摘要 : We examine whether emerging market prudential policies help to reduce the macro financial spillover effects of US monetary policy. We find that emerging markets with tighter prudential policies face significantly smaller, and less... 展开 We examine whether emerging market prudential policies help to reduce the macro financial spillover effects of US monetary policy. We find that emerging markets with tighter prudential policies face significantly smaller, and less negative, spillovers to total credit from US monetary policy tightening shocks. Reserve requirements and, to a lesser extent, loan-to-value ratio limits appear to be particularly effective prudential measures at mitigating the spillover effects of US monetary policy. Consistent with the bank-lending channel, our findings indicate that domestic prudential policies can dampen emerging markets' exposure to US monetary policy and the associated global financial cycle, even when accounting for capital controls. These findings suggest they may be a useful tool in the face of international macroeconomic policy trade-offs.@ 2021 The Bank of England and The Author(s). Published by Elsevier Ltd. All rights reserved. 收起