Work detail

Global Spillover Effects from Unconventional Monetary Policy During the Crisis

Author: Mgr. Brenda Solís González
Year: 2015 - summer
Leaders: PhDr. Jaromír Baxa Ph.D.
Consultants:
Work type: Masters
MEF
Language: English
Pages: 200
Awards and prizes:
Link: https://is.cuni.cz/webapps/zzp/detail/151859/
Abstract: This work investigates the international spillover effects and transmission channels of
Unconventional Monetary Policy (UMP) of major central banks from United States, United
Kingdom, Japan and Europe to Latin-American countries. A Global VAR model is estimated to
analyze the impact on output, inflation, credit, equity prices and money growth on the selected
countries. Results suggest that indeed, there are international spillovers to the region with money
growth, stock prices and international reserves as the main transmission channels. In addition,
outcomes are different between countries and variables implying not only that transmission
channels are not same across the region but also that the effects of the monetary policy are not
distributed equally. Furthermore, it is found evidence that for some countries transmission
channels may have transformed due to the crisis. Finally, effects of UMP during the crisis were in
general positive with exception of Japan indicating that policies from this country brought more
costs than benefits to the region.

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