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Jordan: The impact of international spillovers on inflation dynamics and independent monetary policy: the Swiss experience
Globalisation has intensified dramatically in recent decades. Technological progress and the removal of barriers to trade and capital flows are just two of the many factors driving this trend. Closer economic integration goes hand-in - hand with potentially major spillovers between regions or currency areas. The financial and economic crisis of 2008 and 2009 and the ensuing European sovereign debt crisis have made this painfully clear for many countries. For instance, in the aftermath of the bankruptcy of the US investment bank Lehman Brothers international trade flows collapsed and global financial markets tumbled ... (full story)