Forbes, Kristin, Reinhardt, Dennis, Wieladek, Tomasz, (2016), “How the interactions of monetary and regulatory policies may have been ahead of the anti-globalisation backlash”, VoxEu, 23 Δεκεμβρίου
Globalisation is in retreat, but while the slowdown in trade is widely recognised, what is more striking is the collapse of global trade flows. This column shows how banking deglobalisation is a substantial contributor to the slowdown in global trade. It finds that certain types of unconventional monetary policy, and their interactions with regulatory policy, can have important global spillovers. Policies designed to support domestic lending may have had the unintended consequence of amplifying the impact of microprudential capital requirements on external lending.
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