Local shocks may outweigh global factors for EMEs – ECB paper


Global financial factors may have far less of an impact on emerging markets than local or regional shocks, a working paper published by the European Central Bank finds.

In EME financial conditions: which global shocks matter?, David Lodge and Ana-Simona Manu distinguish what they call “four key drivers of global financial markets”.

These are oil-supply shocks, global economic news shocks, economic news shocks specific to the US, and US monetary shocks.

The authors examine how much influence

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