Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia : a Global VAR approach /

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-a-vis the yen, the impact on emerging Asia's GDP tended to be positive and significan...

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Xehetasun bibliografikoak
Egile nagusia: Ganelli, Giovanni
Beste egile batzuk: Tawk, Nour
Formatua: Aldizkaria
Hizkuntza:English
Argitaratua: Washington, D.C. : International Monetary Fund, 2016.
Saila:IMF Working Papers; Working Paper ; No. 2016/099
Sarrera elektronikoa:Full text available on IMF
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100 1 |a Ganelli, Giovanni. 
245 1 0 |a Spillovers from Japan's Unconventional Monetary Policy to Emerging Asia :   |b a Global VAR approach /  |c Giovanni Ganelli, Nour Tawk. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2016. 
300 |a 1 online resource (32 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a 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-a-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. 
538 |a Mode of access: Internet 
700 1 |a Tawk, Nour. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2016/099 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2016/099/001.2016.issue-099-en.xml  |z IMF e-Library