US spillovers stronger for some countries than others – IMF paper

Federal Reserve
The Federal Reserve eagle. Photo: Dan Hinge

Some countries are more vulnerable than others to the effects of rising US interest rates, a working paper published by the International Monetary Fund warns.

US monetary policy normalization and global interest rates, by Carlos Caceres, Yan Carriere-Swallow, Ishak Demir and Bertrand Gruss assesses how a sample of 43 advanced and emerging economies have responded to changes in US rates since 2000. They decompose each shock to examine how different elements spill across borders.

The authors find

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