US unconventional monetary policy and transmission to emerging market economies

被引：172

作者：

Bowman, David ^{[1
]}

Londono, Juan M. ^{[1
]}

Sapriza, Horacio ^{[1
]}

机构：

[1] Fed Reserve Board, Int Finance Div, Washington, DC 20551 USA

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2015年 / 55卷

关键词：

Unconventional monetary policy; Emerging markets; Large-scale asset purchase program; Quantitative easing; Federal Reserve; INTEREST-RATES; IMPACT;

D O I：

10.1016/j.jimonfin.2015.02.016

中图分类号：

F8 [财政、金融];

学科分类号：

020219 [财政学（含：税收学）];

摘要：

We investigate the effects of U.S. unconventional monetary policies on sovereign yields, foreign exchange rates, and stock prices in emerging market economies (EMEs), and we analyze how these effects depend on country-specific characteristics. We find that, although EME asset prices, mainly those of sovereign bonds, responded strongly to U.S. unconventional monetary policy announcements, these responses were not outsized with respect to a model that takes into account each country's currency regime and vulnerability to U.S. financial conditions. Published by Elsevier Ltd.

引用

页码：27 / 59

页数：33

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