[HTML][HTML] Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history
The paper investigates the role of country-specific factors in external monetary vulnerability
to global uncertainty shocks. We identify three structural determinants that may shape cross-
country heterogeneity in the monetary response to financial uncertainty shocks: dominance
in the international monetary and financial system, exposure to fickle capital flows, and
volatile macrofinancial histories. Based on vector autoregressions, we operationalise
external monetary vulnerability through an index based on estimated impulse responses of …
to global uncertainty shocks. We identify three structural determinants that may shape cross-
country heterogeneity in the monetary response to financial uncertainty shocks: dominance
in the international monetary and financial system, exposure to fickle capital flows, and
volatile macrofinancial histories. Based on vector autoregressions, we operationalise
external monetary vulnerability through an index based on estimated impulse responses of …
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