论文名称：Does US Monetary Policy Affect the Interconnectedness of Global Financial Markets？

期刊名称：《Review of International Economics》

作者：周行、边江泽、秦淇林（成人动作片 博士生）、余湄

发表时间：2025.09

论文介绍：

本文考察了美国货币政策如何影响 48 个发达与新兴国家金融市场的互联性。研究表明，货币政策冲击与信息冲击均能显著强化全球金融市场的联动性，尤其是在降息周期中。面对这两类冲击时，发达国家主要形成显著的外向关联，而新兴国家则表现出更强的内向关联，反映出其在全球网络中的角色不对称性。此外，股票市场对信息冲击的反应比债券市场更敏感，这表明现金流渠道在传导过程中更为关键。通过中心 - 外围网络分析，本文强调了美国在通过直接与间接网络效应放大这种关联性方面的核心作用，而新兴国家对美国货币政策冲击更为敏感。研究结果为理解美国货币政策的国际溢出效应提供了新的启示。

论文摘要：

We investigate how US monetary policy influences the interconnectedness of financial markets across 48 advanced and emerging countries. We demonstrate that both monetary policy shocks and information shocks can significantly strengthen global financial market linkages, especially during interest rate cuts. In response to these two types of shocks, advanced countries primarily generate substantial outward connections, while emerging countries exhibit stronger inward linkages, reflecting an asymmetry in their roles within the global network. Furthermore, we find that equity markets are more responsive to information shocks than bond markets, indicating that cash flow channels are more important to these transmissions. Using a central–peripheral network analysis, we highlight the central role of the US in amplifying these connections through both direct and indirect network effects, with emerging countries being more susceptible to US monetary policy shocks. Our results provide new implications for the international spillover effects of US monetary policy.

论文链接：//onlinelibrary.wiley.com/doi/10.1111/roie.12812