This paper examines the impact of monetary policy on firms' access to bank and market finance when allowance is made for differences in firm-specific characteristics. A theoretical model determines the cut-off values for project profitability that would allow firms to access bank or market...

This paper provides a theoretical model of an open economy credit channel including currency mismatch and financial fragility where exporting firms have access to international credit but non-exporting firms do not. It considers the post-crisis outcome which is predicted to be dramatically...

There are some surprising parallels between the 1997-8 Asian crisis and the recent financial crisis that provide lessons for policymakers. This paper provides a theoretical model of an open economy credit channel including currency mismatch and financial fragility where exporting firms have...