We present a two-country model with an enhanced banking sector featuring risky lending and cross-border interbank market frictions. We find that (i) the strength of the financial accelerator, when applied to banks operating under uncertainty in an interbank market, will critically depend on the economic and financial structure of the economy; (ii) adverse shocks to the real economy can be the source of banking crisis, causing an increase in interbank funding costs, aggravating the initial shock; and (iii) central bank asset purchases and long-term refinancing operations can be effective substitutes for, or supplements to, conventional monetary policy. JEL Classification: E44, E52, F32, F36

中文翻译：

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货币政策与跨境银行间市场分化：危机中的教训

我们提出了一个具有增强的银行业的两国模型，其特征是风险贷款和跨境银行间市场摩擦。我们发现（i）金融加速器的强度，如果应用于银行间市场不确定性下的银行，将在很大程度上取决于经济的经济和金融结构；（ii）对实体经济的不利冲击可能是银行危机的根源，导致银行同业融资成本增加，加剧了最初的冲击；（iii）中央银行资产购买和长期再融资业务可以有效替代或补充常规货币政策。JEL分类：E44，E52，F32，F36