Emerging markets hit harder by US rate hikes than domestic policy – Bank of Korea paper

Bank of Korea, Seoul
The Bank of Korea

US rate hikes can have more of an impact on emerging markets than those by their domestic central banks, according to a working paper published by the Bank of Korea on November 14.

Authors Woon Gyu Choi, Byongju Lee, Taesu Kang and Geun-Young Kim employ a factor model, which helps them to capture the US policy stance even with rates at the zero lower bound. They study the impact of policy on a wide range of economic indicators, noting US policy delivers part of its impact via global liquidity

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