The real effects of financial risk
A new paper published by the International Monetary Fund examines the impact of financial stress on the real economy by looking at the relationship through the credit channel.
The research estimates this effect on a macro level, as well as on the level of individual large banks. Both estimates show financial stress to have a substantial impact, consistent with other work in this area.
The research suggests prudential supervision could be enhanced by taking into account the feedback effects of
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