13 In a much earlier time there was, of course, the “beggar thy neighbour” period of the 1930s – something which carries cogent lessons for current circumstances.
In recent years, as interest rates across a number of major jurisdictions have fallen towards zero and as central bank balance-sheet measures have increased, these developments have been seen as contributing to cross-border flows of capital in search of higher returns. The extent of such spillovers is still in dispute.