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Financial Flows and the International Monetary System

Listed author(s):
  • Evgenia Passari

    (DRM - Dauphine Recherches en Management - Université Paris-Dauphine - CNRS - Centre National de la Recherche Scientifique)

  • Hélène Rey

    (London Business School - London Business School)

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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File URL: https://hal.archives-ouvertes.fr/hal-01453254/document
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Paper provided by HAL in its series Post-Print with number hal-01453254.

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Date of creation: May 2015
Publication status: Published in Economic Journal, 2015, 125 (584), <10.1111/ecoj.12268>
Handle: RePEc:hal:journl:hal-01453254
DOI: 10.1111/ecoj.12268
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01453254
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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  1. Karel Mertens & Morten O. Ravn, 2013. "The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States," American Economic Review, American Economic Association, vol. 103(4), pages 1212-1247, June.
  2. James H. Stock & Mark W. Watson, 2012. "Disentangling the Channels of the 2007-09 Recession," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(1 (Spring), pages 81-156.
  3. Tobias Adrian & Erkko Etula & Tyler Muir, 2014. "Financial Intermediaries and the Cross-Section of Asset Returns," Journal of Finance, American Finance Association, vol. 69(6), pages 2557-2596, December.
  4. Hoxha, Indrit & Kalemli-Ozcan, Sebnem & Vollrath, Dietrich, 2013. "How big are the gains from international financial integration?," Journal of Development Economics, Elsevier, vol. 103(C), pages 90-98.
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