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Financial intermediation, resource allocation, and macroeconomic interdependence
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dc.contributor.author | Ozhan, Galip Kemal | |
dc.date.accessioned | 2021-07-03T23:36:40Z | |
dc.date.available | 2021-07-03T23:36:40Z | |
dc.date.issued | 2020-11 | |
dc.identifier | 259673097 | |
dc.identifier | 5336a784-fbd8-40f6-8a73-e40a58a5390d | |
dc.identifier | 85068748156 | |
dc.identifier | 000579856000016 | |
dc.identifier.citation | Ozhan , G K 2020 , ' Financial intermediation, resource allocation, and macroeconomic interdependence ' , Journal of Monetary Economics , vol. 115 , pp. 265-278 . https://doi.org/10.1016/j.jmoneco.2019.07.001 | en |
dc.identifier.issn | 0304-3932 | |
dc.identifier.other | RIS: urn:30FAB3A9675DED12C00E192C75D8A63B | |
dc.identifier.uri | https://hdl.handle.net/10023/23466 | |
dc.description.abstract | During the first decade of the euro, southern countries experienced a boom-bust cycle in bank lending, non-tradable sector growth, and capital inflows. I develop a quantitative, open economy model of banking that is consistent with the banks’ behavior in credit allocation and foreign borrowing observed in Spanish data. I illustrate how movements in the frictions of cross-border deposits generate an endogenous asymmetric allocation of bank credit toward non-traded sectors, while producing a persistent and climbing current account deficit. A common central bank’s unconventional policies in response to sudden stops are successful at ameliorating the downturn. | |
dc.format.extent | 1141299 | |
dc.language.iso | eng | |
dc.relation.ispartof | Journal of Monetary Economics | en |
dc.subject | Bank credit | en |
dc.subject | Sectoral allocation | en |
dc.subject | Deposits | en |
dc.subject | Capital flows | en |
dc.subject | Europe | en |
dc.subject | HG Finance | en |
dc.subject | T-NDAS | en |
dc.subject | BDC | en |
dc.subject | R2C | en |
dc.subject.lcc | HG | en |
dc.title | Financial intermediation, resource allocation, and macroeconomic interdependence | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | https://doi.org/10.1016/j.jmoneco.2019.07.001 | |
dc.description.status | Peer reviewed | en |
dc.date.embargoedUntil | 2021-07-04 |
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