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1、DivergentEmergingMarketEconomyResponsestoGlobalandDomesticMonetaryPolicyShocksBuildingonattemptstogaugetheimpactpolicychangesinadvancedeconomieshaveonemergingeconomies,thispaperinvestigateshowtheUnitedStates(US)anddomesticmonetarypolicyratesaffectmacroeconomicconditionsinemergingm
2、arketeconomies(EMEs).FindingsindicatethattheimpactofUSpolicyratehikesoutstripstheeffectsassociatedwithdomesticratehikesinEMEs.WhenUSmonetarypolicytightens,bondandequitymarketsinEMEsarepronetoexperiencingoutflows.Resultsalsoshowthatbondflowsaremoresensitivetointerestratedifferentia
3、lsthanareequityflows.ItisalsofoundthatthemagnitudeoftheeffectsvarieswithinthegroupofEMEs,withgreateroutputvariationsinthoseEMEswithhigherinflation.Consequently,domesticpolicyaloneisnotenoughtocounteracttheeffectsofglobalpolicyshocksoncapitalflowsinEMEs.DivERGENtEMERGiNGAbouttheAsi
4、anDevelopmentBankMARkEtEcONOMyRESPONSESADB’svisionisanAsiaandPacificregionfreeofpoverty.Itsmissionistohelpitsdevelopingmembercountriesreducepovertyandimprovethequalityoflifeoftheirpeople.Despitetheregion’smanysuccesses,tOGlOBAlANDDOMESticitremainshometoalargeshareoftheworld’spoor.
5、ADBiscommittedtoreducingpovertythroughinclusiveeconomicgrowth,environmentallysustainablegrowth,andregionalintegration.MONEtARyPOlicyShOckSBasedinManila,ADBisownedby67members,including48fromtheregion.Itsmaininstrumentsforhelpingitsdevelopingmembercountriesarepolicydialogue,loans,eq
6、uityinvestments,guarantees,grants,andtechnicalassistance.WoonGyuChoi,TaesuKang,Geun-YoungKim,andByongjuLeeNO.532adbeconomicsdecember2017workingpaperseriesAsiAnDevelopmentBAnk6ADBAvenue,MandaluyongCity1550MetroManila,PhilippinesASIANDEVELOPMENTBANKwww.adb.orgADBEconomicsWorkingPape
7、rSeriesDivergentEmergingMarketEconomyResponsestoGlobalandDomesticMonetaryPolicyShocksWoonGyuChoi,TaesuKang,WoonGyuChoi(wchoi@imf.org)isasenioreconomistattheInstituteforCapacityDevelopment,InternationalGeun-YoungKim,andByongjuLeeMonetaryFund(IMF);TaesuKang(tskang@bok.or.kr)isaNo.53
8、2
9、December2017senioreconomistatth
