The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions

48 Pages Posted: 22 Jan 2016

See all articles by Yevgeniya Korniyenko

Yevgeniya Korniyenko

International Monetary Fund (IMF)

Elena Loukoianova

International Monetary Fund (IMF)

Multiple version iconThere are 2 versions of this paper

Date Written: December 30, 2015

Abstract

This paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan - the Systemic Four - on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.

Keywords: unconventional monetary policy, monetary aggregates, global liquidity, spillovers, capital flows

JEL Classification: E43, E51, F42, G28

Suggested Citation

Korniyenko, Yevgeniya and Loukoianova, Elena, The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions (December 30, 2015). Available at SSRN: https://ssrn.com/abstract=2719950 or http://dx.doi.org/10.2139/ssrn.2719950

Yevgeniya Korniyenko (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Elena Loukoianova

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

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