| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16580 |
| DP16580 The Global Financial Cycle | |
| Silvia Miranda-Agrippino; Helene Rey | |
| 发表日期 | 2021-09-26 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | 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 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 Global Financial Cycle. We then assess whether the 2008 financial crisis has altered the transmission channels of monetary policies on the Global Financial Cycle. Finally, we discuss the theoretical modelling of the Global Financial Cycle and avenues for future research. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | Monetary policy spillovers Capital flows Commodity cycles Risk-taking Systemic risk |
| URL | https://cepr.org/publications/dp16580 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545529 |
| 推荐引用方式 GB/T 7714 | Silvia Miranda-Agrippino,Helene Rey. DP16580 The Global Financial Cycle. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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