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The State’s Monetary Policy Efficiency under Globalization

Student: Anton Kashin

Supervisor: Maxim Bratersky

Faculty: Faculty of World Economy and International Affairs

Educational Programme: Bachelor

Year of Graduation: 2014

<p>The research was devoted to study the impact of U.S. monetary policy on emerging countries.</p><p>A number of facts were discovered during the research.</p><p>First, the Mundell-Fleming constraint was emirically evidenced.</p><p>Second, the hypotesis of the U.S. benefitting from being the issuer of world main reserve currency was rejected.</p><p>Third, the hypotesis about the dependence of U.S. monetary policy impact on emerging markets from the interconnectedness between the two was not confirmed.</p><p>Fourth, the same hypothesis was not overruled due to empirical evidence of Singapore real output being dependent on U.S. monetary policy more than any other tested country.</p>

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