Country Spreads and Emerging Countries: Who Drives Whom?

A number of studies have stressed the role of movements in US interest rates and country spreads in driving business cycles in emerging market economies. At the same time, country spreads have been found to respond to changes in both the US interest rate and domestic conditions in emerging markets.

多项研究强调了美国利率变动与国家利差（country spreads）在驱动新兴市场经济体商业周期中的作用。同时，研究发现国家利差会对美国利率变化及新兴市场国内状况的变动作出反应。