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intermediaries play a critical role in the allocation of credit in the economy. They are the primary source of credit for consumers … of the efficacy of monetary policy. This working paper analyses the link between the real economy and the financial … sector, and channels through which the financial system may transmit instability to the real economy. …
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This report summarises the findings of an ad hoc working group that reviewed the academic literature relevant to the regulatory framework for the trading book. This project was carried out in the first half of 2010 acting upon a request from the Trading Book Group to the Research Task Force of...
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