and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local … highlighted in recent work reduces the extent to which local policymakers decide to exploit the monetary autonomy in principle … portfolio debt and bank liabilities on its external balance sheet and when base-country monetary policy is tightened. The …

, we show that countries' monetary and exchange rate policies can also be successfully deployed. Overall, our results have …

provides new evidence on the dilemma and global financial cycle theory. I first identify the capital account liberalisation …. Results show that opening capital account causes a country to lose its monetary policy independence, and a floating exchange …

-- Bank profitability in Europe before and after the global financial crisis: leverage, foreign claims, and monetary policy … Emerging Economies: Theory and Practice. …