Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.22617/WPS179183-2 |
Divergent Emerging Market Economy Responses to Global and Domestic Monetary Policy Shocks | |
[unavailable] | |
2017-12-19 | |
出版年 | 2017 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
This paper investigates how the United States and domestic monetary policy rates affect macroeconomic conditions in emerging market economies. Building on attempts to gauge the impact policy changes in advanced economies have on emerging economies, this paper investigates how the United States (US) and domestic monetary policy rates affect macroeconomic conditions in emerging market economies (EMEs). Findings indicate that the impact of US policy rate hikes outstrips the effects associated with domestic rate hikes in EMEs. When US monetary policy tightens, bond and equity markets in EMEs are prone to experiencing outflows. Results also show that bond flows are more sensitive to interest rate differentials than are equity flows. It is also found that the magnitude of the effects varies within the group of EMEs, with greater output variations in those EMEs with higher inflation. Consequently, domestic policy alone is not enough to counteract the effects of global policy shocks on capital flows in EMEs. Contents
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来源平台 | Asian Development Bank |
引用统计 | |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/234575 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. Divergent Emerging Market Economy Responses to Global and Domestic Monetary Policy Shocks,2017. |
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