After the adoption of unconventional monetary policies (UMP) in advanced economies (AEs) there weremany studies of monetary spillovers to asset prices in emerging market economies (EMEs) but the extentof contribution of EMEs and AEs respectively in real exchange rate (RER) misalignments has not been addressed. Using fixed effects, pooled mean group and common correlated effects we address the gap ina cross-country panel set-up with country specific controls. Multi-way clustering is used to ensure robust statistical inferences. Robust evidence is found for significant monetary spillovers over 1998-2017 in the form of RER overvaluation of EMEs against AEs especially through the portfolio rebalancing channel. EME RER against US saw significantly more overvaluation in UMP years indicating greater role of US in monetary spillovers. However, in the long run monetary neutrality holds. EMEs did pursue mercantilist and precautionary policies that undervalued their RERs. Precautionary undervaluation is more evident with bilateral EME US RER. Export diversification reduces EME mercantilist motives against US. That AE monetary policy significantly appreciates EMERER should be kept in mind for future policy cooperation between EMEs and AEs.

中文翻译：

---

新兴市场的货币溢出和实际汇率错位

在发达经济体 (AEs) 采取非常规货币政策 (UMP) 后，对新兴市场经济体 (EMEs) 资产价格的货币溢出效应进行了许多研究，但 EMEs 和 AEs 分别对实际汇率 (RER) 错位的贡献程度没有被解决。使用固定效应、合并平均组和共同相关效应，我们解决了具有国家特定控制的跨国面板设置中的差距。多路聚类用于确保稳健的统计推断。强有力的证据表明，1998-2017 年间以新兴市场经济体相对于 AE 的 RER 高估的形式出现了重大的货币溢出效应，尤其是通过投资组合再平衡渠道。新兴市场相对美国的 RER 在 UMP 年份明显被高估，表明美国在货币溢出中的作用更大。然而，从长远来看，货币中性是成立的。新兴市场经济体确实推行了低估其 RER 价值的重商主义和预防性政策。双边 EME 美国 RER 的预防性低估更为明显。出口多元化减少了新兴市场经济体针对美国的重商主义动机。在未来新兴市场经济体和 AE 之间的政策合作中，应牢记 AE 货币政策显着升值 EMERER。