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Spillover Effects Of Quantitative Easing On Exports In Emerging Market Economies

Author

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  • HELENA GLEBOCKI KEEFE

    (Department of Economics, Fairfield University, 1073 N. Benson Rd. Fairfield, CT 06824, USA)

  • SUJATA SAHA

    (��Department of Economics, Wabash College, 301 W. Wabash Ave, Crawfordsville, IN 47933, USA)

Abstract

The impact of unconventional monetary policies adopted by advanced economies in the wake of the Global Financial Crisis has had far reaching implications for global economic conditions. Although several transmission channels of quantitative easing to financial market and exchange rate conditions have been identified, there is a lack of empirical investigation on the spillover effects to exports for emerging market economies. The research presented in this paper focuses on assessing the asymmetric transmission of unconventional monetary policy in the US on exports for fifteen emerging market economies. Employing the panel ARDL (Autoregressive Distributed Lag) model, we find that the increase in large-scale asset purchases in the US corresponds to a decline in exports in the emerging market economies. The effect on exports is more sizable in the Fragile Five than in the other 10 emerging markets. Finally, although monetary policy shocks from the US transmit to impact trade in emerging markets, the effect is asymmetric. Specifically, the tapering of the quantitative easing does not have a statistically significant effect on exports.

Suggested Citation

  • Helena Glebocki Keefe & Sujata Saha, 2022. "Spillover Effects Of Quantitative Easing On Exports In Emerging Market Economies," Global Economy Journal (GEJ), World Scientific Publishing Co. Pte. Ltd., vol. 22(01), pages 1-25, March.
    • Handle: RePEc:wsi:gejxxx:v:22:y:2022:i:01:n:s2194565922500038
    DOI: 10.1142/S2194565922500038
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    Keywords

    Exports; quantitative easing; emerging markets; spillover effects; ARDL; asymmetry;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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