The Transmission of US Financial Stress : Evidence for Emerging Market Economies

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dc.contributor.authorFink, Fabian
dc.contributor.authorSchüler, Yves S.
dc.date.accessioned2015-02-02T12:08:16Z
dc.date.available2015-02-02T12:08:16Z
dc.date.issued2013eng
dc.description.abstractWe provide empirical evidence that US financial stress shocks (US-FSSs) are an important driver for economic dynamics and fluctuations in emerging market economies (EMEs). Applying a structural vector auto regression, we analyze the international transmission of US-FSSs to eight EMEs using monthly data from 1999 to 2012. US-FSSs are identified as unexpected changes in the financial conditions index of the Federal Reserve Bank of Chicago. Findings indicate that a typical EME experiences similar negative effects as the US economy in response to US-FSSs. Our results emphasize that the transmission through international financial interconnections is dominant, while contagion through trade is inessential. Further, with regard to fluctuations in real economic activity, US-FSSs are as important as all other external factors jointly. In general, US-FSSs represent a crucial driver for volatility in the emerging world; also at business cycle frequencies.eng
dc.description.versionpublished
dc.identifier.ppn425671399
dc.identifier.urihttp://kops.uni-konstanz.de/handle/123456789/29704
dc.language.isoengeng
dc.relation.ispartofseriesWorking Paper Series / Department of Economics
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dc.subjectFinancial Stress Shocks, International Transmission, Emerging Markets, SVAReng
dc.subject.ddc330eng
dc.subject.jelE44
dc.subject.jelF30
dc.subject.jelG10
dc.titleThe Transmission of US Financial Stress : Evidence for Emerging Market Economieseng
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  series={Working Paper Series / Department of Economics},
  title={The Transmission of US Financial Stress : Evidence for Emerging Market Economies},
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  author={Fink, Fabian and Schüler, Yves S.}
}
kops.citation.iso690FINK, Fabian, Yves S. SCHÜLER, 2013. The Transmission of US Financial Stress : Evidence for Emerging Market Economiesdeu
kops.citation.iso690FINK, Fabian, Yves S. SCHÜLER, 2013. The Transmission of US Financial Stress : Evidence for Emerging Market Economieseng
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temp.internal.duplicates<p>Keine Dubletten gefunden. Letzte Überprüfung: 29.01.2015 11:14:57</p>deu

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