We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows...

We analyze the workings of the "Global Financial Cycle." We study the effects of monetary policy of the United States, the center country of the international monetary system, on the joint dynamics of the domestic business cycle and international financial variables such as global credit growth,...