22  See Farrant, K., and G. Peersman (2006), “Is the Exchange Rate a Shock Absorber or a Source of Shocks? New Empirical Evidence”. Journal of Money, Credit and Banking, 38, pp. 939–961. 23  See Bruno, V., and H.S. Shin (2015), “Cross-Border Banking and Global Liquidity”. Review of Economic Studies, 82(2), pp. 535–564.
24  See Rey, H. (2013), “Dilemma not trilemma: The global financial cycle and monetary policy independence”. In: Jackson Hole Economic Symposium 2013. BIS central bankers’ speeches  7  Charles Engel and co-authors have argued, there is little evidence that real exchange rates under floating rates adjust in a desirable way.