TY - GEN AB - By employing a novel dataset on international capital flows, this paper examines the impact of Fed's quantitative easing (QE) policies on flows to emerging markets economies (EMEs) and the EU countries. Episodes of QE are examined separately, with the last episode divided between pre- and post-tapering. We find evidence that QE was associated with an increase in capital inflow, while tapering was associated with a period of retrenchment. The magnitude of the impact varied by different episodes of QE and the types of assets (bonds or equities). Our results show that the EU countries behaved differently than the EMEs. We also find support for the importance of "pull factors" and individual country characteristics for capital inflows. However, the paper shows that episodes of QE accounted for most of the variation in capital inflows during 2008-2014. G20 statements during the episodes of QE show that countries are increasingly cognizant of their inability to control flows and have thus called for better monetary policy coordination to avoid excessive volatility and negative spillovers. AU - Khatiwada, Sameer CY - Geneva DA - 2017 DA - 2017 DO - 10.71609/iheid-ynxq-bx89 DO - doi ID - 294962 L1 - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf L1 - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf?subformat=pdfa L2 - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf L2 - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf?subformat=pdfa L4 - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf L4 - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf?subformat=pdfa LK - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf LK - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf?subformat=pdfa N2 - By employing a novel dataset on international capital flows, this paper examines the impact of Fed's quantitative easing (QE) policies on flows to emerging markets economies (EMEs) and the EU countries. Episodes of QE are examined separately, with the last episode divided between pre- and post-tapering. We find evidence that QE was associated with an increase in capital inflow, while tapering was associated with a period of retrenchment. The magnitude of the impact varied by different episodes of QE and the types of assets (bonds or equities). Our results show that the EU countries behaved differently than the EMEs. We also find support for the importance of "pull factors" and individual country characteristics for capital inflows. However, the paper shows that episodes of QE accounted for most of the variation in capital inflows during 2008-2014. G20 statements during the episodes of QE show that countries are increasingly cognizant of their inability to control flows and have thus called for better monetary policy coordination to avoid excessive volatility and negative spillovers. PB - The Graduate Institute, International Economics Department PP - Geneva PY - 2017 PY - 2017 T1 - Quantitative easing by the Fed and international capital flows TI - Quantitative easing by the Fed and international capital flows UR - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf UR - https://repository.graduateinstitute.ch/record/294962/files/HEIDWP02-2017.pdf?subformat=pdfa Y1 - 2017 ER -