美国经济新闻和货币政策对新兴市场的影响

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The WP/23/107IMF Working Paper examines the impact of US economic news and monetary policy on emerging markets. The authors find that economic news, rather than monetary policy, has a significant impact on financial conditions in emerging markets. News about US employment has the strongest effects, followed by news about economic activity and vaccines during the COVID-19 pandemic. News about inflation has limited effects on average. The key channel of international transmission of US economic news appears to be the risk perceptions or risk aversion of international investors. The authors also show that some of the transmission of US economic news occurs independently of the US monetary policy reaction. Finally, they expand on evidence that financial conditions in the US and emerging markets respond differently to US economic news.