Emerging market capital flows and U.S. monetary policy

Autor:	John Bates Clark, Nathan Converse, Steven B. Kamin, Brahima Coulibaly
Rok vydání:	2020
Předmět:	050208 finance Stimulus (economics) Economic policy Economic capital 05 social sciences Geography Planning and Development Monetary policy Monetary economics Development Capital formation Quantitative easing 0502 economics and business Economics 050207 economics Emerging markets Commodity (Marxism) Finance Panel data
Zdroj:	International Finance. 23:2-17
ISSN:	1468-2362 1367-0271
DOI:	10.1111/infi.12355
Popis:	This paper analyzes the drivers of net private capital flows to emerging market economies (EMEs), focusing in particular on the policies of the Federal Reserve. We argue that the role of the Federal Reserve in EME capital flows has been smaller than popularly believed. We first show that the run‐up in capital flows to EMEs predated the loosening of Fed policy, while flows slowed substantially between 2010 and 2015, even as the Fed's quantitative easing program continued to add to monetary stimulus. Both the initial surge in capital flows to EMEs and their subsequent decline are better explained by swings in commodity prices and EME output growth, a linkage which we confirm through panel data regressions on capital flows to 20 major EMEs. The anticipation of the normalization of Federal Reserve policy appears not to have played a predominant role in the decline of capital flows to EME between 2010 and 2015.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::1a2344b9d482c07014069194fcd7e3d2 https://doi.org/10.1111/infi.12355 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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