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  -