The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions

By Yevgeniya Korniyenko, Elena Loukoianova

December 30, 2015

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Yevgeniya Korniyenko, and Elena Loukoianova. The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions, (USA: International Monetary Fund, 2015) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Subject: 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

Publication Details

Pages:

48
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2015/287
Stock No:

WPIEA2015287
ISBN:

9781513589848
ISSN:

1018-5941

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