Tapering Talk : The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets

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. Th...

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Bibliographic Details
Main Authors:	Eichengreen, Barry, Gupta, Poonam
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ASSET PRICES ASSETS BANK LENDING BASIS POINTS BOND SPREAD BOND SPREADS BOND YIELDS BUDGET DEFICIT BUDGET DEFICITS BUSINESS ENVIRONMENT CAPITAL ACCOUNT CAPITAL ACCOUNT OPENNESS CAPITAL ACCOUNT TRANSACTIONS CAPITAL CONTROL CAPITAL CONTROLS CAPITAL FLOWS CAPITAL MARKET CDS CENTRAL BANK CHECKS CLOSED CAPITAL ACCOUNT COMPETITIVENESS CONSUMER PRICE INDEX CONTROL VARIABLE CORRELATION COEFFICIENTS CREDIT DEFAULT CREDIT DEFAULT SWAP CREDIT DEFAULT SWAPS CURRENCY CURRENCY DEPRECIATION CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT TRANSACTIONS CURRENT ACCOUNTS CURRENT DEFICIT DE FACTO EXCHANGE RATE REGIME DEBTS DEPENDENT VARIABLE DEPRECIATIONS DEVELOPMENT ECONOMICS DEVELOPMENT POLICY ECONOMIC GROWTH ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICY EMERGING COUNTRIES EMERGING MARKET EMERGING MARKETS EQUITIES EQUITY PRICE EQUITY PRICES EXCHANGE ARRANGEMENTS EXCHANGE DEPRECIATION EXCHANGE MARKET EXCHANGE RATE DATA EXCHANGE RATE DEPRECIATION EXCHANGE RATE REGIME EXCHANGE RATES EXCHANGE RESTRICTIONS EXPLANATORY VARIABLES EXTERNAL DEBT EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL PRESSURES FEDERAL RESERVE FEDERAL RESERVE SYSTEM FINANCIAL INFLOWS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL SECTOR FINANCIAL SHOCKS FINANCIAL SYSTEMS FISCAL DEFICIT FISCAL POLICY FOREIGN ASSETS FOREIGN CAPITAL FOREIGN INVESTORS FOREIGN RESERVES GDP GLOBAL FINANCIAL STABILITY GOVERNANCE INDICATOR GOVERNANCE INDICATORS GOVERNMENT BOND GOVERNMENT BOND MARKETS GROWTH RATE GROWTH RATES IMPORTS INFLATION INFLATION INDEX INFLATION RATE INTEREST RATE INTEREST RATE SPREADS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTICS LIABILITY LIQUID MARKET LIQUIDITY LOAN LOCAL CURRENCY LOCAL MARKET LOCAL MARKETS M2 MACROECONOMIC CONDITIONS MARKET CONDITIONS MARKET PRESSURE MARKET SIZE MARKET STOCK MARKET STRUCTURE MARKET YIELDS MONETARY FUND MONETARY POLICY MORTGAGE MORTGAGE MARKET MULTIPLE EXCHANGE RATES NOMINAL DEPRECIATION NOMINAL EXCHANGE RATE OPEN CAPITAL ACCOUNT PERCEIVED VULNERABILITY POLICY ANALYSIS POLICY RESEARCH PORTFOLIO PORTFOLIO LIABILITIES PORTFOLIO LIABILITY PORTFOLIOS PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE FINANCING PRIVATE INFLOWS PUBLIC DEBT RATE OF DEPRECIATION RATE OF GROWTH REAL APPRECIATION REAL EFFECTIVE EXCHANGE RATES REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL EXCHANGE RATES REAL GDP REGRESSION ANALYSIS RESERVE BANK RESERVES ROBUSTNESS CHECKS SECURITIES SHORT TERM DEBT SOVEREIGN BOND SOVEREIGN BONDS SPECULATIVE ATTACKS STANDARD DEVIATION STANDARD DEVIATIONS STOCK EXCHANGE STOCK INDEX STOCK INDICES STOCK MARKET STOCK MARKET CAPITALIZATION STOCK MARKET DECLINE STOCK MARKET DECLINES STOCK MARKET INDEX STOCK MARKET INDICES STOCK MARKETS STOCK PRICE STOCK PRICES STOCKS TOTAL EXTERNAL DEBT TOTAL RESERVES TREASURIES UPWARD PRESSURE WEALTH WEIGHTS WORLD DEVELOPMENT INDICATORS
Online Access:	http://documents.worldbank.org/curated/en/2014/01/18832605/tapering-talk-impact-expectations-reduced-federal-reserve-security-purchases-emerging-markets http://hdl.handle.net/10986/16826

Internet

http://documents.worldbank.org/curated/en/2014/01/18832605/tapering-talk-impact-expectations-reduced-federal-reserve-security-purchases-emerging-markets
http://hdl.handle.net/10986/16826

Tapering Talk : The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets

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