Sebnem Kalemli-Ozcan, 06 February 2017

How do shocks between countries transmit through financial linkages and financial flows? Sebnem Kalemli-Ozcan discusses how global financial flows affect domestic markets. This video was recorded at the American Economic Association in Chicago in January 2017.

Philip Lane, 07 September 2015

In the lead up to the global financial crisis, there was a substantial credit boom in advanced economies. In the Eurozone, cross-border flows played an especially important role in the boom-bust cycle. This column examines how the common currency and linkages between member states contributed to the Eurozone crisis. A very strong relationship between pre-crisis levels of external imbalances and macroeconomic performance since 2008 is observed. The findings point to the importance of delinking banks and sovereigns, and the need for macro-financial policies that manage the risks associated with excessive international debt flows.

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