In May 2013, Federal Reserve officials first began to talk of the possibility of tapering their security purchases. This tapering talk had a sharp negative impact on emerging markets. Different countries, however, were affected very differently. This paper uses data on exchange rates, foreign reserves and equity prices between April and August 2013 to analyze who was hit and why. It finds that emerging markets that allowed the real exchange rate to...
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INFORMACIÓN
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2014/01/01
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Documento de trabajo sobre investigaciones relativas a políticas
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WPS6754
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1
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1
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2014/01/01
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Disclosed
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Tapering talk : the impact of expectations of reduced federal reserve security purchases on emerging markets
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exchange rate