International Financial Integration in a Changing Policy Context – the End of an Era?

Chinn, Menzie and Devereux, Michael B. and Kollmann, Robert (2018): International Financial Integration in a Changing Policy Context – the End of an Era? Forthcoming in: Journal of International Money and Finance

Abstract

International financial integration has faced major changes and challenges since the 2008-09 global financial crisis. The crisis triggered a persistent contraction in international capital flows. Regulatory reforms and new macro-prudential frameworks have been reshaping international finance since the crisis. Financial flows are also affected by the unwinding of ultra-accommodative post-crisis monetary policies in advanced economies. Finally, protectionist attitudes have been on the rise, since the financial crisis, and already shape the agenda of a number of governments in advanced economies.

This special issue of the Journal of International Money and Finance consists of thirteen papers that provide new perspectives on key issues facing international financial integration. All papers were presented at a conference held at the European Commission in Brussels on March 1-2, 2018, organized by the Journal of International Money and Finance, the European Commission, CEPR, Tilburg University, Université Libre de Bruxelles, University of British Columbia, University of Southern California, and University of Wisconsin.

• Item Type: MPRA Paper
• Language: English
• Keywords: International financial integration, global financial crisis, international capital flows, regulatory reforms, monetary policy normalization, protectionism
• Subjects: F - International Economics > F3 - International Finance; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance; F - International Economics > F6 - Economic Impacts of Globalization

References

Bekaert, Geert and Arnaud Mehl, 2018. On the global financial market integration “swoosh” and the trilemma. Forthcoming in: Journal of International Money and Finance.

Brumm, Johannes, Georgios Georgiadis, Johannes Gräb and Fabian Trottner, 2018. Global value chain participation and current account imbalances. Forthcoming in: Journal of International Money and Finance.

Choi, Sangyup and Davide Furceri, 2018. Uncertainty and cross-border banking flows. Forthcoming in: Journal of International Money and Finance.

Davis, Scott and Andrei Zlate, 2018. Monetary policy divergence, net capital flows, and exchange rates: accounting for endogenous policy responses. Forthcoming in: Journal of International Money and Finance.

Fischer, Andreas, Henrike Groeger, Philip Sauré and Pinar Yeşin, 2018. Financial centers and the retained earnings bias. Forthcoming in: Journal of International Money and Finance.

Giovannini, Massimo, Stefan Hohberger, Robert Kollmann, Marco Ratto, Werner Roeger and Lukas Vogel, 2018. Euro Area and U.S. external adjustment in the post-crisis environment. Forthcoming in: Journal of International Money and Finance.

Heipertz, Jonas, Romain Rancière and Natacha Valla, 2018. Domestic and external sectoral portfolios: network structure and balance-sheet effects. Forthcoming in: Journal of International Money and Finance.

Ito, Hiro and Robert McCauley, 2018. A currency view on global imbalances. Forthcoming in: Journal of International Money and Finance.

Lindé, Jesper and Andrea Pescatori, 2018. The macroeconomic effects of trade tariffs: revisiting the Lerner symmetry result. Forthcoming in: Journal of International Money and Finance.

McCauley, Robert, Agustín Bénétrix, Patrick McGuire and Goetz von Peter, 2018. Financial de-globalization in banking? Forthcoming in: Journal of International Money and Finance.

Scheubel, Beatrice, Livio Stracca and Cédric Tille, 2018. Does the global financial safety net help absorbing the global financial cycle? Forthcoming in: Journal of International Money and Finance.

Schnabel, Isabel and Christian Seckinger, 2018. Financial fragmentation and economic growth in Europe. Forthcoming in: Journal of International Money and Finance.

Turrini, Alessandro and Stefan Zeugner, 2018. Benchmarks for net international investment positions. Forthcoming in: Journal of International Money and Finance.