BoE paper models risk of financial shock amplification

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A working paper published by the Bank of England (BoE) on July 20 studies the interaction of domestic and foreign banks and domestic firms to demonstrate the transmission of financial shocks through the economy.

The authors, Kartik Anand, Prasanna Gai, Sujit Kapadia, Simon Brennan and Matthew Willison, examine quarterly balance-sheet data from 17 UK banks, 240 overseas banks and 50,000 UK companies over the period 2004–07 to model transmission of financial shocks. The paper finds that

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