Balcılar, MehmetUsman, OjonugwaWohar, MarkRoubaud, DavidGüngör, Hasan2024-06-242024-06-242024https://hdl.handle.net/11467/7303https://doi.org/10.1007/s00181-024-02625-9Using 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.eninfo:eu-repo/semantics/embargoedAccessUnconventional monetary policy, Quantitative easing, Global liquidity effect, Emerging marketsArticleN/AWOS:001243847100001N/A2-s2.0-8519564705910.1007/s00181-024-02625-9