We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

ABSTRACT I show that monetary policy divergence vis-a-vis the US has larger spillover
effects in emerging markets than advanced economies. The monetary policy of the US …

This paper analyzes the spillovers of higher US interest rates on economic activity in a large
panel of 50 advanced and emerging economies. We allow the response of GDP in each …

We estimate international spillover effects of US Quantitative Easing (QE) on emerging
market economies (EMEs). Using a Bayesian panel VAR we find that an expansionary US …

This paper studies the transmission of US monetary shocks across the globe by employing a
high-frequency identification of policy shocks and large VAR techniques, in conjunction with …

We show that macroprudential regulation significantly dampens the impact of global
financial shocks on emerging markets. Specifically, a tighter level of regulation reduces the …

This paper estimates and compares the international transmission of European Central
Bank (ECB) and Federal Reserve System monetary policy in a unified and methodologically …

We provide evidence on the international transmission of US financial shocks, and compare
their effects to monetary policy and central bank information shocks in a two-country SVAR …

We compare the macroeconomic and financial spillovers of the unconventional monetary
policies of the Fed and the ECB. Monetary policy tightenings in the two areas are followed …

This paper explores the nature of macroeconomic spillovers from advanced economies to
emerging market economies (EMEs) and the consequences for independent use of …