Economic and financial integration has reshaped the monetary policy frameworks and transmission channels in the emerging market economies (EMEs) over the past two decades. Economic and financial linkages have become stronger, resulting in greater synchronization of business cycles across...

The low level of global interest rates and the high liquidity resulting from the quantitative easing policies adopted by advanced countries in the wake of the global financial crisis of 2007–09 bolstered capital flows to emerging market economies. However, the uncertainties relating to the...

The last three decades have been marked by financial market globalisation and a higher degree of integration of emerging markets into the world economy. One distinct feature of this in integration has been a sharp increase in portfolio flows between advanced and emerging market countries. Since...