Emerging market economy currencies: the role of global risk, the US dollar and domestic forces

Massimo Ferrari Minesso

Economic Bulletin Boxes, 2019, vol. 3

Abstract: This box presents a methodology to disentangle four main drivers of EMEs currencies swings: spillovers from US shocks, global risk appetite, interest rate effects and idiosyncratic domestic shocks. The main finding is that while the sell-off - between January and August 2018 - was mainly related to US and global risk factors, the recovery since then is driven by improved domestic conditions. JEL Classification: F31

Keywords: depreciation; Emerging market currencies; global risk; US dollar (search for similar items in EconPapers)
Date: 2019-04
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbbox:2019:0003:2

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