[Title Page]
Copyright
Contents
[Abstract] 5
I. Introduction 6
II. Model 9
III. Equilibrium 11
1. Trades in the CM 11
2. Trades in the DM 12
3. Exogenous Credit Limit and Coessentiality 14
IV. Endogenous Credit Limit 18
V. Robustness 24
VI. Concluding Remarks 27
Appendix: Proof of Proposition 5 28
References 31
Abstract in Korean 34
BOK 경제연구 발간목록 35
[Back Cover] 45