Abstract
ABSTRACT We analyse how macroprudential policies in a panel of emerging economies affect spillovers from changes in long-term government bond yields in the United States. We show that a tightening in foreign exchange (FX) related macroprudential policy tools, in particular, limits to FX positions, helps to temporarily shield emerging economies from interest rate spillovers. No such effect is observed for non-FX related macroprudential actions.
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