Emerging market stock returns impacted by dollar – BIS paper
US dollar can drive local financial conditions in equities as well as other markets, authors say
Research published by the Bank for International Settlements presents further evidence that the US dollar impacts financial conditions around the globe, finding a key role for the exchange rate in driving stock market returns.
Valentina Bruno, Ilhyock Shim and Hyun Song Shin say they offer three key “analytical contributions”. They develop a summary measure of the sensitivity of emerging market economies’ stock returns to the bilateral dollar exchange rate. They show the broad dollar index can
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