Author(s):	Pierre-Olivier Gourinchas, Hélène Rey
Publication Date:	July 2013
Keyword(s):	Capital Flows, International Finance, International Monetary System
JEL(s):	F32, F33, F41, F42
Programme Areas:	International Macroeconomics, Financial Economics
Link to this Page:	cepr.org/active/publications/discussion_papers/dp.php?dpno=9566

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in size and discuss implications for the international monetary and financial system.