Global Banking, Trade, and the International Transmission of the Great Recession
用动态随机一般均衡模型分析全球金融危机通过贸易和金融渠道的传导，发现贸易渠道影响更大，但金融渠道效应更持久。
Abstract We employ a dynamic stochastic general equilibrium model to investigate the transmission of the global financial crisis via the collapse of export demand (trade channel) and through losses on cross-border asset holdings (financial channel). Calibrated to German data, the model predicts the trade channel to be twice as important as the financial channel. In the United Kingdom, the latter dominates due to higher foreign-asset holdings, which, at the same time, serve as an automatic stabiliser in case of plummeting foreign demand. The financial channel leads to much longer-lasting effects. Stricter enforcement of bank capital requirements would have frontloaded the recession.