01910cas a2200265 a 4500 AALejournalIMF001573 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451841633 1018-5941 BD-DhAAL BD-DhAAL Philippon, Thomas. Monetary Independence in Emerging Markets : Does the Exchange Rate Regime Make a Difference? / Thomas Philippon, Jeromin Zettelmeyer, Eduardo Borensztein. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (49 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest rates and exchange rates across several emerging market economies with different exchange rate regimes. Consistent with conventional priors, the results indicate that interest rates in Hong Kong react much more to U.S. interest rate shocks and shocks to international risk premia than interest rates in Singapore. The results are less clearcut in the comparison of Argentina and Mexico: While interest rates (and the exchange rate) in Mexico seem to react less to U.S. interest rate shocks, they react about the same to bond spread shocks, in addition to a significant impact on the exchange rate. Mode of access: Internet Borensztein, Eduardo. Zettelmeyer, Jeromin. IMF Working Papers; Working Paper ; No. 2001/001 Full text available on IMF http://elibrary.imf.org/view/journals/001/2001/001/001.2001.issue-001-en.xml IMF e-Library