NBER paper maps out international financial network
Rey and Stavrakeva show equities markets play crucial transmission role
New research provides a novel means of mapping out global financial flows, highlighting the importance of equity markets in cross-border transmission and revealing a change in the role of the dollar.
In the working paper, published this week by the US National Bureau of Economic Research, Hélène Rey and Vania Stavrakeva build on earlier work that uses equity holdings to understand the global financial cycle.
RelatedHélène Rey on cracking the code to the global financial cycleThe dollar and
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