This paper shows that FED policy announcements lead to a significant increase in international co-movement in the cross-section of equity and particularly sovereign CDS market. The effect is strongest for emerging markets, when the FED relaxes unconventionary monetary policies, and for countries...

Executive summary -- 1. Introduction -- 2. IMF advocacy of unconventional monetary policies -- 3. Advice to major advanced economies -- 4. Advice to smaller advanced economies -- 5. Advice to emerging market economies -- 6. Fostering international monetary cooperation -- 7. Frontier central...

Against the background of continued growth disappointments, depressed inflation expectations, and declining real equilibrium interest rates, a number of central banks have implemented negative interest rate policies (NIRP) to provide additional monetary policy stimulus over the past few years....