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Autor:innen: 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
ADBI Working Paper No. 631
Verlag: 
Asian Development Bank Institute (ADBI), Tokyo
Zusammenfassung: 
This paper explores the spillover effects of Japan's quantitative and qualitative easing (QQE) on East Asian economies. Under the new monetary policy regime, the Japanese yen depreciated substantially, raising concerns that it would have a regional beggar-thy-neighbor effect. It is thus important to see what effects the QQE had on neighboring economies. Our empirical investigation of East Asian stock markets finds that they first reacted to the yen's depreciation negatively, yet came to respond positively as the QQE progressed, implying that the QQE had a much smaller beggar-thy-neighbor effect than was originally feared. We show that the QQE benefited East Asian economies because the positive spillover effect of Japan's stock market recovery dominated the beggar-thy-neighbor effect in the region.
Schlagwörter: 
spillovers
quantitative and qualitative easing
qqe
beggar-thy-neighbor effect
East Asia
yen depreciation
stock market
JEL: 
F10
F32
E52
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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