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Global Monetary Policies and the Markets: Policy Dilemmas in the Emerging Markets

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  • Philip Turner

    (Monetary and Economic Department, Bank for International Settlements, Centralbahnplatz 2, Basel CH-4002, Switzerland.)

Abstract

Financial conditions in the emerging markets (EMs) have become more dependent on the ‘world’ long-term interest rate, which has been driven down by monetary policies in the advanced economies – notably Quantitative Easing (QE) – and by several non-monetary factors. This paper analyzes some new mechanisms that link global long-term rates to monetary policy and to domestic bank lending in the EMs. Understanding these mechanisms could help EM central banks prepare for the exit from QE and higher policy rates in advanced economies. Monetary policy in the EMs has lost some traction, and difficult trade-offs confront central banks.

Suggested Citation

  • Philip Turner, 2015. "Global Monetary Policies and the Markets: Policy Dilemmas in the Emerging Markets," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 57(2), pages 276-299, June.
    • Handle: RePEc:pal:compes:v:57:y:2015:i:2:p:276-299
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    Cited by:

    1. Madhusudan Mohanty & Kumar Rishabh, 2016. "Financial intermediation and monetary policy transmission in EMEs: What has changed post-2008 crisis?," BIS Working Papers 546, Bank for International Settlements.
    2. Hans Genberg, 2017. "Financial Integration in Asia," Working Papers wp22, South East Asian Central Banks (SEACEN) Research and Training Centre.
    3. Frank Packer & Chang Shu, 2015. "Introduction," BIS Papers chapters, in: Bank for International Settlements (ed.), Cross-border financial linkages: challenges for monetary policy and financial stability, volume 82, pages v-ix, Bank for International Settlements.

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