IDEAS home Printed from https://ideas.repec.org/a/ibn/ijefaa/v16y2024i3p50.html
   My bibliography  Save this article

The Transmission Mechanism of the European Central Bank Unconventional Monetary Policy: A Global Assessment

Author

Listed:
  • Emmanuel Erem

Abstract

During, and after the 2008 financial crisis, most monetary authorities in advanced economies officially adopted Unconvenetional Monetary Policy (UMP); that involves the mass purchase of treasury and mortgage-backed securities. This policy is intended to serve the purpose of mitigating the effects of crises, especially when the interest rate has reached the so-called Zero Lower Bound (ZLB). This study attempts to examine the transmission mechanism/channels of the European Central Bank (ECB) UMP, including both domestic and international spillover effects by employing a Global Vector Autoregressive (GVAR) model. Generally, the ECB UMP effects show encouraging and positive responses from economies within the Euro Area region while international spillover effects are mixed, probably due to the diverse nature of the monetary policy regimes deployed in the different countries, especially the emerging economies.

Suggested Citation

  • Emmanuel Erem, 2024. "The Transmission Mechanism of the European Central Bank Unconventional Monetary Policy: A Global Assessment," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 16(3), pages 1-50, March.
    • Handle: RePEc:ibn:ijefaa:v:16:y:2024:i:3:p:50
    as

    Download full text from publisher

    File URL: https://ccsenet.org/journal/index.php/ijef/article/download/0/0/49820/53860
    Download Restriction: no
    File URL: https://ccsenet.org/journal/index.php/ijef/article/view/0/49820
    Download Restriction: no
    ---><---

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ibn:ijefaa:v:16:y:2024:i:3:p:50. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Canadian Center of Science and Education (email available below). General contact details of provider: https://edirc.repec.org/data/cepflch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.