Stocks, bonds, money markets and exchange rates – measuring international financial transmission’, European Central Bank, working paper series

We are grateful to Terhi Jokipii for excellent research assistance. We also would like to thank an anonymous referee for the ECB Working Paper series, as well as Jon Faust, Dimitrios Malliaropulos, Mark Spiegel, Cedric Tille and the participants of the ECB-IMF conference on “Global financial integration, stability and business cycles”, of the New York Fed conference on “Financial globalization ” and seminars at Trinity College Dublin and at Frankfurt University for comments and suggestions. This paper presents the authors’ personal views and does not necessarily reflect the views of the European Central Bank. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research