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Federal Reserve Bank of Dallas
Economic Letter
Reserve Adequacy Explains Emerging-Market Sensitivity to U.S. Monetary Policy
J. Scott Davis
Dan Crowley
Michael Morris
Abstract

Emerging economies that borrow in U.S. dollars are sensitive to U.S. monetary policy due to changing exchange rates. However, the marginal effect of this sensitivity is determined by the relative amount of U.S. dollars held in reserve.


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J. Scott Davis & Dan Crowley & Michael Morris, "Reserve Adequacy Explains Emerging-Market Sensitivity to U.S. Monetary Policy" , Federal Reserve Bank of Dallas, Economic Letter, volume 13, issue 9, pages 1-4, December 2018.
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