| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19980 |
| 来源ID | Working Paper 19980 |
| The Transmission of Federal Reserve Tapering News to Emerging Financial Markets | |
| Joshua Aizenman; Mahir Binici; Michael M. Hutchison | |
| 发表日期 | 2014-03-13 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper evaluates the impact of tapering “news” announcements by Fed senior policy makers on financial markets in emerging economies. We apply a panel framework using daily data, and find that emerging market asset prices respond most to statements by Fed Chairman Bernanke, and much less to other Fed officials. We group emerging markets into those with “robust” fundamentals (current account surpluses, high international reserves and low external debt) and those with “fragile” fundamentals and, intriguingly, find that the exchange rates of the robust group (and lesser extend equity prices and CDS spreads) were more adversely affected to tapering news than the fragile group. The cumulative effects of tapering announcements after a month, however, appear to be quite similar for both robust and fragile emerging markets. We also show that more financially developed economies are more impacted by tapering news and a plausible interpretation is that more financially developed economies are more exposed, at least in the short-term, to external news announcements. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w19980 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577654 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Mahir Binici,Michael M. Hutchison. The Transmission of Federal Reserve Tapering News to Emerging Financial Markets. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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