Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal

We study the ways domestic and external global factors (such as risk appetite, global liquidity, U.S. monetary policy, and commodity prices) affected the exchange market pressure before and after the global financial crisis as well as the role of these factors during the Federal Reserves tapering

我们研究了国内与外部全球性因素（如风险偏好（risk appetite）、全球流动性（global liquidity）、美国货币政策（U.S. monetary policy）及大宗商品价格（commodity prices））在全球金融危机前后对汇率市场压力产生的影响，以及这些因素在美联储（Federal Reserve）缩减购债（tapering）期间所发挥的作用。