Financial globalization and monetary policy

Journal of Monetary Economics

Volumn 55, Issue 8, 2008, Pages 1363-1375

  Devereux, Michael B ^a   Sutherland, Alan ^b  

^a UNIVERSITY OF BRITISH COLUMBIA   (Canada)

^b UNIVERSITY OF ST ANDREWS   (United Kingdom)

Author keywords

Exchange rate; International risk sharing; Portfolio choice

Indexed keywords

EID: 57049147932     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2008.09.008     Document Type: Article

References (27)

1. Bacchetta P., and van Wincoop E. Trade in nominal assets and net international capital flows. Journal of International Money and Finance 19 (2000) 55-72
2. Benigno G., and Benigno P. Price stability in open economies. Review of Economics Studies 70 (2003) 743-764
3. Benigno, P., 2001. Price stability with imperfect financial market integration. CEPR Discussion Paper no. 2858.
4. Cole H.L., and Obstfeld M. Commodity trade and international risk sharing: how much do financial markets matter?. Journal of Monetary Economics 28 (1991) 3-24
5. Devereux M.B. Should the exchange rate be a shock absorber?. Journal of International Economics 62 (2004) 359-377
6. Devereux, M.B., Saito, M., 2006. A portfolio theory of international capital flows. CEPR Discussion Paper no. 5746.
7. Devereux, M.B., Sutherland, A., 2006. Solving for country portfolios in open economy macro models. CEPR Discussion Paper no. 5966.
8. Devereux, M.B., Sutherland, A., 2007a. Financial globalisation and monetary policy. CEPR Discussion Paper no. 6147.
9. Devereux, M.B., Sutherland, A., 2007b. Country portfolio dynamics. CEPR Discussion Paper no. 6208.
10. Devereux M.B., and Sutherland A. Monetary policy and portfolio choice in an open economy macro model. Journal of the European Economic Association 5 Papers and Proceedings (2007) 491-499
11. Engel, C., Matsumoto, A., 2006. Portfolio choice in a monetary open-economy DSGE model. NBER Working Paper no. 12214.
12. Evans, M., Hnatkovska, V., 2005. International capital flows returns and world financial integration. NBER Working Paper 11701.
13. Fergusen, R., 2005. Globalization: evidence and policy implications. Speech at the Association for Financial Professionals Global Corporate Treasurers Forum, San Francisco.
14. Fisher, R.W., 2006. Coping with globalization's impact on monetary policy. Speech at the Allied Social Science Association Meetings, Boston.
15. Friedman M. The case for flexible exchange rates. In: Friedman M. (Ed). Essays in Positive Economics (1953), University of Chicago Press, Chicago 157-203
16. Ghironi, F., Lee, J., Rebucci, A., 2007. The valuation channel of external adjustment. NBER Working Paper no. 12937.
17. Helpman E., and Razin A. A Theory of International Trade Under Uncertainty (1978), Academic Press, New York
18. King R.G., and Wolman A.L. What should the monetary authority do when prices are sticky?. In: Taylor J.B. (Ed). Monetary policy rules (1999), University of Chicago Press, Chicago 349-398
19. Kollmann, R., 2006. International portfolio equilibrium and the current account. CEPR Discussion Paper no. 5512.
20. Lane P., and Milesi-Ferretti G.M. The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries. Journal of International Economics 55 (2001) 263-294
21. Lane, P., Milesi-Ferretti, G.M., 2006. The external wealth of nations mark II. IMF Working Paper no. 06-69.
22. Obstfeld M., and Rogoff K. Global implications of self-oriented macroeconomic policies?. Quarterly Journal of Economics 117 (2002) 503-535
23. Rogoff K. Impact of globalization on monetary policy. The new economic geography: effects and policy implications (2006), Federal Reserve Bank of Kansas City, Kansas 265-305
24. Svensson L. Trade in nominal assets. Journal of International Economics 26 (1989) 1-28
25. Tille, C., 2005. Financial integration and the wealth effect of exchange rate fluctuations. Federal Reserve Bank of New York Staff Report no. 226.
26. Tille, C., van Wincoop, E., 2007. International capital flows NBER Working Paper no. 12856.
27. Woodford M. Interest and Prices (2003), MIT Press, Cambridge