The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets

John D. Burger, Francis E. Warnock, Veronica Cacdac Warnock

NBER Working Paper No. 23628
Issued in July 2017

---- Acknowledgments ----

This paper, funded by the Central Bank of Chile, was prepared for the Central Bank of Chile’s Twentieth Annual Conference. The authors thank Anderson Silva of the World Bank, for GEMLOC investability data; Branimir Gruić of the BIS, for data on the size of local currency and USD-denominated bond markets; McKinsey Global Institute, for data on the size of global financial assets; and John Rogers, Chiara Scotti and Jonathan Wright, for their unconventional monetary policy shocks data. We also thank John Ammer, Eric Swanson, Carlos Viana de Carvalho (the discussant) and participants at the Twentieth Annual Conference of the Central Bank of Chile for their helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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