Summary of The Role of U.S. Monetary Policy in Global Banking Crises

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The Federal Reserve's monetary policy holds implications not just for the United States but for the global economic architecture. Central bankers abroad must respond to American monetary activities by deploying their own resources as a means to achieve their distinctive policy objectives. Writing for the Federal Reserve Board, economists Bora Durdu, Alex Martin and Ilknur Zer examine the role of US monetary policy as it relates to financial stability in other nations. Financial professionals, economists and policy experts will appreciate the insightful analysis and comprehensive research contained in this authoritative report.

About the Authors

Bora Durdu, Alex Martin and Ilknur Zer are economists with the Federal Reserve Board.

 

Summary

US Federal Reserve actions reverberate through other countries.

Federal Reserve leaders manipulate policy levers in an effort to moderate inflationary forces. However, the domestic effects of Fed actions are only one side of the story. Spillover impacts occur throughout other economies and carry substantive weight, depending on a country’s exposure and connectivity – in terms of financial and commercial ties – to the United States. 

Experts reviewing 69 countries – 24 advanced and 45 emerging markets – across the timeline from 1870 to 2010 have found several financial and economic repercussions resulting from US monetary...


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