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

49 Pages Posted: 28 Mar 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 2015

Abstract

The 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, capital flows, liquidity, monetary policy, securities, balance sheets, issuance, International Policy Coordination and Transmission, Government Policy and Regulation, 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 2015). IMF Working Paper No. 15/287, Available at SSRN: https://ssrn.com/abstract=2754914

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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