“…This IMPS can affect emerging economies’ macroeconomic fundamentals such as interest rate, output, inflation, exchange rate and portfolio flows and so on (Suzuki, 2008; So, 2017; Kose et al , 2017). Further, the enriched empirical literature has provided the evidence of advanced countries’ monetary policy shock to emerging economies (Kim, 2001; Canova, 2005; Maćkowiak, 2007; Cerutti, et al , 2015; Aizenman et al , 2017; Ammer et al , 2016; Punzi and Chantapacdepong, 2017). Specifically, this IMPS has reflected in their macroeconomic variables such as exchange rate (Maćkowiak, 2007; Aizenman and Binici, 2016; Cerutti et al , 2015; Gupta et al , 2017), interest rate (Kim, 2001; Maćkowiak, 2007) and equity prices and bond yields (Gupta et al , 2017).…”