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Cited by 298

The DOI matches its Crossref record; 50 of the 50 references it cites were found in a registry or an index.

U.S. Monetary Policy and International Risk Spillovers

Open access
Kalemli-Özcan, Ṣebnem·2019·National Bureau of Economic Research
DOI 10.3386/w26297
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Abstract

I show that monetary policy divergence vis-a-vis the U.S. has larger spillover effects in emerging markets than advanced economies.The monetary policy of the U.S. affects domestic credit costs in other countries through its effect on global investors' risk perceptions.Capital flows in and out of emerging market economies are particularly sensitive to fluctuations in such risk perceptions and have a direct effect on local credit spreads.Domestic monetary policy is ineffective in mitigating this effect as the pass-through of policy rate changes into short-term interest rates is imperfect.This disconnect between short rates and monetary policy rates is explained by changes in risk perceptions.A key policy implication of my findings is that emerging markets' monetary policy actions designed to limit exchange rate volatility can be counterproductive.

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Metadata

Authors
Kalemli-Özcan, Ṣ.
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2019-09
DOI
10.3386/w26297
OpenAlex
W2974649701
Cited by
298
References
50
Type
report
Language
en
Open access
green

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CoChat. (2026). Citation check: U.S. Monetary Policy and International Risk Spillovers. https://app.cochat.ai/papers/10.3386/w26297
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Kalemli-Özcan, Ṣ. (2019). U.S. Monetary Policy and International Risk Spillovers. National Bureau of Economic Research. https://doi.org/10.3386/w26297

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