Emerging markets appear less susceptible to global contagion than advanced economies – BIS paper
Working paper explores whether central banks can still manage domestic financial conditions
Advanced economies appear to be more susceptible to global contagion than emerging markets, a working paper published by the Bank for International Settlements (BIS) suggests.
Piti Disyatat and Phurichai Rungcharoenkitkul, in Monetary policy and financial spillovers: losing traction?, analyse whether globalisation has "compromised" central banks' ability to manage domestic financial conditions.
The authors study the bond yields from 31 advanced and emerging economies, isolating a "contagion
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