Global liquidity effect of quantitative easing on emerging markets
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Tarih
2024
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Springer Science and Business Media Deutschland GmbH
Erişim Hakkı
info:eu-repo/semantics/embargoedAccess
Özet
Using a panel quantile vector autoregression model, we investigate the global liquidity effect of quantitative easing (QE) in the US on emerging markets (EMs) over the period 2010:Q1 to 2019:Q3. Our empirical result suggests that tapering of QE in the US triggers a large capital outflow from the EMs. In addition, we find a significant asymmetric effect of QE on portfolio investment flows to EMs with a stronger effect in the higher quantiles. The implication of these findings is that tapering the large-scale asset purchases and other instruments of unconventional monetary policy have a larger effect on EMs.
Açıklama
Anahtar Kelimeler
Unconventional monetary policy, Quantitative easing, Global liquidity effect, Emerging markets
Kaynak
Empirical Economics
WoS Q Değeri
N/A
Scopus Q Değeri
N/A
