Loading...
Please wait, while we are loading the content...
Similar Documents
What Have Central Banks in EMEs Learned About the International Transmission of Monetary Policy in Recent Years
| Content Provider | Semantic Scholar |
|---|---|
| Author | Barroso, João Barata Ribeiro Blanco Kohlscheen, Emanuel Lima, Eduardo J. A. |
| Copyright Year | 2014 |
| Abstract | This note considers the international transmission of monetary policy conditions to emerging market economies (EMEs) with a focus on Brazil's experience. The main points are as follows: (i) growing foreign participation in Brazil's domestic Treasury markets has increased the sensitivity of the long end of the yield curve to global factors; (ii) the role of foreign factors in the term spread of most EMEs is growing in importance, but domestic factors still account for most of the variation; (iii) unconventional monetary policy in advanced economies (AEs) impacts asset prices and economic activity in EMEs, with capital inflows an important transmission channel; (iv) the prospect of tapering amplified asset price volatility, and interventions with swap instruments – backed by international reserves – are an effective way to cope with hedging demand; and (v) macroprudential instruments, including capital flow regulation and liquidity buffers, are effective in reducing financial instability associated with global factors.Full publication: The Transmission of Unconventional Monetary Policy to the Emerging Markets |
| Starting Page | 95 |
| Ending Page | 109 |
| Page Count | 15 |
| File Format | PDF HTM / HTML |
| Volume Number | 78 |
| Alternate Webpage(s) | https://www.bis.org/publ/bppdf/bispap78f.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
