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External Adjustment, Global Imbalances and Valuation Effects

Gourinchas, Pierre-Olivier - 2013

We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...

Persistent link: https://www.econbiz.de/10012459422

US Monetary Policy and the Global Financial Cycle

Miranda-Agrippino, Silvia - 2015

risky assets around the world. We find evidence of large financial spillovers from the hegemon to the rest of the world …

Persistent link: https://www.econbiz.de/10012456948

The Global Financial Cycle

Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021

-movements of global factors in asset prices and capital flows with commodity prices, international trade and world output as well … as the sensitivity of different parts of the world to the Global Financial Cycle. We present evidence of the causal … effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People's Bank of China on the …

Persistent link: https://www.econbiz.de/10012660005

Monetary Policy in the Capitals of Capital

Gerko, Elena - 2017

The importance of financial markets and international capital flows have increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom....

Persistent link: https://www.econbiz.de/10012455031

Financial Cycles with Heterogeneous Intermediaries

Coimbra, Nuno - 2017

This paper develops a dynamic macroeconomic model with heterogeneous financial intermediaries and endogenous entry. It features time-varying endogenous macroeconomic risk that arises from the risk-shifting behaviour of financial intermediaries combined with entry and exit. We show that when...

Persistent link: https://www.econbiz.de/10012455436

Globalization and Emerging Markets : With or Without Crash?

Martin, Philippe - 2005

This paper develops a theory of financial crisis based on the demand side of the economy. We analyze the impact of financial and trade globalizations on asset prices, investment and the possibility of self-fulfilling financial crashes. In a two-country model, we show that financial and trade...

Persistent link: https://www.econbiz.de/10012467128

International Channels of Transmission of Monetary Policy and the Mundellian Trilemma

Rey, Hélène - 2016

autonomy in a world of large capital flows …

Persistent link: https://www.econbiz.de/10012456820

Dilemma not Trilemma : The Global Financial Cycle and Monetary Policy Independence

Rey, Hélène - 2015

For the past few decades, international macroeconomics has postulated the "trilemma": with free capital mobility, independent monetary policies are feasible if and only if exchange rates are floating. The global financial cycle transforms the trilemma into a "dilemma" or an "irreconcilable duo":...

Persistent link: https://www.econbiz.de/10012457505

Currency Centrality in Equity Markets, Exchange Rates and Global Financial Cycles

Rey, Hélène - 2024

The paper explores empirically the tight links between exchange rates and the global network of equity holdings. Exchange rates can be expressed in terms of "equity net currency supplies", i.e. local currency stock market capitalization minus equity holdings, denominated in investors'...

Persistent link: https://www.econbiz.de/10015072944