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No economy is an island: how foreign shocks affect UK macrofinancial stability

Author

Listed:
  • Cesa-Bianchi, Ambrogio

    (Bank of England)

  • Dickinson, Rosie

    (Bank of England)

  • Kosem, Sevim

    (Bank of England)

  • Lloyd, Simon

    (Bank of England)

  • Manuel, Ed

    (Bank of England)

Abstract

This article explores the trade and financial channels through which foreign developments can be transmitted to the UK. We quantify how global developments have affected UK GDP historically, and analyse their potential influence in future rare events. We also discuss the actions taken following the global financial crisis to address vulnerabilities in the global financial system and promote ‘safe openness’.

Suggested Citation

  • Cesa-Bianchi, Ambrogio & Dickinson, Rosie & Kosem, Sevim & Lloyd, Simon & Manuel, Ed, 2021. "No economy is an island: how foreign shocks affect UK macrofinancial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 61(3), pages 1-1.
    • Handle: RePEc:boe:qbullt:0261
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    File URL: https://www.bankofengland.co.uk/quarterly-bulletin/2021/2021-q3/no-economy-is-an-island-how-foreign-shocks-affect-uk-macrofinancial-stability
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