The effects of U.S. quantitative easing on South Africa

被引：7

作者：

Meszaros, John ^{[1
]}

Olson, Eric ^{[2
]}

机构：

[1] US Postal Serv, Washington, DC 20009 USA

[2] Univ Tulsa, Collins Coll Business, Tulsa, OK 74104 USA

来源：

REVIEW OF FINANCIAL ECONOMICS | 2020年 / 38卷 / 02期

关键词：

emerging economies; monetary policy; quantitative easing; South Africa; MONETARY-POLICY; US;

D O I：

10.1002/rfe.1074

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates the impact of the Federal Reserve's monetary policy on the economy of South Africa, particularly during the period of quantitative easing and thereafter from 2009 to 2018. A VAR model, including South Africa's inflation, output, a stock market index, exchange rate, and South Africa's policy rate is examined to determine the impact of the Federal Reserve's actions. Our results show that the Federal Reserve's quantitative easing programs had only slight overall effects on South Africa's economy. However, the way monetary policy is measured appears to have important effects for studies of international monetary spillovers as the results differ depending on the type of monetary policy measure used.

引用

页码：321 / 331

页数：11

共 31 条

[1] International Transmission of US Monetary Policy Shocks: Evidence from Stock Prices [J].