credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs.We find that although some EMEs did maintain … resilience to shocks and in the quality of their governance. Moreover it appears that CB credibility in EMEs was more fragile …

credibility). We then use panel VARs based on both factor models and observed data to ascertain the impact of global shocks …, financial shocks, trade shocks and credibility shocks on the EMEs versus the AEs … credibility in EMEs was more fragile than was the case for the AEs in the face of the global shocks (from the US) than was the …