Arbeitspapier
Monetary policy and cross-border interbank market fragmentation: Lessons from the crisis
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.
- Sprache
-
Englisch
- ISBN
-
978-92-899-3244-8
- Erschienen in
-
Series: ECB Working Paper ; No. 2139
Klassifikation
Wirtschaft
Financial Markets and the Macroeconomy
Monetary Policy
Current Account Adjustment; Short-term Capital Movements
Financial Aspects of Economic Integration
Financial Markets and the Macroeconomy
Monetary Policy
Current Account Adjustment; Short-term Capital Movements
Financial Aspects of Economic Integration
Thema
Interbank market
monetary union
financial frictions
cross-border capital flows
unconventional monetary policy
monetary union
financial frictions
cross-border capital flows
unconventional monetary policy
Ereignis
Geistige Schöpfung
(wer)
Blattner, Tobias Sebastian
Swarbrick, Jonathan M.
Swarbrick, Jonathan M.
Ereignis
Veröffentlichung
(wer)
European Central Bank (ECB)
(wo)
Frankfurt a. M.
(wann)
2018
- DOI
-
doi:10.2866/965614
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:25 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Blattner, Tobias Sebastian
- Swarbrick, Jonathan M.
- European Central Bank (ECB)
Entstanden
- 2018
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