Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/109574 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
ADB Working Paper Series on Regional Economic Integration No. 72
Verlag: 
Asian Development Bank (ADB), Manila
Zusammenfassung: 
This paper estimates the impact of monetary policy on exchange rates and stock markets for eight small open economies: Australia, Canada, the Republic of Korea, New Zealand, the United Kingdom, Indonesia, Malaysia and Thailand. On average across these countries, a one percentage point surprise rise in official interest rates leads to a 1% appreciation of the exchange rate and a 1% fall in stock market indices. The effect on exchange rates is notably weaker in the non-Organization for Economic Cooperation and Development (OECD) countries with a managed float. For the OECD countries, there is no robust evidence of a change in the effect of policy during the global financial crisis. For the non-OECD countries, there is some evidence of a stronger effect of policy on stock markets during the crisis, although further research is needed to investigate whether this is a result of measurement issues.
Schlagwörter: 
Monetary policy effectiveness
exchange rate
stock prices
crisis
Asian economies
JEL: 
E44
E52
G14
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Dokumentart: 
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