Съдържанието не е налично на български език.
Jonathan M. Swarbrick
- 6 April 2018
- WORKING PAPER SERIES - No. 2139Details
- Abstract
- We present a two-country model with an enhanced banking sector featuring risky lending and cross-border interbank market frictions. We find that (i) the strength of the financial accelerator, when applied to banks operating under uncertainty in an interbank market, will critically depend on the economic and financial structure of the economy; (ii) adverse shocks to the real economy can be the source of banking crisis, causing an increase in interbank funding costs, aggravating the initial shock; and (iii) central bank asset purchases and long-term refinancing operations can be effective substitutes for, or supplements to, conventional monetary policy.
- JEL Code
- E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
F32 : International Economics→International Finance→Current Account Adjustment, Short-Term Capital Movements
F36 : International Economics→International Finance→Financial Aspects of Economic Integration