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E-book

Title Impact of fed tapering announcements on emerging markets / Prachi Mishra [and others]
Published [Washington, D.C.] : International Monetary Fund, ©2014

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Description 1 online resource (34 pages) : color illustrations
Series IMF working paper ; WP/14/109
IMF working paper ; WP/14/109.
Contents Cover; Contents; I. Introduction; II. What Happened in the Summer of 2013?; III. Data; IV. Empirical Methodology; Tables; 1. List of FOMC Meetings and Minutes; V. Results; 2. Market Reactions to FOMC Meeting and Release of Minutes; 3. FX Reaction and Macroeconomic Fundamentals; 4. FX Reaction and Financial Depth; 5. FX Reaction and Emerging Market Growth Forecasts; 6. FX Reaction and Emerging Market, China's Growth and Exposure to China; 7. FX Reaction, Financial Integration, Capital Flows and Capital Flow Measures; 8. FX Reaction, Financial Depth and Macro Prudential Measures
10. Changes in Stock Prices and Macroeconomic Fundamentals11. Which Country Characteristics Matter the Most; 12. Market Reaction and Country Resilience Principal Component; VI. Robustness Checks; 13. Reaction to Tightening and Country Characteristics; 14. Reaction to Revision of Market Expectations of FED Purchases and Country Characteristics; VII. Conclusion; References; Appendix
Summary "This paper analyzes market reactions to the 2013-14 Fed announcements relating to tapering of asset purchases and their relationship to macroeconomic fundamentals and country economic and financial structures. The study uses daily data on exchange rates, government bond yields, and stock prices for 21 emerging markets. It finds evidence of markets differentiating across countries around volatile episodes. Countries with stronger macroeconomic fundamentals, deeper financial markets, and a tighter macroprudential policy stance in the run-up to the tapering announcements experienced smaller currency depreciations and smaller increases in government bond yields. At the same time, there was less differentiation in the behavior of stock prices based on fundamentals"--Abstract
Notes "MCM and SPR"--Page 2 of pdf
"June 2014"--Page 2 of pdf
Bibliography Includes bibliographical references
Notes Online resource; title from pdf title page (IMF.org Web site, viewed June 24, 2014)
Subject Board of Governors of the Federal Reserve System (U.S.) -- Rules and practice
SUBJECT Board of Governors of the Federal Reserve System (U.S.) fast
Subject Quantitative easing (Monetary policy) -- Developing countries
Stocks -- Prices -- Developing countries
Bonds -- Prices -- Developing countries
Government securities -- Prices -- Developing countries
Foreign exchange rates -- Developing countries
Monetary policy -- United States
Bonds -- Prices
Foreign exchange rates
Government securities -- Prices
Monetary policy
Quantitative easing (Monetary policy)
Stocks -- Prices
Developing countries
United States
Genre/Form Rules
Form Electronic book
Author Mishra, Prachi, 1975- author.
International Monetary Fund. Monetary and Capital Markets Department, issuing body.
International Monetary Fund. Strategy, Policy, and Review Department, issuing body.
ISBN 9781498317351
1498317359