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

Dan Crowley, Jonathan Davis and Michael Morris

Economic Letter, 2018, vol. 13, issue 9, 4 pages

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.

Date: 2018
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