International trade finance and the cost channel of monetary policy in open economies

International trade finance and the cost channel of monetary policy in open economies

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International trade finance and the cost channel of monetary policy in open economies

BIS Working Papers | No 539 | 22 January 2016by Nikhil PatelPDF full text (1,053kb) | 80 pagesThis paper models the interaction between international trade finance and monetary policy in open economies and shows that trade finance affects the propagation mechanism of all macroeconomic shocks that are identified to be drivers of business cycles in advanced economies.

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