How Does U.S. Monetary Policy Influence Sovereign Spreads in Emerging Markets?
How Does U.S. Monetary Policy Influence Sovereign Spreads in Emerging Markets?
复制标题
美国货币政策如何影响新兴市场的主权利差？
DOI：
10.2307/4621680
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发表时间：
2001
期刊：
影响因子：
--
通讯作者：
M. Cerisola
中科院分区：
文献类型：
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作者：
Vivek B. Arora;M. Cerisola
本文量化了美国货币政策变化对新兴市场国家主权债券利差的影响。具体地说，本文实证地探讨了以主权债券利差为代表的国家风险如何受到美国货币政策、特定国家的基本面和全球资本市场状况的影响。虽然特定国家的基本面因素对解释国家风险的波动很重要，但美国货币政策的立场和可预测性对于稳定新兴市场的资本流动和资本市场状况也很重要。
This paper quantifies the impact of changes in U.S. monetary policy on sovereign bond spreads in emerging market countries. Specifically, the paper explores empirically how country risk, as proxied by sovereign bond spreads, is influenced by U.S. monetary policy, country-specific fundamentals, and conditions in global capital markets. While country-specific fundamentals are important in explaining fluctuations in country risk, the stance and predictability of U.S. monetary policy are also important for stabilizing capital flows and capital market conditions in emerging markets.