Footnote:
In: BIS Paper No. 78f
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 2014 erstellt
Description:
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: "http://ssrn.com/abstract=2498104" target="_blank" The Transmission of Unconventional Monetary Policy to the Emerging Markets