Latin American countries may be especially exposed to US monetary policy, paper finds

Bank of Spain

Latin American economies may be strongly affected by the normalisation of US monetary policy, argues a working paper published recently by the Bank of Spain.

In The effects of US unconventional monetary policies in Latin America, Fructuoso Borrallo, Ignacio Hernando and Javier Vallés analyse the impact of US monetary policy on several emerging market economies, including five in Latin America.

The authors estimate the effects of US monetary policy announcements on bond rates, exchange rates and

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