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dc.contributor.authorSwarbrick, Jonathan
dc.contributor.authorBlattner, Tobias
dc.identifier.citationSwarbrick , J & Blattner , T 2020 , ' Monetary policy and cross-border interbank market fragmentation : lessons from the crisis ' , The B.E. Journal of Macroeconomics , vol. 21 , no. 1 , pp. 323-368 .
dc.identifier.otherPURE: 275294206
dc.identifier.otherPURE UUID: 45a42dd1-aa9d-49e2-b08e-17953ac1fd99
dc.identifier.otherScopus: 85092728188
dc.descriptionThe paper was based on work written while Jonathan was a doctoral candidate; he gratefully acknowledges the financial support from the Economic and Social Research Council [grant number ES/J500148/1] received during this period.en
dc.description.abstractWe present a two-country model 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) asset purchases and central bank long-term refinancing operations can be effective substitutes for, or supplements to, conventional monetary policy.
dc.relation.ispartofThe B.E. Journal of Macroeconomicsen
dc.rightsCopyright © 2020 Tobias S. Blattner and Jonathan M. Swarbrick, published by De Gruyter. Open Access. This work is licensed under the Creative Commons Attribution 4.0 International License.en
dc.subjectCross-border capital flowsen
dc.subjectFinancial frictionsen
dc.subjectInterbank marketen
dc.subjectMonetary unionen
dc.subjectUnconventional monetary policyen
dc.subjectHG Financeen
dc.titleMonetary policy and cross-border interbank market fragmentation : lessons from the crisisen
dc.typeJournal articleen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews.School of Economics and Financeen
dc.description.statusPeer revieweden

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