The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions
IMF Working Papers, December 30, 2015
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- The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions
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Bibliographic details
- Authors: Yevgeniya Korniyenko, Elena Loukoianova
- Published: December 30, 2015
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513589848.001
Key findings and analysis
- 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 results show positive significant relationships between UMPMs and global monetary and liquidity conditions.
- 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 (negative association with global liquidity and positive association with securities issuance).
- Results for the quantitative easing measures of the United States Federal Reserve System (U.S. Fed) and the ECB UMPMs are more mixed.
Subjects emphasized
- Asset and liability management
- Banking
- Financial institutions
- Financial statements
- International liquidity
- Monetary base
- Monetary policy
- Money
- Public financial management (PFM)
- Securities
- Unconventional monetary policies
Keywords
- allocation scenario
- asset purchase
- balance sheet variable
- bank
- bank balance
- capital flows
- EME authorities
- EME bank
- EMES banking systems
- Financial statements
- Global
- global liquidity
- International liquidity
- monetary aggregates
- Monetary base
- NFC securities issuance
- QE strategy
- Securities
- spillovers
- UMPM policy
- UMPM program
- Unconventional monetary policies
- unconventional monetary policy
- unconventional monetary policy measure
- United Kingdom QE program
- WP
- yield