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International credit supply shocks

Abstract:

House prices and exchange rates can potentially amplify the expansionary effect of capital inflows. We first set up a model of collateralized borrowing in domestic and foreign currency with international financial intermediation in which a change in leverage of global intermediaries leads to an international credit supply increase. In this environment, we illustrate how house price increases and exchange rates appreciations contribute to fueling the boom by inflating the value of collateral. ...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted Manuscript

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Publisher copy:
10.1016/j.jinteco.2017.11.006

Authors


Cesa-Bianchi, A More by this author
More by this author
Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics
Oxford college:
Trinity College
Rebucci, A More by this author
Publisher:
Elsevier Publisher's website
Journal:
Journal of International Economics Journal website
Volume:
112
Pages:
219-237
Publication date:
2017-12-05
Acceptance date:
2017-11-25
DOI:
ISSN:
0022-1996
Pubs id:
pubs:809977
URN:
uri:b9ef8641-8a59-419e-88d8-159297a08c34
UUID:
uuid:b9ef8641-8a59-419e-88d8-159297a08c34
Local pid:
pubs:809977

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