The global financial crisis was characterized by heightened financial risk in the USA, which spread to the rest of the world, including emerging economies. This paper constructs a core–periphery model with a global banking network and financial frictions. Due to a common-lender effect, when global banks lend to an emerging economy, heightened financial risk in the center depresses cross-border lending to the emerging economy, reducing real activities, and exacerbating monetary policy trade-offs. As financial markets become more integrated, exchange rate flexibility becomes less welfare enhancing and active capital account policy becomes more welfare enhancing.

全球金融危机的特点是美国金融风险升高，并蔓延至世界其他地区，包括新兴经济体。本文构建了一个具有全球银行网络和金融摩擦的核心-边缘模型。由于共同贷款人效应，当全球银行向新兴经济体放贷时，中心地区金融风险的升高抑制了对新兴经济体的跨境贷款，减少了实体活动，并加剧了货币政策的取舍。随着金融市场变得更加一体化，汇率灵活性对福利的促进作用减弱，而积极的资本账户政策对福利的促进作用增强。