U.S. unconventional monetary policy and transmission to emerging market economies

David Bowman, Juan M. Londono and Horacio Sapriza

Journal of International Money and Finance, 2015, vol. 55, issue C, 27-59

Abstract: 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.

Keywords: Unconventional monetary policy; Emerging markets; Large-scale asset purchase program; Quantitative easing; Federal Reserve (search for similar items in EconPapers)
JEL-codes: E58 F42 G15 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (191)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0261560615000315
Full text for ScienceDirect subscribers only

Related works:
Working Paper: U.S. Unconventional Monetary Policy and Transmission to Emerging Market Economies (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:55:y:2015:i:c:p:27-59

DOI: 10.1016/j.jimonfin.2015.02.016

Access Statistics for this article

Journal of International Money and Finance is currently edited by J. R. Lothian

More articles in Journal of International Money and Finance from Elsevier
Bibliographic data for series maintained by Catherine Liu ().