2017
DOI: 10.2139/ssrn.2894756
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Spillover Effects of Unconventional Monetary Policy in Asia and the Pacific

Abstract: Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in… Show more

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Cited by 7 publications
(5 citation statements)
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“…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).…”
Section: Review Of Literaturementioning
confidence: 99%
“…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).…”
Section: Review Of Literaturementioning
confidence: 99%
“…2 In these studies, the effects are normally considered under the assumption of the use of conventional tools of monetary policy (by the source country); although several recent studies look at the effects of unconventional tools of monetary stimulus that many central banks experimented with after the GFC. The US or the Euro area usually represent the source country due to their relatively influential position in the world economy (see, for example, Beckworth and Crowe 2013, Chen et al 2016, Edwards 2016, Potjagailo 2017, Gagnon et al 2017, Ma ckowiak 2007, Neely 2010, Rey 2016, Roger et al 2013, Punzi and Chantapacdepong 2017, Taylor 2013. Claus et al (2016) examine how shocks to US and Japanese monetary policy affect their own asset market and the spillover into each other's market for the period from January 1998 to June 2015.…”
Section: Previous Empirical Studiesmentioning
confidence: 99%
“…Chen et al, ( 2016) implied the US MP spillover effects are relatively more evident on the EMEs than AEs in general, even diverse results shown on EMEs. Punzi and Chantapacdepong (2017) suggested the UMP stance in the AEs tends to be reacted with accommodative MP by central banks in the Asia-Pacific region. Spillover effects of the US's UMP led to volatile capital flows, strengthening currency, and escalating asset prices in the EMEs (Punzi & Chantapacdepong, 2017).…”
Section: The Influences Of Us Ump On the Emesmentioning
confidence: 99%
“…Eventually, studies have mushroomed to examine the influence of US UMP measures both on the US and the rest of the economies, i.e. small developed nations and developing regions (Chen, Filardo, He, & Zhu, 2016;Hofmann & Takats, 2015;Punzi & Chantapacdepong, 2017). The literature majorly revolves around the theme of US policy rates' alteration and LSAPs announcements, while lesser on the theme of the LSAPs' actual operation (Bauer & Neely, 2014;Borio & Zabai, 2018;Neely & Bhattarai, 2016).…”
Section: Introductionmentioning
confidence: 99%