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How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets?

Author

Listed:
  • Mr. Vivek Arora
  • Mr. Martin D. Cerisola
Abstract
This paper quantifies the economic impact of changes in U.S. monetary policy on emerging market countries. We explore empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. In addition, we simulate the direct effects of a tightening in U.S. monetary policy on economic conditions in developing countries. While country-specific fundamentals are important in explaining fluctuations in country risk, the stance and predictability of U.S. monetary policy are also important for stabilizing capital flows and capital market conditions and fostering economic growth in developing countries.

Suggested Citation

  • Mr. Vivek Arora & Mr. Martin D. Cerisola, 2000. "How Does U.S. Monetary Policy Influence Economic Conditions in Emerging Markets?," IMF Working Papers 2000/148, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2000/148
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