Not only has the ratio of international trade in goods and services to world GDP risen inexorably over the past half-century, but a related measure - the extent to which savers reach beyond their national borders to invest in foreign assets - has also risen.
To conclude, central banks must better understand how income and wealth inequality impact the transmission of monetary policy and take that into account in their policymaking. The greatest contribution central banks can make is to deliver on their price stability mandate, as this will also contribute to broad-based and inclusive employment growth.