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Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy
by Thorvardur T. Olafsson

Series:Working Paper No. 18/202
ISBN 9781484373354
Code: #WPIEA2018202

Publication year: 2018

Cdn: $27.00; US: $23.50
Paperback
Language: English
50 pages
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This paper develops a small open economy model where global and domestic liquidity is intermediated to the corporate sector through two financial processes. Investment banks intermediate cross-border credit through interlinked debt contracts to entrepreneurs and commercial banks intermediate domestic savings to liquidity constrained final good producers. Both processes are needed to facilitate development of key production inputs. The model captures procyclical investment bank leverage dynamics, global liquidity spillovers, domestic money market pressures, and macrofinancial linkages through which shocks propagate across the two processes, affecting spreads and balance sheets, as well as the real economy through investment and working capital channels.
Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy
Cdn: $27.00; US: $23.50
International Monetary Fund (IMF) BookID: 123524 Added: 2018.9.11