논문
학술저널
Financial Frictions and the International Transmission of Shocks
간행물 정보
- 서울대학교 경제연구소
- Seoul Journal of Economics
- Seoul Journal of Economics Volume 32 No.4
-
2019.11361 - 395 (35 pages)
저자
- 이용수 10
키워드
초록
This study presents a two-good, two-country model with financial frictions, where banks facing a borrowing constraint intermediate funds between households and firms. The endogenous fluctuations of international relative prices increase the business cycle co-movement across countries when combined with habit formation in consumption and investment adjustment costs. Financial frictions due to the borrowing constraint of the banks further amplify the effects of productivity and capital quality shocks within a country and across the two countries.
목차
I. Introduction
II. Benchmark Model
III. Solution and Simulation
IV. Results
V. Conclusion
References
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