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Discussion Paper Details

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Full Details

Title: Financial Flows and the International Monetary System

Author(s): Evgenia Passari and Hélène Rey

Publication Date: May 2015

Keyword(s): financial integration and monetary policy

Programme Area(s): Financial Economics and International Macroeconomics

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.

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Bibliographic Reference

Passari, E and Rey, H. 2015. 'Financial Flows and the International Monetary System'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=10592