The Effects of Bank Lending in an Open Economy
评估了浮动汇率和小国开放经济中银行贷款的长期和商业周期影响，发现金融结构（中介主导或市场主导）对经济活动影响很小。
This article assesses the effects of bank lending in a small open economy with a floating exchange rate and sticky prices. A theoretical model with costly financial intermediation is developed for New Zealand. The results show that the long‐run and business cycle effects of bank lending are small. Whether firms borrow from financial intermediaries or public debt markets is unlikely to affect economic activity. In other words, the financial structure, or degree to which a country's financial system is intermediary based or market based, does not matter.