Financial Exposure and the International Transmission of Financial Shocks
在一个包含异质性银行规模的国际真实商业周期模型中，分析了银行部门冲击的传导机制，发现国内银行对外国企业的贷款敞口越大，外国金融冲击对本国经济的溢出效应越强，且贸易开放度和贸易条件动态在其中起关键作用。
This paper analyzes the transmission mechanism of banking sector shocks in an international real business cycle model with heterogeneous bank sizes. We examine to what extent the financial exposure of the banking sector affects the transmission of foreign banking sector shocks. In our model, the more exposed domestic banks are to the foreign economy via lending to foreign firms, the greater are the spillovers from foreign financial shocks to the home economy. The model highlights the role of openness to trade and the dynamics of the terms of trade in the international transmission mechanism of banking sector shocks: spillovers from foreign banking sector shocks are greater the more open the home economy is to trade and the less the terms of trade respond to foreign shocks.