External effects of US monetary policy

The article focuses on the changes in US monetary policy since the beginning of the 21st century and reveals the impact of this policy on the national economies of other countries, especially emerging markets. The US monetary policy influenced the emerging markets both through the real and financ...

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Autor principal:	M. Yu. GOLOVNIN
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2018
Materias:	international macroeconomics monetary policy us economy external effects emerging markets foreign policy International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/334b8bf80bca439cbe3259001fc4317c
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spelling	oai:doaj.org-article:334b8bf80bca439cbe3259001fc4317c2021-11-07T14:45:02ZExternal effects of US monetary policy2542-02402587-932410.23932/2542-0240-2018-11-2-82-99https://doaj.org/article/334b8bf80bca439cbe3259001fc4317c2018-08-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/330https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324The article focuses on the changes in US monetary policy since the beginning of the 21st century and reveals the impact of this policy on the national economies of other countries, especially emerging markets. The US monetary policy influenced the emerging markets both through the real and financial channels. Through the latter, the main impact was on the Treasury bills rates and on the exchange rates. At the same time, the influence on different countries varied in different periods. For example, interest rates in Thailand, Mexico and Pakistan before the global economic and financial crisis in general followed the cycle of US monetary policy. The “quantitative easing” policy, the statements and the follow-up actions to abolish it, have influenced cross-border capital flows to emerging markets. A number of countries, including Russia, experienced the impact of US monetary policy through the dynamics of oil prices. Emerging markets face restrictions on their monetary policy from the US monetary policy, but in practice they seek to circumvent them through exchange rate regulation, restrictions on crossborder capital flows and the pursuit of an independent monetary policy, not following the cycles of interest rate changes in the US.M. Yu. GOLOVNINАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articleinternational macroeconomicsmonetary policyus economyexternal effectsemerging marketsforeign policyInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 11, Iss 2, Pp 82-99 (2018)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	international macroeconomics monetary policy us economy external effects emerging markets foreign policy International relations JZ2-6530
spellingShingle	international macroeconomics monetary policy us economy external effects emerging markets foreign policy International relations JZ2-6530 M. Yu. GOLOVNIN External effects of US monetary policy
description	The article focuses on the changes in US monetary policy since the beginning of the 21st century and reveals the impact of this policy on the national economies of other countries, especially emerging markets. The US monetary policy influenced the emerging markets both through the real and financial channels. Through the latter, the main impact was on the Treasury bills rates and on the exchange rates. At the same time, the influence on different countries varied in different periods. For example, interest rates in Thailand, Mexico and Pakistan before the global economic and financial crisis in general followed the cycle of US monetary policy. The “quantitative easing” policy, the statements and the follow-up actions to abolish it, have influenced cross-border capital flows to emerging markets. A number of countries, including Russia, experienced the impact of US monetary policy through the dynamics of oil prices. Emerging markets face restrictions on their monetary policy from the US monetary policy, but in practice they seek to circumvent them through exchange rate regulation, restrictions on crossborder capital flows and the pursuit of an independent monetary policy, not following the cycles of interest rate changes in the US.
format	article
author	M. Yu. GOLOVNIN
author_facet	M. Yu. GOLOVNIN
author_sort	M. Yu. GOLOVNIN
title	External effects of US monetary policy
title_short	External effects of US monetary policy
title_full	External effects of US monetary policy
title_fullStr	External effects of US monetary policy
title_full_unstemmed	External effects of US monetary policy
title_sort	external effects of us monetary policy
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2018
url	https://doaj.org/article/334b8bf80bca439cbe3259001fc4317c
work_keys_str_mv	AT myugolovnin externaleffectsofusmonetarypolicy
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External effects of US monetary policy

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