# **Table A.3. NIRP announcements: changes in EMDE financial variables over one-day window**

# **A. Emerging market aggregates**

|**Central Bank (policy rate)**|**Date**|**Rate**|**FX**|**Bond**<br>**spreads **|**Equities**|
|---|---|---|---|---|---|
|**European Central Bank**|June-2014|-0.10|0.5|-3.4|0.4|
|**_(Overnight deposit facility rate)_**|September-2014|-0.20|-0.4|-4.7|-0.1|
||December-2015|-0.30|0.5|-3.1|-0.3|
||March-2016|-0.40|0.3|-4.1|0.4|
||**Total**||**0.9**|**-15.3**|**0.4**|
|**Swiss National Bank**|January-2015|-0.75|-0.7|3.1|0.4|
|**_(Overnight sight deposit rate)_**||||||
|**Bank of Japan**|January-2016|-0.10|0.5|3.3|2.8|
|**_(Current account deposit rate)_**||||||
||**Average**||**0.1**|**-1.5**|**0.6**|
||**Median**||**0.4**|**-3.2**|**0.4**|

|**B. 10-year governme**<br>**Central Bank (policy rate)**|**nt bond yie**<br>**Date**|**lds (ba**<br>**Rate**|**sis po**<br>**China**|**ints)**<br>**Brazil**|**India**|**Russia**|**Mexico**|**Indonesia**|**Turkey**|**Poland**|**South**<br>**Africa**|**Chile**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|<br>**European Central Bank**|June-2014|-0.10|7.0|-10.8|3.7|-10.0|2.3|0.1|-24.8|-3.3|-4.0|-1.0|
|**_(Overnight deposit facility rate)_**|September-2014|-0.20|3.0|20.3|2.3|1.0|-0.1|-7.0|-4.1|0.5|-11.0|8.0|
||December-2015|-0.30|-2.0|1.5|-3.8|9.0|8.5|2.3|9.8|15.7|0.0|0.0|
||March-2016|-0.40|-9.6|0.3|-1.8|3.5|0.3|-3.0|-8.6|0.6|-15.0|0.0|
||**Total**||**-1.6**|**11.3**|**0.5**|**3.5**|**10.9**|**-7.6**|**-27.7**|**13.5**|**-30.0**|**7.0**|
|**Swiss National Bank**|January-2015|-0.75|0.0|-0.4|-11.0|0.0|-5.8|-3.6|2.3|-9.0|-8.0|-4.0|
|**_(Overnight sight deposit rate)_**|||||||||||||
|**Bank of Japan**<br>**_(Current account deposit rate)_**|January-2016|-0.10|-6.0|-20.1|-3.8|3.5|-5.4|-18.1|-8.3|-4.5|-22.0|-8.0|
||**Average**||**-1.3**|**-1.5**|**-2.4**|**1.2**|**-0.1**|**-4.9**|**-5.6**|**0.0**|**-10.0**|**-0.8**|
||**Median**||**-1.0**|**0.0**|**-2.8**|**2.3**|**0.1**|**-3.3**|**-6.2**|**-1.4**|**-9.5**|**-0.5**|
|**C. Nominal effective**<br>**Central Bank (policy rate)**|**exchange r**<br>**Date**|**ate (pe**<br>**Rate**|**rcent)**<br>**China**|**Brazil**|**India**|**Russia**|**Mexico**|**Indonesia**|**Turkey**|**Poland**|**South**<br>**Africa**|**Chile**|
|**European Central Bank**|June-2014|-0.10|-0.3|0.9|0.0|0.8|0.5|0.2|1.0|-0.1|0.5|0.2|
|**_(Overnight deposit facility rate)_**|September-2014|-0.20|0.5|0.1|0.6|0.8|0.0|0.3|0.6|-0.4|0.3|-0.3|
||December-2015|-0.30|-0.8|1.5|-1.3|-3.3|-1.2|-0.9|-1.6|0.2|-1.1|-0.4|
||March-2016|-0.40|-0.1|0.2|-0.5|-1.3|-1.1|0.4|-0.9|0.1|-1.9|-1.1|
||**Total**||**-0.7**|**2.7**|**-1.0**|**-3.1**|**-1.8**|**0.0**|**-0.9**|**-0.2**|**-2.2**|**-1.6**|
|**Swiss National Bank**|January-2015|-0.75|0.3|-0.5|0.2|1.8|-0.2|0.4|-0.6|-2.3|-0.5|0.1|
|**_(Overnight sight deposit rate)_**|||||||||||||
|**Bank of Japan**|January-2016|-0.10|0.4|1.9|0.7|2.0|0.7|1.1|1.0|0.7|2.1|0.0|
|**_(Current account deposit rate)_**|||||||||||||
||**Average**||**0.0**|**0.7**|**0.0**|**0.1**|**-0.2**|**0.3**|**-0.1**|**-0.3**|**-0.1**|**-0.2**|
||**Median**||**0.1**|**0.6**|**0.1**|**0.8**|**-0.1**|**0.4**|**0.0**|**0.0**|**-0.1**|**-0.1**|
|**D. Equity prices (pe**<br>**Central Bank (policy rate)**|**rcent)**<br>**Date**|**Rate**|**China**|**Brazil**|**India**|**Russia**|**Mexico**|**Indonesia**|**Turkey**|**Poland**|**Africa**|**Chile**|
|<br>**European Central Bank**|June-2014|-0.10|1.0|-0.5|0.9|0.7|0.5|0.1|1.8|0.8|0.1|0.5|
|**_(Overnight deposit facility rate)_**|September-2014|-0.20|0.7|-1.7|-0.2|0.2|0.6|-0.4|1.1|1.0|0.6|-0.1|
||December-2015|-0.30|0.7|3.3|-0.9|-0.8|-0.9|-0.2|-1.2|-1.0|-1.4|0.0|
||March-2016|-0.40|-1.9|1.9|-0.7|-0.2|-0.3|-0.4|0.4|0.5|0.1|0.6|
||**Total**||**0.6**|**2.9**|**-0.9**|**-0.1**|**-0.1**|**-0.9**|**2.1**|**1.2**|**-0.7**|**0.9**|
|**Swiss National Bank**|January-2015|-0.75|**2.9**|**0.8**|**2.7**|**2.6**|**0.0**|**0.6**|**0.2**|**-3.1**|**1.0**|**-0.4**|
|**_(Overnight sight deposit rate)_**|||||||||||||
|**Bank of Japan**|January-2016|-0.10|3.2|4.6|1.6|2.5|2.9|0.3|1.5|1.4|0.9|2.7|
|**_(Current account deposit rate)_**|||||||||||||
||**Average**||**1.1**|**1.4**|**0.6**|**0.8**|**0.5**|**0.0**|**0.6**|**-0.1**|**0.2**|**0.5**|
||**Median**||**0.9**|**1.3**|**0.3**|**0.4**|**0.3**|**-0.1**|**0.8**|**0.6**|**0.3**|**0.2**|

Sources: JP Morgan, Bloomberg, Haver Analytics, World Bank. A. “Rate” refers to the main deposit policy rate in most cases, and the main refinancing rate for the Riksbank. Exchange rate is the J.P. Morgan EM Foreign Exchange Index, EMBI spread is calculated as the average premium paid over a U.S. government bond with comparable 10 maturity, and equity prices are the MSCI Emerging and Frontier index. The bonds spreads are expressed in basis points, while the exchange rate and equities are in percent.

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