important US-specific economic shocks, it shows that such shocks have exerted a remarkably heterogeneous effect on global … potential unwinding of global imbalances and future exchange rate adjustment, as well as for monetary policy choices in emerging …

monetary authority does not react on impact to shocks. Finally, in the case of mildly contractionary depreciations, both … information with signal extraction, the realisation of a relatively less frequent shock leads the central bank to behave as if a … asymmetric information models predict a lack of response of the central bank to aggregate demand shocks, as opposed to an …

shock, is negative for expansionary depreciations and positive for contractionary ones. For this type of shock, interest … is strong or mild. Interest rates are predicted to also rise in response to an adverse net export shock in contractionary …

controls also appear to be less motivated by worries about financial market volatility or fickle capital flows per se, but … rather by concerns about capital inflows triggering an overheating of the economy – in the form of high credit growth, rising … inflation and output volatility. Moreover, countries with a high level of capital controls, and those actively implementing …

We use changes in Brazil’s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and …

volatility. However, in international stock markets, their introduction amplifies price movements, thus, increases the volatility …; but it reduces a country's vulnerability to external shocks, thereby limiting spillover effects. JEL Classification: F21 …

shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging …

virtually all currencies globally. The paper finds that negative US-specific macroeconomic shocks during the crisis have … exposure of individual countries are found to have played a key role in the transmission process of US shocks: in particular … have experienced substantially larger currency depreciations during the crisis overall, and to US shocks in particular. JEL …

Do oil shocks matter for exchange rates? This paper addresses this question based on data on real and nominal exchange … shocks (oil supply, global demand, and oil specific demand) which raise the real oil price and analyse their effect on … oil exporters systematically appreciate against those of oil importers after shocks raising the real oil price. However …