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Efectos del Quantitative Easing sobre los retornos accionarios en mercados emergentes

Author

Listed:
  • Bernardo Leyva-Uribe

    (Universidad de los Andes)

  • Jose E. Gomez-Gonzalez

    (Banco de la República de Colombia)

  • Oscar M. Valencia-Arana

    (Banco de la República de Colombia)

  • Mauricio Villamizar-Villegas

    (Banco de la República de Colombia)

Abstract

Este trabajo estudia los efectos de la política monetaria de la Reserva Federal de Estados Unidos durante la reciente crisis financiera (2008-2009) sobre los retornos accionarios de mercados emergentes. Mediante el análisis de un estudio de eventos se encuentra evidencia significativa de que los índices accionarios de un conjunto de países emergentes reaccionaron ante los comunicados del comité de la Reserva Federal (FOMC) sobre el futuro del programa de compras de activos financieros a gran escala (LSAP). Sin embrago, dichas respuestas muestran un importante grado de heterogeneidad. En particular, los retornos accionarios de los países emergentes aumentaron en un 7.3% y 2.3% durante la primera y tercera etapa del programa de Quantitative Easing, respectivamente. Por otra parte, los retornos accionarios disminuyeron en un 2.9% durante la segunda etapa. Estas diferencias se pueden atribuir al diseño de cada una de las etapas del programa de estímulo monetario llevado a cabo por la Reserva Federal.

Suggested Citation

  • Bernardo Leyva-Uribe & Jose E. Gomez-Gonzalez & Oscar M. Valencia-Arana & Mauricio Villamizar-Villegas, 2016. "Efectos del Quantitative Easing sobre los retornos accionarios en mercados emergentes," Borradores de Economia 929, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:929
    DOI: 10.32468/be.929
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    References listed on IDEAS

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    More about this item

    Keywords

    Quantitative Easing; Large Scale Asset Purcheses; estudio de eventos; retorno accionario; mercados emergentes;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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