This paper analyzes market reactions to the 2013–2014 Fed announcements related to the tapering of asset purchases and examines how these reactions are influenced by financial depth. The study focuses on long-term government bond yields and uses daily data for all emerging markets. Controlling for all time-invariant country characteristics as well as time-varying macroeconomic fundamentals (changes in current account, fiscal balance, GDP growth, and inflation), countries with deeper domestic financial markets (as measured by higher bank credit, M2, M3, or stock market capitalization) experienced smaller increases in government bond yields during 4-day windows around Federal Open Market Committee announcements related to tapering. Countries with better macroeconomic fundamentals (measured by improvements in current account, fiscal balance, and GDP growth) also experienced smaller increases in government bond yields around such episodes.

中文翻译：

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美联储公告对新兴市场的影响：决定金融市场反应的因素是什么？

本文分析了市场对2013-2014年美联储宣布与资产购买减少有关的反应，并研究了这些反应如何受到财务深度的影响。该研究侧重于长期政府债券收益率，并使用了所有新兴市场的每日数据。控制所有时不变的国家/地区特征以及时变的宏观经济基本面（经常账户，财政平衡，GDP增长和通货膨胀的变化），国内金融市场较深的国家（以较高的银行信贷，M2，M3， （或股票市值）在联邦公开市场委员会有关缩减的公告前后的4天时间里，政府债券收益的增长幅度较小。宏观经济基本面较好的国家（通过经常帐，财政平衡，