کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964754 930600 2010 19 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The international transmission of interest rate shocks: The Federal Reserve and emerging markets in Latin America and Asia
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The international transmission of interest rate shocks: The Federal Reserve and emerging markets in Latin America and Asia
چکیده انگلیسی
This paper analyzes the effects of changes in the U.S. Federal Reserve's Federal Funds rate on emerging countries' interest rates using high frequency (weekly) data. I also investigate how changes in the U.S. term structure affect short term rates' differentials. Other shocks include changes in the U.S. dollar-Euro exchange rate, changes in the international price of oil, risk ratings, and the degree of capital mobility. The results indicate that there is a strong and fairly rapid transmission of changes in the Federal Funds rate into interest rates in the Latin American countries in the sample. This effect is equally large in the Asian nations in the long run. The adjustment path is different across the two regions, however. Adjustment is very fast and cyclical in Latin America; it is gradual and slower in East Asia.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 29, Issue 4, June 2010, Pages 685-703
نویسندگان
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