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Reserve Adequacy Explains Emerging-Market Sensitivity to U.S. Monetary Policy

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Listed:
  • Dan Crowley
  • J. Scott Davis
  • Michael Morris

Abstract

Emerging economies that borrow in U.S. dollars are sensitive to U.S. monetary policy due to changing exchange rates. However, the marginal effect of this sensitivity is determined by the relative amount of U.S. dollars held in reserve.

Suggested Citation

  • Dan Crowley & J. Scott Davis & Michael Morris, 2018. "Reserve Adequacy Explains Emerging-Market Sensitivity to U.S. Monetary Policy," Economic Letter, Federal Reserve Bank of Dallas, vol. 13(9), pages 1-4, December.
    • Handle: RePEc:fip:feddel:00064
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    Cited by:

    1. repec:cnb:ocpubc:geo2019/4 is not listed on IDEAS
    2. Yavuz Arslan & Carlos Cantú, 2019. "The size of foreign exchange reserves," BIS Papers chapters, in: Bank for International Settlements (ed.), Reserve management and FX intervention, volume 104, pages 1-23, Bank for International Settlements.

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