(2016), “Measuring the Natural Rate of Interest: International Trends and Determinants”, Federal Reserve Bank of San Francisco Working Paper Series, Working Paper 2016–11. 2  BIS central bankers’ speeches  Such spillovers are not necessarily all negative for the global economy.
Past and current crises underscore an additional lesson. Then as now, international or regional financial crises require a coordinated response to safeguard the stability of the world’s financial system.