TY - BOOK ID - 84655868 TI - Impact of Fed Tapering Announcements on Emerging Markets AU - Mishra, Prachi. AU - Moriyama, Kenji. AU - N'Diaye, Papa. AU - Nguyen, Lam. PY - 2014 SN - 1498379184 1498384544 1498317359 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Quantitative easing (Monetary policy) KW - Stocks KW - Bonds KW - Government securities KW - Foreign exchange rates KW - Monetary policy KW - Government agency securities KW - Government bonds KW - Public securities KW - Treasuries (Securities) KW - Treasury bonds KW - Debts, Public KW - Securities KW - Bond issues KW - Debentures KW - Negotiable instruments KW - Common shares KW - Common stocks KW - Equities KW - Equity capital KW - Equity financing KW - Shares of stock KW - Stock issues KW - Stock offerings KW - Stock trading KW - Trading, Stock KW - Corporations KW - Going public (Securities) KW - Stock repurchasing KW - Stockholders KW - QE (Monetary policy) KW - Queasing (Monetary policy) KW - Banks and banking, Central KW - Prices KW - Exports and Imports KW - Finance: General KW - Foreign Exchange KW - Investments: Bonds KW - Open Economy Macroeconomics KW - International Policy Coordination and Transmission KW - General Financial Markets: General (includes Measurement and Data) KW - International Investment KW - Long-term Capital Movements KW - Finance KW - Currency KW - Foreign exchange KW - International economics KW - Investment & securities KW - Exchange rates KW - Capital flows KW - Bond yields KW - Financial integration KW - Stock markets KW - Financial institutions KW - Balance of payments KW - Financial markets KW - Capital movements KW - International finance KW - Stock exchanges KW - China, People's Republic of UR - https://www.unicat.be/uniCat?func=search&query=sysid:84655868 AB - This paper analyzes market reactions to the 2013–14 Fed announcements relating to tapering of asset purchases and their relationship to macroeconomic fundamentals and country economic and financial structures. The study uses daily data on exchange rates, government bond yields, and stock prices for 21 emerging markets. It finds evidence of markets differentiating across countries around volatile episodes. Countries with stronger macroeconomic fundamentals, deeper financial markets, and a tighter macroprudential policy stance in the run-up to the tapering announcements experienced smaller currency depreciations and smaller increases in government bond yields. At the same time, there was less differentiation in the behavior of stock prices based on fundamentals. ER -