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Article Dans Une Revue The Economic Journal Année : 2015

Financial Flows and the International Monetary System

Résumé

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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Dates et versions

hal-01453254 , version 1 (02-02-2017)

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Evgenia Passari, Hélène Rey. Financial Flows and the International Monetary System. The Economic Journal, 2015, 125 (584), ⟨10.1111/ecoj.12268⟩. ⟨hal-01453254⟩
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