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Efectos del Quantitative Easing sobre los retornos accionarios en mercados emergentes

Author

Listed:
  • Bernardo Leyva-Uribe
  • Jose E. Gomez-Gonzalez
  • Oscar M. Valencia-Arana
  • Mauricio Villamizar-Villegas

Abstract

Este trabajo estudia los efectos de la pol�tica monetaria de la Reserva Federal de Estados Unidos durante la reciente crisis financiera (2008-2009) sobre los retornos accionarios de mercados emergentes. Mediante el an�lisis de un estudio de eventos se encuentra evidencia significativa de que los �ndices accionarios de un conjunto de pa�ses emergentes reaccionaron ante los comunicados del comit� 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 pa�ses 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 dise�o de cada una de las etapas del programa de est�mulo 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 14286, Banco de la Republica.
    • Handle: RePEc:col:000094:014286
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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 e;
    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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