Monetary Independence in Emerging Markets : Does the Exchange Rate Regime Make a Difference?

Does the Exchange Rate Regime Make a Difference?

Monetary Independence in Emerging Markets : Does the Exchange Rate Regime Make a Difference?
This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest rates in Hong Kong react much more to U.S. interest... READ MORE...

Publication date: January 2001
ISBN 9781451841633
$15.00

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