Online First Journal of Money, Credit and Banking Online 22 Oct 2025Real Effects of Exchange Rate Depreciation: The Roles of Bank Loan Supply and Interbank MarketsThorsten Beck · Peter Bednarek · Daniel te Kaat · Natalja von WesternhagenThe paper asks how exchange rate movements affect the real economy and what role the banking system's foreign-asset exposure plays in transmitting exchange rate shocks. The motivation is concrete: …