What Have Central Banks from EMEs Learnt About the International Transmission of Monetary Policy in Recent Years?

After the Fed adopted its unconventional monetary policy, countries with strong surpluses faced fewer challenges than did those with more open economies and strong financial linkages with developed economies. In the case of Saudi Arabia, fiscal policy remains dominant due to the structure of the economy and the country's exchange rate arrangements. As a result, Saudi Arabia did not have to engage in FX intervention to defend its currency or impose additional macroprudential measures to maintain the stability of the domestic financial system.Full publication: "http://ssrn.com/abstract=2498104" target="_blank" The Transmission of Unconventional Monetary Policy to the Emerging Markets