The impact of unconventional monetary policy measures by the systemic four on global liquidity and monetary conditions /

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Bibliographic Details
Author / Creator:	Korniyenko, Yevgeniya, (IMF staff), author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2015.
Description:	1 online resource (48 pages) : color illustrations.
Language:	English
Series:	IMF working paper, 1018-5941 ; WP/15/287 IMF working paper ; WP/15/287.
Subject:	Monetary policy -- United States. Monetary policy -- Great Britain. Monetary policy -- European Union countries. Monetary policy -- Japan. Liquidity (Economics) Capital movements. Capital movements. Liquidity (Economics) Monetary policy. European Union countries. Great Britain. Japan. United States.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12505665

Hidden Bibliographic Details
Other authors / contributors:	Loukoianova, Elena, (IMFstaff), author. International Monetary Fund. Statistics Department.
ISBN:	1513589849 9781513589848 9781513589848 1616359617 9781616359614 1513519581 9781513519586
Notes:	"December 2015." "Statistics Department." Includes bibliographical references (pages 43-48). Online resource; title from pdf title page (IMF.org Web site, viewed January 4, 2016).
Summary:	The paper examines the impact of unconventional monetary policy measures (UMPMs) implemented since 2008 in the United States, the United Kingdom, Euro area and Japan--- the Systemic Four---on global monetary and liquidity conditions. Overall, the results show positive significant relationships. However, there are differences in the impact of the UMPMs of individual S4 countries on these conditions in other countries. UMPMs of the Bank of Japan have positive association with global liquidity but negative association with securities issuance. The quantitative easing (QE) of the Bank of England has the opposite association. Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.--Abstract.
Other form:	Print Version: Korniyenko, Yevgeniya. Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions. Washington, D.C. : International Monetary Fund, 2015 9781513589848
Standard no.:	10.5089/9781513589848.001

Table of Contents:

Cover
Contents
Abstract
I. Introduction
II. Analytical Framework
III. Data and Descriptive Analysis of UMPM Transmission Channels
A. Data
B. Descriptive Analysis of UMPM Transmission Channels
UMPM Programs and Macro-financial Vulnerabilities
IV. Empirical Analysis and Results
A. Empirical Specifications
B. Impact on Global Liquidity, Global Monetary Aggregates, and Cross-Border Credit
C. International Spillovers of S4 UMPMs
V. Conclusions and Policy Implications
References
Tables
2.1. Correlations between UMPMs in S4
2.2. Summary Statistics for Two Samples
3.1. Impact of S4 UMPMs on Global Liquidity Conditions
3.2. Impact of UMPM Programs on Broad Money Growth
3.3. Impact of UMPM Programs on Broad Money Growth
3.4. Impact of UMPM programs on NFC Deposits Growth
3.5. Impact of UMPM Programs on NFC Deposits Growth
3.6. Impact of UMPM Programs on NFC Securities' Issuance
3.7. Impact of UMPM Programs on NFC Securities' Issuance
Figures
1. S4 UMPMs and LT Interest Rates
2. S4 Foreign Assets, 2003-14
3. Rest of the World Foreign Assets and Liabilities, 2003-134
4. Monetary Authority and Banking System Total Assets
5. Banking System Balance Sheets
6. Brazil vs. Turkey Financial Assets and Liabilities, 2005 to H1 2014
7. General Government Gross Debt
Annexes
1: Data Description
2: Definition of the UMPM Variables
3: Regression Results.

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