U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies
By David Bowman, Juan M. Londono, Horacio Sapriza. 2014
285 citations recorded by the source corpus.
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-specifc characteristics. We find that, although EME asset prices, mainly those of sovereign bonds, responded strongly to unconventional monetary policy announcements, these responses were not outsized with respect to a model that takes into account each country's time-varying vulnerability to U.S. interest rates affected by monetary policy shocks.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/6c95bdf0fab96261ca73b2f906006e26d1862844
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In Economics and Econometrics
- Michael Hachula
- Saroj Bhattarai
- P. Anaya
- Arpita Chatterjee
- C. Offermanns
- Ben S. Bernanke
- W. Park
- Serena Ng
In Finance
- Michael Hachula
- Saroj Bhattarai
- P. Anaya
- Arpita Chatterjee
- C. Offermanns
- Ben S. Bernanke
- W. Park
- Sebnem Kalemli‐ozcan
Citations in the corpus
- Spillovers of U.S. unconventional monetary policy to emerging markets: The role of capital flows (2017, background): “First, it is connected to studies that investigate the effect of the Fed’s UMP on EMEs (financial) conditions in event studies or similar frameworks (Aizenman et al., 2014, Eichengreen and Gupta, 2014, Bowman et al., 2015).”
- Effects of US quantitative easing on emerging market economies (2015, methodology): “With this focus, using different methods, we are also contributing in the same vein as Eichengreen and Gupta (2013), Aizenman et al (2014), and Bowman et al (2014).10 Tillmann (2014) uses a Qual VAR that incorporates the Federal Reserve’s latent propensity for QE and estimates the effects of QE on…”
- Federal Reserve Policy in an International Context (2017, background): “For example, Chen, Mancini-Griffoli, and Sahay (2014) find that unconventional monetary policy had relatively stronger effects, while Bowman, Londono, and Sapriza (2014) and Rogers, Scotti, and Wright (2014) don’t find a significant difference between the effects of conventional and unconventional…”