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Global Spillover Effects of US Uncertainty

February 21, 2019

Kuala Lumpur World Bank-University of Malaya Joint Seminar

  • Spillover effects of US uncertainty shocks are studied in a panel VAR of fifteen emerging market economies (EMEs). A US uncertainty shock negatively affects EME stock prices and exchange rates, raises EME country spreads, and decreases capital inflows into them. It decreases EME output and consumer prices while increasing net exports. Negative effects on output and asset prices are weaker, but effects on external balance stronger, for Latin American EMEs. We attribute such heterogeneity to differential EME monetary policy response to US uncertainty shocks. Analysis of central bank minutes shows Latin American EMEs pay less attention to smoothing capital flows.

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  • Woong Yong Park

    Woong Yong Park earned his PhD in economics at Princeton University in 2011. Before joining Seoul National, he taught at the University of Hong Kong and the University of Illinois at Urbana-Champaign. His main fields of research are international money and finance and monetary economics. He also has research interests in the methods for econometric analysis of dynamic macro models and empirical studies using these methods. He published journals such as Journal of Monetary Economics, Journal of International Economics and Review of Economics and Statistics.


  • WHEN: Thursday, February 21, 2019; 12:30 -2:00PM
  • WHERE: World Bank Malaysia Office, Level 3, Sasana Kijang, No. 2, Jalan Dato’ Onn
  • RSVP: Kindly RSVP by Wednesday, February 20, 2019