. The results suggest that one percent of a negative shock on the U.S. federal funds rate results in about 12% (14%) of a … that the U.S. monetary policy shock explains about 20% of the exchange rate volatility for the average country, with a …

The Federal Reserve's (Fed) monetary policy announcements have created massive spillovers to global financial markets … significant international spillovers to bond yields and stock prices of European banks and non-financial corporations (NFCs … dimensions of these spillover effects. International spillovers to bond yields of banks and NFCs were similar, while stock prices …

financial conditions in EMEs, and, whether it is transmitted through portfolio flows. We find that a U.S. UMP shock … easing of their own monetary policy stance in response to an expansionary U.S. shock. …

States, the issuer of the world's dominant currency, by causing a dollar appreciation and a transfer of wealth from the … United States to the rest of the world. This dollar appreciation runs counter to the predictions of standard macroeconomic …

Bayesian VAR on monthly US macroeconomic and financial data, we first identify the US QE shock. The identified US QE shock is … expansionary US QE shock has significant effects on financial variables in EMEs. It leads to an exchange rate appreciation, a …

BRICS) generated significant spillovers via bank lending and exchange rates, particularly in the post-2008 environment of … abundant global liquidity. Spillovers seem to be strongest among the BRICS and in Latin America. These results are robust to …

. Using panel near-VARs, we find significant spillovers of capital control actions in BRICS (Brazil, Russia, India, China and …-border bank lending). Spillovers seem to be more prevalent in Latin America than in Asia, reflecting the greater role of cross …