Zaidi, IqbalLiu, Joseph2018-08-032026-09-292018-08-032026-09-292018-04-092018-08-03http://arks.princeton.edu/ark:/88435/dsp01ft848t33qhttps://theses-dissertations.princeton.edu/handle/88435/dsp01ft848t33qThe aggressive monetary policy response to the recent financial crisis has had reverberating effects throughout the global economy. This paper examines the spillover effects of mone-tary policy announcements from four systemically important central banks - the Federal Reserve, Bank of Japan, European Central Bank, and Bank of England - on emerging mar-ket financial variables in the period between 2010 and 2014. Monetary policy surprises are measured by changes in the relevant 10-year sovereign yield around the announcement date. The study finds that announcement spillovers were highly differentiated between banks. While Federal Reserve easing announcements strengthened emerging market equi-ties and currencies vis-à-vis the dollar, similar announcements from the Bank of Japan, Eu-ropean Central Bank, and Bank of England yielded the opposite result. It also finds evi-dence for regional financial linkages playing a role in influencing spillovers at the regional level, though these effects are not universally felt. A further breakdown of spillovers over time indicates that emerging markets responded to policy announcements in different ways as central bank policy programs evolved.application/pdfenPrinceton University Senior Theses