Return to text 7 Michelle W. Bowman, “Advancing Our Understanding of Community Banking” (speech at the Community  Banking Research and Policy Conference, St. Louis, MO, October 1, 2019). Return to text  7/7  BIS central bankers' speeches
For domestic conduct of policies such spillovers are taken as exogenous, and have to be managed through domestic policy response. This results in an inevitable loss in degrees of freedom. 8. The pattern of capital flows as they emerged, especially in the pre-crisis years is also critical. Several views have been expressed that emerging markets have imported risky capital while exporting safe capital.