文章基本信息

标题：Financial Globalization and Exchange Rates
本地全文：下载
作者：Philip R. Lane ; G Milesi-Feretti
期刊名称：CEP Discussion Paper
出版年度：2004
卷号：2004
期号：12
出版社：Centre for Economic Performance
摘要：The founders of the Bretton Woods System sixty years ago were primarily concerned with orderly exchange rate adjustment in a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In particular, large gross cross-holdings of foreign assets and liabilities means that the valuation channel of exchange rate adjustment has grown in importance, relative to the traditional trade balance channel. Accordingly, this paper empirically explores some of the inter-connections between financial globalization and exchange rate adjustment and discusses the policy implications.
关键词：Financial integration, capital flows, external assets and liabilities