EconPapers    
Economics at your fingertips  
 

U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies

Juan M. Londono, David Bowman and Horacio Sapriza

No 1109, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: We investigate the effects of U.S. unconventional monetary policies on sovereign yields, foreign exchange rates, and stock prices in emerging market economies (EMEs), and we analyze how these effects depend on country-specifc characteristics. We find that, although EME asset prices, mainly those of sovereign bonds, responded strongly to unconventional monetary policy announcements, these responses were not outsized with respect to a model that takes into account each country's time-varying vulnerability to U.S. interest rates affected by monetary policy shocks.

Keywords: emerging markets; Federal Reserve; large-scale asset purchase program; Unconventional monetary policy; quantitative easing (search for similar items in EconPapers)
JEL-codes: F42 G15 E58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2014-06-23, Revised 2014-06-23
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

Downloads: (external link)
http://www.federalreserve.gov/pubs/ifdp/2014/1109/ifdp1109.pdf Full text (application/pdf)

Related works:
Journal Article: U.S. unconventional monetary policy and transmission to emerging market economies (2015) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgif:1109

Access Statistics for this paper

More papers in International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.) Contact information at EDIRC.
Bibliographic data for series maintained by Ryan Wolfslayer ; Keisha Fournillier ().

 
Page updated 2020-01-14
Handle: RePEc:fip:fedgif:1109