Assessina the post-quantitative easing surge in financial flows to developing ana emerging market economies

被引：6

作者：

Fofack, Achille Dargaud ^{[1
]}

Aker, Ahmet ^{[2
]}

Rjoub, Husam ^{[3
]}

机构：

[1] Cyprus Int Univ, Business Adm Dept, 99258 Lefkosa,Via Mersin 10, Nicosia, Turkey

[2] Cyprus Int Univ, Fac Agr Sci & Technol, Nicosia, Turkey

[3] Cyprus Int Univ, Accounting & Finance Dept, Nicosia, Turkey

来源：

JOURNAL OF APPLIED ECONOMICS | 2020年 / 23卷 / 01期

关键词：

Quantitative Easing; Unconventional Monetary Policy; Cross-Border Financial Flows; Developing Countries; MONETARY-POLICY; DYNAMIC-MODELS;

D O I：

10.1080/15140326.2019.1710421

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The aim of this paper is to assess the surge in financial flows to developing and emerging market economies induced by the Federal Reserve's experience of quantitative easing. Using both panel causality tests and dynamic panel regression models on a data set covering as much as 78 developing and EMEs between 2007Q1 and 2014Q4, it is found on the one hand that QE caused cross-border capital flows in the form of foreign direct investment, an equity portfolios, and bank loans. On the other hand, the study reveals that QE significantly fueled financial flows to developing and EMEs through the portfolio rebalancing, liquidity and confidence channels. In addition, the paper highlights the significant contribution of the fiscal channel and shows that when it comes to post-QE cross-border financial flows, the BRICS exhibit a pattern similar to that of other developing and EMEs.

引用

页码：89 / 105

页数：17