全球紧缩、银行业压力和新兴市场国家的市场弹性（英）-2023.4-10页.docVIP

BIS Papers No 134 Global tightening, banking stress and market resilience in EMEs by Mathias Drehmann, Bafundi Maronoti and Angela O’Connor Monetary and Economic Department April 2023 JEL classification: F36, G10, G15. Keywords: market functioning, international spillovers, emerging markets. The views expressed are those of the authors and not necessarily the views of the BIS. This publication is available on the BIS website (). ? Bank for International Settlements 2023. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1682-7651 (online) ISBN 978-92-9259-653-8 (online) Global tightening, banking stress and market resilience in EMEs Market functioning in emerging market economies (EMEs) can easily be buffeted by spillovers from advanced economies. The taper tantrum is a prime example. So how did market functioning in EMEs evolve amidst the tightening cycles in major advanced economies that started in 2022? Were EME markets resilient when banking problems emerged in the United States and Switzerland in March 2023? This paper addresses these questions. Before doing so it provides a brief review of the channels through which spillovers from tightening in advanced economies could affect market functioning in core FX and government bond markets in EMEs. Spillover channels to market functioning A well-functioning market is characterised by an effective matching of participants with diverse trading interests and by reliable price discovery (Markets Committee (2019)). This in turn requires the market to be both liquid and resilient. Adequate market liquidity allows market participants to trade in a timely manner, and for large amounts, without significant price impact. Market resilience implies that market participants can continue trading during periods of heightened financial stress or economic uncertainty, although potentially at higher costs. The proximate causes of