In this paper, we identify exogenous shocks to credit demand, financial inter-mediation, and supply of funds, and determine the contribution of these shocks to fluctuations in the credit market and overall economic activity. We estimate a structural vector auto-regression model where the three...

The decision of the United Kingdom to leave the European Union (Brexit) after 43 years caused turmoil in exchange rate and global stock markets. More specifically, the pound relative to the dollar has lost close to 15 percent of its value in the weeks after the decision for Brexit. In this paper...