ADB亚洲开发银行：2024年全球冲击与新兴市场货币政策传导报告（英文版）

This paper empirically examines the impact of global shocks on monetary policy transmission in 24 emerging market economies (EMEs), using panel local projections over the period 2000 to 2022. The estimated results show that adverse global shocks, namely a tighter United States monetary policy stance, higher global financial market uncertainty, and global climate change, could dampen the transmission of monetary policy in EMEs. Specifically, the overall responses of industrial production and i