Financial globalization and monetary policy
My remarks concern monetary policymakers' opportunities and challenges in the face of the growing volume of international capital movements. The topic is currently of particular interest for two reasons: First, this year marks the tenth anniversary of the devastating Asian financial crisis, in which issues associated with disruptive capital flows were paramount. Second, world financial markets are currently experiencing substantial turbulence; although it is due primarily to the "subprime" mortgage crisis taking place in the United States, international financial linkages have also played a prominent propagating role. ; This Economic Letter is adapted from a speech by Mark Spiegel, Vice President and Director of the Center for Pacific Basin Studies, delivered at the Bank of Korea's 15th annual Central Banking Seminar, "Increasing Capital Flows among Countries and Monetary Policy," in Seoul, Republic of Korea, September 18-21, 2007.
Volume (Year): (2007)
Issue (Month): nov23 ()
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- Kenneth S. Rogoff, 2006. "Impact of globalization on monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 265-305.
- Randall S. Kroszner, 2007. "Globalization and capital markets: implications for inflation and the yield curve: a speech at the Center for Financial Stability (CEF), Buenos Aires, Argentina, May 16, 2007," Speech 279, Board of Governors of the Federal Reserve System (U.S.).
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