Global liquidity effect of quantitative easing on emerging markets

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dc.contributor.authorBalcilar, Mehmet
dc.contributor.authorUsman, Ojonugwa
dc.contributor.authorWohar, Mark
dc.contributor.authorRoubaud, David
dc.contributor.authorGungor, Hasan
dc.date.accessioned2026-02-06T18:34:03Z
dc.date.issued2024
dc.departmentDoğu Akdeniz Üniversitesi
dc.description.abstractUsing a panel quantile vector autoregression model, we investigate the global liquidity effect of quantitative easing (QE) in the US on emerging markets (EMs) over the period 2010:Q1 to 2019:Q3. Our empirical result suggests that tapering of QE in the US triggers a large capital outflow from the EMs. In addition, we find a significant asymmetric effect of QE on portfolio investment flows to EMs with a stronger effect in the higher quantiles. The implication of these findings is that tapering the large-scale asset purchases and other instruments of unconventional monetary policy have a larger effect on EMs.
dc.identifier.doi10.1007/s00181-024-02625-9
dc.identifier.endpage2461
dc.identifier.issn0377-7332
dc.identifier.issn1435-8921
dc.identifier.issue6
dc.identifier.orcid0000-0002-6459-9898
dc.identifier.orcid0000-0002-4967-0609
dc.identifier.scopus2-s2.0-85195647059
dc.identifier.scopusqualityQ1
dc.identifier.startpage2449
dc.identifier.urihttps://doi.org/10.1007/s00181-024-02625-9
dc.identifier.urihttps://hdl.handle.net/11129/11621
dc.identifier.volume67
dc.identifier.wosWOS:001243847100001
dc.identifier.wosqualityQ2
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.language.isoen
dc.publisherPhysica-Verlag Gmbh & Co
dc.relation.ispartofEmpirical Economics
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.snmzKA_WoS_20260204
dc.subjectUnconventional monetary policy
dc.subjectQuantitative easing
dc.subjectGlobal liquidity effect
dc.subjectEmerging markets
dc.subjectE43
dc.subjectE52
dc.subjectE58
dc.subjectG12
dc.subjectC33
dc.titleGlobal liquidity effect of quantitative easing on emerging markets
dc.typeArticle

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