Paris-Dauphine; University of London; London Business School; Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/ecoj.12268
• 发表日期: 2015
• 页码: 675-698
• 关键词: WELFARE GAINS; HOME BIAS; POLICY; shocks; big

摘要

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.