linkages, the two-way interactions between the real economy and the financial sector. The crisis was a bitter reminder of how … brink of collapse and the deepest contraction in world output in more than half a century followed. Moreover, unprecedented … real economy and the financial sector. The topic of macrofinancial linkages promises to remain an exciting area of research …

This paper discusses the scope for international macroprudential policy coordination in a financially integrated world … economy. It first reviews the transmission channels associated with, and the empirical evidence on, financial spillovers and …