What Have Central Banks from EMEs Learnt About the International Transmission of Monetary Policy in Recent Years?

4 Pages Posted: 7 Oct 2014

See all articles by Saudi Arabian Monetary Agency (SAMA)

Saudi Arabian Monetary Agency (SAMA)

Government of the Kingdom of Saudi Arabia - Saudi Arabian Monetary Agency (SAMA)

Date Written: August 2014

Abstract

After the Fed adopted its unconventional monetary policy, countries with strong surpluses faced fewer challenges than did those with more open economies and strong financial linkages with developed economies. In the case of Saudi Arabia, fiscal policy remains dominant due to the structure of the economy and the country’s exchange rate arrangements. As a result, Saudi Arabia did not have to engage in FX intervention to defend its currency or impose additional macroprudential measures to maintain the stability of the domestic financial system.

Full publication: The Transmission of Unconventional Monetary Policy to the Emerging Markets

Keywords: Financial crises, Fed, unconventional monetary policy, EMEs, current account, exchange rate, and capital flows

JEL Classification: E52, E58, F31, G01, E62

Suggested Citation

(SAMA), Saudi Arabian Monetary Agency, What Have Central Banks from EMEs Learnt About the International Transmission of Monetary Policy in Recent Years? (August 2014). BIS Paper No. 78t, Available at SSRN: https://ssrn.com/abstract=2500382

Saudi Arabian Monetary Agency (SAMA) (Contact Author)

Government of the Kingdom of Saudi Arabia - Saudi Arabian Monetary Agency (SAMA)

Saudi Arabia

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