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On the Role of International Spillovers from the European Central Bank’s Unconventional Monetary Policy

Ansgar Belke and Irina Dubova ()
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Irina Dubova: Ruhr-Universität Bochum, Lehrstuhl für international Wirtschaftsbeziehungen, Universitätsstraße 150, 44801 Bochum

Credit and Capital Markets, 2018, vol. 51, issue 1, 151-170

Abstract: One of the most significant new developments in the global post-crisis economy is the implementation of various unconventional monetary policies (UMP) by major central banks in the advanced countries with the ECB being not an exception. We summarize the evidence on international effects of the ECB’s unconventional monetary policy, which has been studied much less than those of the Fed, with rather mixed empirical findings for the time being. The estimated spillover effects for the same set of countries differ across the studies in terms of magnitudes, signs as well as with respect to detected operative transmission channels and factors determining these spillovers. The observed heterogeneity in results is largely attributed to the specifications of the ECB unconventional monetary shocks and modeling frameworks chosen by the authors, which implicitly consider only part of the transmission channels and omit others. Thus, the paper argues that development of more sophisticated and unified econometric frameworks is crucial for conducting future research on this theme and providing regional central banks with coherent policy implications. The paper finally assesses the scope for monetary policy coordination as a reaction to non-pecuniary spillover effects to other regions of the world from the political economy perspective.

JEL-codes: E52 E58 F41 F42 G15 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:kuk:journl:v:51:y:2018:i:1:p:151-170