Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/296759 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ADBI Working Paper No. 1364
Verlag: 
Asian Development Bank Institute (ADBI), Tokyo
Zusammenfassung: 
We investigate the impact of asset purchase programs (APPs) by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that in the absence of APPs, EME bond spreads would have been significantly higher. Country-specific VAR impulse response functions indicate that a shock imposed on asset purchases becomes persistent on bond spreads after around five to ten days, with a peak effect of around 40 basis points. Persistent stabilizing effects are also found on exchange rates and capital flow volatility, while stock markets and inflation expectations are overall not affected by the APPs.
Schlagwörter: 
asset purchase program
quantitative easing
emerging market economies
JEL: 
E44
E52
E58
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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