Financial Flows and the International Monetary System
回顾了国际金融流动的收益文献，发现其量化效果不明显；并展示了跨境总流动、资产价格和杠杆的全球周期证据，讨论其对不同汇率制度下货币政策自主性的影响，特别关注美国货币政策冲击对英国金融状况的作用。
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.