Local shocks may outweigh global factors for EMEs – ECB paper
US monetary shocks less important than much recent literature argues, researchers say
Global financial factors may have far less of an impact on emerging markets than local or regional shocks, a working paper published by the European Central Bank finds.
In EME financial conditions: which global shocks matter?, David Lodge and Ana-Simona Manu distinguish what they call “four key drivers of global financial markets”.
These are oil-supply shocks, global economic news shocks, economic news shocks specific to the US, and US monetary shocks.
The authors examine how much influence
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