In relation to net international financial flows, Galstyan and Herzberg (2018) find that the most effective risk indicator for Ireland is the stock of net external debt liabilities of domestic banks, with a suggested threshold value of 17 percent of GNI*.2 This strips out the net external debt of internationally-orientated banks, investment funds and multinational firms and recognises the close linkages between cross-border debt flows and domestic credit expansion (Lane and McQuade 2014).
Jerome H Powell: Opening remarks – “Perspectives on Maximum Employment and Price Stability" Opening remarks by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, at “Perspectives on Maximum Employment and Price Stability", a Fed Listens event sponsored by the Board of Governors of the Federal Reserve System, Washington DC, 4 October 2019.