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GLOBALSHOCKSANDMONETARYPOLICY
TRANSMISSIONIN
EMERGINGMARKETS
NuobuRenzhiandJohnBeirne
NO.726ADBECONOMICS
NO.726
May2024WORKINGPAPERSERIES
May2024
ASIANDEVELOPMENTBANK
ADBEconomicsWorkingPaperSeries
GlobalShocksandMonetaryPolicyTransmission
inEmergingMarkets
NuobuRenzhiandJohnBeirne
No.726|May2024
TheADBEconomicsWorkingPaperSeries
presentsresearchinprogresstoelicitcommentsandencouragedebateondevelopmentissuesinAsiaandthePacific.Theviewsexpressed
arethoseoftheauthorsanddonotnecessarilyreflecttheviewsandpoliciesofADBor
itsBoardofGovernorsorthegovernmentstheyrepresent.
NuobuRenzhi(renzhinuobu@)isan
assistantprofessorattheSchoolofEconomics,
CapitalUniversityofEconomicsandBusiness.
JohnBeirne(jbeirne@)isaprincipaleconomist
attheEconomicResearchandDevelopmentImpact
Department,AsianDevelopmentBank.
ASIANDEVELOPMENTBANK
CreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO)
?2024AsianDevelopmentBank
6ADBAvenue,MandaluyongCity,1550MetroManila,Philippines
Tel+63286324444;Fax+63286362444
Somerightsreserved.Publishedin2024.
ISSN2313-6537(print),2313-6545(PDF)
PublicationStockNo.WPS240272-2
DOI:/10.22617/WPS240272-2
TheviewsexpressedinthispublicationarethoseoftheauthorsanddonotnecessarilyreflecttheviewsandpoliciesoftheAsianDevelopmentBank(ADB)oritsBoardofGovernorsorthegovernmentstheyrepresent.
ADBdoesnotguaranteetheaccuracyofthedataincludedinthispublicationandacceptsnoresponsibilityforany
consequenceoftheiruse.ThementionofspecificcompaniesorproductsofmanufacturersdoesnotimplythattheyareendorsedorrecommendedbyADBinpreferencetoothersofasimilarnaturethatarenotmentioned.
Bymakinganydesignationoforreferencetoaparticularterritoryorgeographicareainthisdocument,ADBdoesnotintendtomakeanyjudgmentsastothelegalor
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