The Effects of U.S. Unconventional Monetary Policy on Asia Frontier Developing Economies
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Summary:
This paper explores the effect of U.S. unconventional monetary policy (QE2) on a group of frontier developing economies (FDEs) in Asia. This paper finds that spillovers emanating from the U.S. on FDEs in Asia have been small. The relative insulation of emerging Asia from the global financial cycle can likely be attributed to the presence of managed capital accounts coupled with shallow financial markets. Should U.S. monetary policy begin to normalize the direct first-round impact on developing Asia is likely to be small.
Series:
Working Paper No. 15/18
Subject:
Asia Capital flows Credit Developing countries Econometric models India Liquidity Monetary policy Spillovers United States
English
Publication Date:
January 23, 2015
ISBN/ISSN:
9781498334037/1018-5941
Stock No:
WPIEA2015018
Format:
Paper
Pages:
30
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