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Spillovers from Japan’s Unconventional Monetary Policy to Emerging Asia
Mr.Giovanni GanelliNour Tawk
其他書名
a Global VAR approach
出版International Monetary Fund, 2016-05-23
主題Business & Economics / Money & Monetary PolicyBusiness & Economics / InflationBusiness & Economics / Investments & Securities / Stocks
ISBN14755262379781475526233
URLhttp://books.google.com.hk/books?id=wIMtDQAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋We use a Global VAR model to study spillovers from the Bank of Japan’s quantitative and qualitative easing (QQE) on emerging Asia.1 Our main result is that, despite an appreciation of their currencies vis-à-vis the yen, the impact on emerging Asia’s GDP tended to be positive and significant. Our results suggest that the positive effect of QQE on expectations, by improving confidence, more than offset any negative exchange rate spillover due to expenditure switching from domestic demand to Japanese goods. They also suggest that spillovers from QQE might have worked mainly through the impact of expectations and improved confidence, captured by increases in equity prices, rather than through balance sheet adjustments which might have been captured by movements in the monetary base.