Global Shocks and Monetary Policy Transmission in Emerging Markets
Publication | May 2024
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This paper examines the impact of global shocks on monetary policy transmission in 24 emerging market economies.
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Using panel local projections over the period 2000 to 2022, the results show that tighter United States monetary policy, higher global financial market uncertainty, and worsening global climate change impair the transmission of monetary policy to inflation and output. Higher financial development in emerging market economies can partially offset the disruption, while more open capital accounts and trade can amplify the impact of global shocks.
Contents
- Introduction
- Data and Empirical Methodology
- Empirical Results
- Robustness and Extensions
- Conclusions
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