Financial Flows and the International Monetary System

Sargan Lecture, Royal Economic Society (2014). Rey gratefully acknowledges financial support from the European Research Council (Grant 210584). We thank the editor Morten Ravn for comments. We are very grateful to Elena Gerko, Silvia Miranda Agrippino, Nicolas Coeurdacier, Pablo Winant, Xinyuan Li, Richard Portes and Jay Shambaugh for discussions. We also heartfully thank Peter Karadi and Mark Gertler for sharing their instruments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.